Kathmandu. An on-site inspection conducted by Nepal Rastra Bank (NRB) has found that the employees of Saptakoshi Development Bank Limited have provided unauthorized access to customers’ accounts. According to the NRB, the inspection conducted on the basis of the bank’s unredacted financial details of Ashad 2082 confirmed that the employees had access to the customer’s account without permission.
During the inspection, it was revealed that there was a misappropriation of cash in the vault of the bank.TAG_OPEN_p_17
The Nepal Rastra Bank (TAG_OPEN_p_16 NRB) has said that the bank management has not taken necessary action against the guilty employees by conducting an internal investigation despite such serious irregularities.
The NRB has concluded that the bank’s internal control system is weak and such incidents have raised serious questions on the good governance, risk management and customer confidence.TAG_OPEN_p_15
In addition, the bank has been directed to strengthen the internal control system, rectify the weaknesses and take necessary action against the person responsible.TAG_OPEN_p_14
