NRB to restrict its officials from taking up jobs in private banks
Mon, Jan 4, 2016 10:38 AM on External Media,
To stem the exodus of senior officials of the central bank to join private bank and financial institutions (BFIs), the central bank has introduced a new provision in the amendment bill of Nepal Rastra Bank (NRB) Act, 2006.
The amendment bill tabled in the parliament on Sunday restricts governor, deputy governor and executive director of NRB from joining any BFIs following their retirement or leaving their post from the central bank.
The new development has come at a time when the trend of central bankers rushing to join BFIs that they regulate, monitor or supervise themselves while at the central bank is on the rise.
As NRB does not keep tabs on what its officials are doing following their retirement, it is difficult to find out how many former NRB employees are currently working with BFIs. But a snap survey conducted by Republica shows that over two dozen BFIs have retained former NRB officials in senior executive posts. Many former officials of NRB have secured lucrative posts in the boardroom of the BFIs.
Source : Republica
