Government Proposes Expanding Nepal Rastra Bank’s Board of Directors to Nine Members

The government has proposed increasing the number of members on the Nepal Rastra Bank’s Board of Directors from seven to nine. A bill to amend the Nepal Rastra Bank Act 2058 has been prepared and registered in the House of Representatives of the Federal Parliament. According to the bill, the number of non-executive independent directors, currently three, would be raised to five.

May 25, Kathmandu – The government has put forward a proposal to expand the membership of the Central Bank’s Board of Directors. Under the proposed amendment to the Nepal Rastra Bank Act 2058, the Board, which presently consists of seven members, will be increased to nine members. The bill proposing this change has already been registered in the House of Representatives.

The bill specifies that, in accordance with Section 20 of the Act, the Nepal government will appoint five non-executive independent directors representing various sectors who meet the required qualifications. Previously, three well-known non-executive directors from the fields of economics, monetary policy, banking, finance, and commercial law were appointed. The governor will serve as the chairperson of the Central Bank’s Board, with the Finance Secretary and two Deputy Governors included as members.