Kathmandu, August 13
A petition filed against Nepal Rastra Bank’s decision to set an age bar for its board of directors and chief executive officers of banks and financial institutions (BFIS) has been assigned to the bench of Chief Justice Cholendra Shumsher Rana.
In the petition, filed by CEO of Prime Commercial Bank Narayan Das Manadhar, the petitioner says that it was unfair that age limit for the two posts.
Issuing a circular to the BFIs on August 5, the central bank had told them to implement a new rule that set an age bar of 65 years for CEOs. According to the new rule, a CEO is not be allowed to continue to work in any bank or financial institution after crossing the age of 69.
Similarly, the age limit for board director has been set at 70 years. However, a director will not be allowed to continue in the same capacity after crossing the age of 75. But, the circular remains mum on whether the age bar will affect those who already in office or not.
