Chairpersons of All Three State-Owned Banks Resign Following Government Directive to Remove Political Appointees

The chairpersons of Nepal’s government-owned banks have tendered their resignations following the government’s move to remove politically appointed officials from public institutions. The resignations include the chairpersons of Agricultural Development Bank, Rastriya Banijya Bank, and Nepal Bank Limited. In addition, the entire board of directors of Rastriya Banijya Bank has also stepped down.

According to ministry sources, the officials were summoned to the Finance Ministry and asked to cooperate with the government’s recent directive to remove politically appointed officials from public institutions. Following this, the resignations were approved by the authorities.

Despite the development, the banks have not yet formally informed investors about the changes. Under Nepal Stock Exchange rules, listed companies are required to disclose such board level changes to shareholders and the public in a timely manner.

The move comes after the government issued an ordinance aimed at removing politically appointed officials from various public bodies. While the ordinance affected appointments across multiple institutions, it did not directly impact the central bank or its governor.