Kathmandu. You must have read the news about Kumari Bank’s amazing profit growth in the media headlines in the last few quarters. How did Kumari Bank, which had so many files damaged, suddenly become thousands of percent more profitable? At a time when the question of this is being raised everywhere, evidence has come to light that Kumari Bank has been hiding bad loan files and making suspicious financial statements public.
The banking world has found evidence that the bank used to ask the employees to hide the file to be provisioned by emailing the NRB during the inspection, and also tampering with the file that should be provisioned in the financial statements by showing it as a good file.
According to the prevailing legal provisions of Nepal Rastra Bank, any bank or financial institution should compulsorily ‘provisioning’ the file forwarded by the auction process.TAG_OPEN_div_22 However, the bank is proceeding with the auction process, but the financial statements show that the files are good files. And when the Rastra Bank reaches for inspection, the bank issues an order to the employee to hide the file by email. In this way, the employees themselves have exposed this fact after asking them to keep a separate file for internal purposes and a separate file to show if the Rastra Bank wants it.
Here, Kumari Bank, which has already started the auction process, was seen hiding the NPL by calling it an ‘active loan’ on the one hand and deceiving the shareholders on the other. The bank has done the work of putting a shadow in the eyes of the Rastra Bank.
The fact that the bank is trying to collect money from the borrower by initiating the auction process cannot be considered otherwise. However, once one process has been initiated, the rest of the process should also be in accordance with the law. But Kumari Bank lied to the Rastra Bank. The shareholders were deceived by showing fake financial statements.
} The bank had even issued a report saying that it had increased its profit by up to 45,000 percent by doing such mischief. At the same time, the investors bought the shares and sold them because they knew the internal situation of the bank. Those who bought here were deceived. Once the Rastra Bank did not do anything, the bank continued to do the same thing. Now the question has arisen, if anything could have been done on the basis of political patronage yesterday, now that the Balen government comes to power, should the Rastra Bank wake up? Isn’t that just arbitrary? At the bottom of the financial statement, it is written that all the details are correct, otherwise it is also written that I will take responsibility for it. And can you do this arbitrarily?
Chandan Karki, information officer of the bank, said that the NRB and the internal audit will look into the report if the bank has published a fake report.TAG_OPEN_div_14 But after the CEO instructed to do so, all the employees said that they would hide the files when they came to the Rastra Bank.
