Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has warned the Board of Directors of Excel Development Bank Limited for violating regulatory provisions.
According to the fourth quarter supervision report of the fiscal year 2080/81 released by the Department of Bank Supervision, the bank has not complied with the Acts and Regulatory provisions related to banks and financial institutions.
According to the NRB, the bank has not submitted its real profit and loss statements on time in violation of Section 52 (2) of the Bank and Financial Institutions Act, 2073. As a result, the audit of the bank was delayed and the annual general meeting could not be held on time.
The report concluded that the bank has violated the existing legal and regulatory provisions and warned the Board of Directors of Excel Development Bank as per Section 100 (2) (a) of Nepal Rastra Bank Act, 2058.
KATHMANDU: Nepal Rastra Bank (NRB) has directed the banks and financial institutions (BFIs) to submit the financial statements to the regulator on time, to hold the annual general meeting and audit of the annual general meeting within the deadline and to fully comply with the prevailing laws and regulatory provisions. At the same time, the Rastra Bank has indicated that further action may be taken if such shortcomings are repeated.
