One more banker succumbs to conflict with board, Mr. Laxman Rijal resigns from lucrative position of CEO of NIC ASIA Bank
Mr. Laxman Risal has resigned from his position of CEO at NIC ASIA Bank. Mr. Risal had resigned from his lucrative post even before he has 2 more years to serve in the topmost managerial position of class a commercial bank.
It has been known that Mr. Risal wasn’t in good terms with the board of the bank in recent days. The commercial bank had originally appointed him in the position of CEO for 2 years and the board appeared completely disinterested in extending his tenure despite of having provision that same individual can serve as CEO of the same institution for 4 maximum years.
The rumors have surfaced in the market that the outgoing CEO and the board of the bank have been locking their horns in the issue regarding the increment of interest rates for the deposits.
It’s a known fact that association of CEOs of all the commercial banks (Nepal Bankers Association) had recently enforced the upper limit of interest rate as 8% and 11 % for saving and fixed deposit savings with their unilateral decision. Following the decision, NIC ASIA had pulled down its interest rates to align with the same.
However, not even the ink in so called gentleman’s’ agreement between CEOs could dry, NIC ASIA had once again raised its interest rates to the earlier points yesterday. Thus, it has been rumored that same issue had led to downfall of Mr. Risal from his position. Following the disagreement with board, it is reported that Mr. Risal had submitted his resignation to chairman of the bank Mr. Tulsiram Agrawal on Wednesday itself thereby paving the way for the bank to jack up the interest rates once again.
The rumors have surfaced in the market that the outgoing CEO and the board of the bank have been locking their horns in the issue regarding the increment of interest rates for the deposits.
It’s a known fact that association of CEOs of all the commercial banks (Nepal Bankers Association) had recently enforced the upper limit of interest rate as 8% and 11 % for saving and fixed deposit savings with their unilateral decision. Following the decision, NIC ASIA had pulled down its interest rates to align with the same.
However, not even the ink in so called gentleman’s’ agreement between CEOs could dry, NIC ASIA had once again raised its interest rates to the earlier points yesterday. Thus, it has been rumored that same issue had led to downfall of Mr. Risal from his position. Following the disagreement with board, it is reported that Mr. Risal had submitted his resignation to chairman of the bank Mr. Tulsiram Agrawal on Wednesday itself thereby paving the way for the bank to jack up the interest rates once again.
