Appointment and Tenure of Directors in Nepal's Banking Sector

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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?

The Council of Ministers Signup and view all the answers

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

Different sectors including economic and legal Signup and view all the answers

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

Being a Nepalese citizen Signup and view all the answers

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

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

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

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

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

Approving license issuance to commercial banks Signup and view all the answers

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

Approving Rules and Bye-laws of the Bank Signup and view all the answers

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

Approving license issuance policy for financial institutions Signup and view all the answers

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

It frames policies affecting employee benefits Signup and view all the answers

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

Disclose any direct or indirect commercial interest to the Board 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?

Disclose their personal interest to the Board before discussion Signup and view all the answers

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

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

Who chairs the Management Committee mentioned in the text?

The Governor Signup and view all the answers

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

One senior officer of the Bank designated by the Governor Signup and view all the answers

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

Deleted certain content 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?

To adhere to the prescribed terms and conditions Signup and view all the answers

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

Deputed officials of the Bank or experts designated by the Bank 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?

Necessary data and records Signup and view all the answers

When must concerned institutions provide information during inspections?

Only if requested by the Bank's official or expert 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?

Provide detailed particulars and information willingly Signup and view all the answers

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

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

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

A manipulated coin by melting or cutting an existing coin Signup and view all the answers

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

Regularly supply banknotes and coins to meet currency demand Signup and view all the answers

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

Bank notes in stock but not in circulation Signup and view all the answers

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

Recall only by issuing new bank notes within Nepal Signup and view all the answers

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

The bank notes become invalid for any future exchange Signup and view all the answers

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

When they are defaced beyond recognition Signup and view all the answers