सिंहदरबार संवाददाता
Kathmandu. The government has started the process to select a new governor. The Nepal Rastra Bank Act provides for a governor recommendation committee chaired by the Finance Minister. Based on the same provision, the Council of Ministers meeting held on Wednesday evening approved the formation of a governor recommendation committee by the Ministry of Finance.
The recommendation committee, chaired by the Finance Minister, will consist of one former governor and one person designated by the Government of Nepal from among the distinguished individuals in the fields of economic, monetary, banking, financial and commercial law. The committee will now recommend the names of 3 people.
In which there is a provision that the name of 1 deputy governor must be recommended. The current deputy governors, Neelam Dhungana and Bam Bahadur Mishra, have started lobbying for the governor.
It is certain that one of the names of the two will reach the Council of Ministers. While recommending the appointment of the governor, the committee will recommend the names of three people from the fields of economics, monetary, banking, finance, commerce, management and commercial law and deputy governors to the Government of Nepal and the Council of Ministers.
Sushil Bhatta, who has been the CEO of the Investment Board, is also lobbying to become the governor. Meanwhile, the officials also seem to be hopeful of being reappointed as governor. The term of Governor Maha Prasad Adhikari, appointed by the then NCP-led government, Prime Minister KP Sharma Oli, is ending in the last week of Chaitra.
What are the qualifications required to become a governor?
Section 20 of the National Bank Act, 2058 BS, stipulates that a person appointed to the post of Governor must be a citizen of Nepal, have high moral character, and have at least a master’s degree in economics, monetary, banking, finance, commerce, management, public administration, statistics, mathematics or law, and have 10 years of work experience.
The duties, duties and powers of the Governor are the responsibility of the government. It is clear in the Bank Act. The Governor has the authority to implement the decisions made by the committee, operate and manage the bank, organize the tasks to be performed by the bank, represent the bank in international organizations and institutions, implement monetary and foreign exchange policies, determine the necessary policy regarding the interest rate on deposits and loans in commercial banks and financial institutions, determine the necessary policy regarding the interest rate on loans or deposits taken or given by commercial banks and financial institutions, formulate the liquidity policy to be maintained by commercial banks and financial institutions, and make necessary arrangements regarding the basis, amount, method, conditions, period and use of the mandatory reserves to be maintained by commercial banks and financial institutions.
Similarly, determine the conditions related to the adequacy of the capital fund of commercial banks and financial institutions, decide on the procedures and conditions to be adopted while buying and selling gold and other precious metals, determine the service fee for the services provided by the bank, and This position is also considered a powerful one as the Governor has the authority to decide on the establishment and closure of branch offices and other offices, the establishment and closure of bank agencies, the development and operation of the bank’s information system, the supervision of commercial banks and financial institutions, and the cancellation of licenses granted to commercial banks and financial institutions.
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