Umbrella organizations of banks and financial institutions draw attention to the arrest of CEO Pandey

. The umbrella organizations of banks and financial institutions have expressed their concern over the detention of Chief Executive Officer (CEO) of Nepal Investment Mega Bank, Jyoti Prakash Pandey. Nepal Bankers’ Association, Development Bankers Association Nepal, Nepal Financial Institutions Association and Nepal Microfinance Bankers’ Association issued a joint statement today.

“It is well known that the banks and microfinance institutions have been providing loans in accordance with the Bank and Financial Institutions Act, 2073 BS and the policies and directives issued by the Nepal Rastra Bank to support economic growth, employment generation and entrepreneurship development of the country,” the statement reads.TAG_OPEN_div_20

Section (TAG_OPEN_div_18 57) of the Banks and Financial Institutions Act (57) gives special powers to banks and financial institutions to recover loans in case of non-recovery of loans. This is the primary process of the bank and is the main responsibility of the Chief Executive Officer.

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