The Nobel laureate said in a press release that the amendment to the law would fundamentally alter the bank’s character.
“With these amendments, the government has opened the door for its ultimate destruction,” he observed in a strongly-worded statement released on Wednesday.
Parliament on Tuesday passed the Grameen Bank Bill-2013 despite the main opposition party BNP’s strident objections.
Under the new law, the Grameen Bank Managing Director, chosen from a panel of up to five candidates with Bangladesh Bank approval, will have three-year term.
The bank's Board of Directors will now have 12 members— three government nominees and nine chosen by the stakeholders.
The MD will head the Board, but without voting rights.
Yanus claims the changes will enable the government to gain 100 percent control of the institution, hitherto owned and managed by poor women.