Appointment and Tenure of Directors in Nepal's Banking Sector
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Questions and Answers

What qualifications are required to be appointed as a Director according to the text?

  • Having experience in banking or finance (correct)
  • Having a bachelor's degree in any field
  • Being a foreign national
  • Being below 30 years of age

    • For how long is the tenure of office for the Governor and Directors?

  • 5 years (correct)
  • 3 years
  • 10 years
  • 7 years

    • Can the retiring Governor be reappointed according to the text?

  • Yes, for one more term (correct)
  • Only with approval from the United Nations
  • No, it is not allowed
  • Only if recommended by the President

    • Who appoints the Directors in Nepal as per the content provided?

    <p>The Council of Ministers</p> Signup and view all the answers

    What diverse sectors must Directors represent when being appointed according to the text?

    <p>Different sectors including economic and legal</p> Signup and view all the answers

    What is the requirement related to citizenship for the Directors mentioned in the text?

    <p>Being a Nepalese citizen</p> Signup and view all the answers

    What is the primary role of the Board mentioned in the text?

    <p>Making decisions on all matters excluding those under the Governor's authority</p> Signup and view all the answers

    What responsibility does the Board have regarding the Bank's financial resources?

    <p>Framing policy for the mobilization and investment of Bank's financial resource</p> Signup and view all the answers

    Which function is NOT within the scope of the Board's authority as per the text?

    <p>Approving license issuance to commercial banks</p> Signup and view all the answers

    What is NOT a responsibility of the Board according to the text?

    <p>Approving Rules and Bye-laws of the Bank</p> Signup and view all the answers

    Which action does the Board NOT have to take regarding loans provided by the Bank?

    <p>Approving license issuance policy for financial institutions</p> Signup and view all the answers

    What can be concluded about the Board based on the text?

    <p>It frames policies affecting employee benefits</p> Signup and view all the answers

    What is required of the Governor, Deputy Governor, and Director every six months according to the text?

    <p>Disclose any direct or indirect commercial interest to the Board</p> Signup and view all the answers

    If a resolution involves personal interest of the Governor, Deputy Governor, or Director, what should they do according to the text?

    <p>Disclose their personal interest to the Board before discussion</p> Signup and view all the answers

    What action must the Governor and Deputy Governor take regarding their property according to the text?

    <p>Make public the details of property held in their name and their family members' names within one month of appointment and retirement</p> Signup and view all the answers

    Who chairs the Management Committee mentioned in the text?

    <p>The Governor</p> Signup and view all the answers

    Who acts as the member-secretary of the Management Committee?

    <p>One senior officer of the Bank designated by the Governor</p> Signup and view all the answers

    What does the Second Amendment do regarding certain content in the text?

    <p>Deleted certain content</p> Signup and view all the answers

    What is the responsibility of the concerned bank or financial institution when terms and conditions are prescribed by the Bank?

    <p>To adhere to the prescribed terms and conditions</p> Signup and view all the answers

    In accordance with the text, who may conduct inspections and supervision on commercial banks and financial institutions?

    <p>Deputed officials of the Bank or experts designated by the Bank</p> Signup and view all the answers

    What do the Directors, officials, or employees of commercial banks and financial institutions need to provide during inspections and supervision?

    <p>Necessary data and records</p> Signup and view all the answers

    When must concerned institutions provide information during inspections?

    <p>Only if requested by the Bank's official or expert</p> Signup and view all the answers

    What should commercial banks and financial institutions do if asked to submit detailed particulars and information to the Bank?

    <p>Provide detailed particulars and information willingly</p> Signup and view all the answers

    Who can review or examine the necessary documents provided during inspections?

    <p>The Bank's official or expert within a prescribed time</p> Signup and view all the answers

    What does 'Counterfeit coin' refer to in this Section?

    <p>A manipulated coin by melting or cutting an existing coin</p> Signup and view all the answers

    What is the responsibility of the Bank regarding the issuance of currency?

    <p>Regularly supply banknotes and coins to meet currency demand</p> Signup and view all the answers

    In the context of Currency Inventory, what does 'monetary liability' refer to?

    <p>Bank notes in stock but not in circulation</p> Signup and view all the answers

    What action can the Bank take regarding the recall of bank notes and coins?

    <p>Recall only by issuing new bank notes within Nepal</p> Signup and view all the answers

    According to Section 60, what happens after the expiry of the exchange period for bank notes and coins?

    <p>The bank notes become invalid for any future exchange</p> Signup and view all the answers

    In what circumstance are bank notes or coins considered 'Counterfeit' according to the text?

    <p>When they are defaced beyond recognition</p> Signup and view all the answers

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