NRB alerts four CEOs including Prabhu Bank CEO Sherchan


November 29, 2022


NRB alerts four CEOs including Prabhu Bank CEO Sherchan

Prabhu Bank CEO Ashok Sherchan. (File photo)

KATHMANDU: Nepal Rastra Bank (NRB) has issued alert notice against four chief executive officers (CEOs) including Prabhu Bank’s Ashok Sherchan for their alleged non-compliance with the withholding order of the central bank.

Along with Sherchan, CEOs of Bank of Kathmandu (BOK), Kumari Bank Limited and Prime Commercial Bank have been alerted for their defiance.

NRB has penalized nine commercial banks for not abiding by the directives issued on various occasions.

The central bank has also imposed damages on Agriculture Development Bank (ADB) and Bank of Kathmandu (BOK).

NRB has imposed a fine of Rs. 2 million to ADB for the latter’s failure to comply with the money laundering act. Similarly, BOK has been fined Rs. 21.1 million for not investing under the poverty loan as per the set criteria.

Similarly, the Himalayan, Sunrise, Global IME and Mega Bank CEOs have been alerted for the change in the premium rate of loans to borrowers.

Some time ago, the central bank also instructed to return the 2 billion rupees interest taken by the banks by adding premiums against the rules.

Source: Nepal Rastra Bank