Proposal Emerges to Establish Maximum Age Limit of 70 for Bank Directors

A proposal has been put forward to set an age limit of 70 years for the position of directors in the bank. This proposal has been included in the amendment bill to the Bank and Financial Institution Act, 2073, registered by the current Finance Minister in the Parliament.

Under the prevailing law, individuals must have reached the age of 25 years to be appointed or elected as a director, but there is no upper age limit specified. The proposed amendment seeks to establish a maximum age limit for directors.

According to the proposed amendment bill, individuals who have not completed 25 years of age or have exceeded the age of 70 would be ineligible to serve as a director in a bank. The rationale behind this provision is to ensure that individuals appointed or elected as directors are deemed fit for the role due to their appropriate age.

If passed by the parliament, individuals exceeding the age of 70 would be disqualified from being appointed or elected as directors in the bank.