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The government has started the process to select a new governor. The Nepal Rastra Bank Act provides for a Governor's Recommendation Committee under the chairmanship of the Minister of Finance. Taking the same arrangement as the basis, the Cabinet meeting held on Wednesday evening gave approval to the Ministry of Finance to form the Governor's Recommendation Committee.
In the recommendation committee chaired by the Minister of Finance, one person from among the former governors, one person appointed by the Government of Nepal from among the eminent persons in the fields of economic, monetary, banking, financial and commercial law will be members. The committee will now recommend the names of 3 people.
in which there is a provision that the name of one of the deputy governors must be recommended. To become the governor, the current deputy governor People like Neelam Dhungana, Bam Bahadur Mishra have started lobbying.
The name of one of the 2 people is sure to reach the cabinet. While recommending the appointment of the governor, the committee will recommend to the Government of Nepal, the Cabinet of Ministers a list of three eminent persons from the fields of economic, monetary, banking, financial, commerce, management and commercial law and among the deputy governors.
Sushil Bhatt, who has been the CEO of the Investment Board, is also lobbying to become the governor. On the other hand, the officials also seem to be hoping that the governor will repeat himself. The tenure of Governor Mahaprasad Adhikari, who was appointed by Prime Minister KP Sharma Oli during the then CPN-led government, is ending in the last week of March.
What qualifications are needed to become a governor?
Section 20 of the Rashtra Bank Act, 2058 stipulates that the person appointed to the post of Governor should be a citizen of Nepal, should have high moral character and should have at least a master's degree in economics, banking, finance, commerce, management, public administration, statistics, mathematics or law and should have 10 years of work experience.
Governor's work, duties and rights are clear in the National Bank Act. Implementing the decisions made by the committee, operating and managing the bank, organizing the tasks to be performed by the bank, representing the bank on behalf of the bank in international associations and organizations, implementing and making policy related to monetary and foreign exchange, determining the necessary policy regarding the interest rate of deposits and loans in commercial banks and financial institutions, determining the necessary policy regarding the interest rate of loans or deposits taken or given by commercial banks and financial institutions, those who formulate policies related to liquidity to be maintained by commercial banks and financial institutions, commercial banks and financial institutions must keep The governor has the authority to make necessary arrangements regarding the basis, amount, manner, condition, time period and use of the balance.
Similarly, determining the conditions related to the adequacy of the capital fund of commercial banks and financial institutions, making decisions regarding the procedures and conditions to be adopted when buying and selling gold and other precious metals, determining service fees for the services provided by the bank, deciding on the establishment and closing of bank branch offices and other offices as required, establishing and closing bank agencies, making necessary arrangements for the development and operation of the bank's information system, arranging necessary arrangements for the supervision of commercial banks and financial institutions, provided to commercial banks and financial institutions This post is seen as a powerful post because the governor has the right to decide on license cancellation.
