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Kathmandu Tuesday February 26, 2002 Falgun 14, 2058.
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NRB asks private bank chief to
quit
By Milan Mani Sharma
KATHMANDU, Feb 25: The Nepal Rastra Bank (NRB)
has asked Shanker Man Dangol, Chairman of the Machchhapuchhre Bank, one of the late
entrants to the Nepali banking sector, to resign from his post. The directive to this
effect was reached last week, according to a highly placed source.
Dangol, talking to The Kathmandu Post, conceded
that the NRB took a decision in that line and expressed his willingness to resign as the
door was shown to him. This is the first incident whereby the central bank had axed the
chairman of a private sector bank.
"The decision was taken after the central
bank’s Monitoring and Supervision Division, Bank Regulation Department (BRD), found
out that Dangol was the Managing Director of Colour Scanning Nepal (CSN) that was
inadvertently blacklisted by the Credit Information Bureau (CIB)," said the source.
The decision goes by the latest directives of
the central bank, which clearly states that no person or man involved in the firms
blacklisted by the CIB, will be allowed to hold a sensitive and responsible post within
the board of directors.
The CIB had blacklisted the CSN in 1998
following its failure to repay loans to Nepal Industrial Development Corporation (NIDC)
running into Rs 17 million.
"Dangol was one among the borrowers from
the CSN that had not repaid the loan to the NIDC yet," said the source. Dangol was
subsequently blacklisted by the CIB following complaints from the NIDC board, he added.
Dangol’s blacklisting also went by the
directives of the NRB issued to the CIB, whereby it had asked the CIB to blacklist those
creditors who failed to repay debts of over Rs 2 million, even after a lapse of 6 months
from the date stipulated, and running tantamount to collateral undervalued.
"The NRB was forced to take action against
Dangol after he showed no sign of resigning from the post," the source said. However,
Dangol held that the CSN was blacklisted only after he resigned from the CSN.
"I had quit the office of the CSN in 1996
and that was two years prior to the CSN’s blacklisting," he said. But he added
that he still has an equity share of Rs 1 million in the CSN.
Earlier, the NRB had asked for clarifications
from Dangol. "I had explained all the details regarding blacklisting of the CSN and
had even expressed willingness to resign if the central bank demanded so," he further
added.
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