{"id":2329,"date":"2026-10-12T07:14:01","date_gmt":"2026-10-12T07:14:01","guid":{"rendered":"https:\/\/english.bankingkhabar.com\/?p=2329"},"modified":"2026-10-12T07:14:01","modified_gmt":"2026-10-12T07:14:01","slug":"nrb-investigates-shangri-la-bank-ceo-appointment-over-cooling-off-rule-concerns","status":"publish","type":"post","link":"https:\/\/english.bankingkhabar.com\/?p=2329","title":{"rendered":"NRB Investigates Shangri-la Bank CEO Appointment Over Cooling-Off Rule Concerns"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Banking Khabar \/<\/strong> Nepal Rastra Bank (NRB) is examining the appointment of Rabin Sijapati as Chief Executive Officer (CEO) of Shangri-la Development Bank following questions over his eligibility and compliance with the regulatory cooling-off period.<\/p>\n

According to published reports, Shangri-la Development Bank\u2019s Board of Directors decided on September 4, 2026 (Bhadra 19, 2083), to appoint Sijapati as CEO for a four-year term. However, questions have emerged because he was reportedly still serving as chairman of National Laghubitta Bittiya Sanstha Limited when the appointment decision was made.<\/p>\n

National Laghubitta\u2019s Board of Directors reportedly approved his resignation on September 14, 2026 (Bhadra 29, 2083), ten days after Shangri-la Development Bank\u2019s appointment decision.<\/p>\n

The timing has raised questions about whether the appointment complied with the applicable provisions governing the eligibility of directors and chief executives of licensed banks and financial institutions.<\/p>\n

The Banks and Financial Institutions Act, 2017 (2073), contains provisions concerning the qualifications and disqualifications of directors and chief executive officers. Nepal Rastra Bank\u2019s Unified Directive No. 6 also includes cooling-off provisions that may restrict individuals leaving certain positions from immediately joining another licensed institution.<\/p>\n

However, the applicability of the six-month cooling-off period to Sijapati\u2019s case requires careful examination of the relevant legal provisions and the circumstances of his appointment. The restrictions applicable to a person leaving a director\u2019s position may differ from those applicable to someone leaving a CEO position. The appointment decision, resignation documents and the date on which the resignation took effect are therefore central to determining whether the rules were followed.<\/p>\n

Under Section 29 of the Banks and Financial Institutions Act, Nepal Rastra Bank has authority to take regulatory action where a CEO does not meet the applicable legal requirements. Depending on the findings, the regulator may issue directions to the concerned institution in accordance with the law.<\/p>\n

An NRB official said the matter was under review and that the necessary process would proceed after the relevant documents had been examined. The official indicated that a formal position would be taken only after the facts and supporting documents had been assessed.<\/p>\n

What Does the Cooling-Off Period Require?<\/h2>\n

Nepal Rastra Bank\u2019s Unified Directive No. 6 contains provisions restricting certain individuals who have left positions at licensed banks and financial institutions from immediately joining another licensed institution. The relevant provisions include a general six-month cooling-off period, subject to the exceptions and conditions specified in the directive.<\/p>\n

The rules distinguish between restrictions applicable after leaving a director\u2019s position and those applicable after leaving a CEO position. Their application depends on the person\u2019s previous role, the institution involved and the exact circumstances of the transition.<\/p>\n

In Sijapati\u2019s case, the key issue is whether his appointment decision and subsequent assumption of office complied with the applicable eligibility requirements and cooling-off provisions.<\/p>\n

The central bank\u2019s review will be important in clarifying the regulatory position. Until Nepal Rastra Bank completes its examination and communicates its findings, the legality of the appointment remains a matter under review rather than an established violation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banking Khabar \/ Nepal Rastra Bank (NRB) is examining the appointment of Rabin Sijapati as Chief Executive Officer (CEO) of Shangri-la Development Bank following questions over his eligibility and compliance with the regulatory cooling-off period. According to published reports, Shangri-la Development Bank\u2019s Board of Directors decided on September 4, 2026 (Bhadra 19, 2083), to appoint […]<\/p>\n","protected":false},"author":1,"featured_media":2330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-2329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner"],"yoast_head":"\nNRB Investigates Shangri-la Bank CEO Appointment Over Cooling-Off Rule Concerns - Bankingkhabar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.bankingkhabar.com\/?p=2329\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NRB Investigates Shangri-la Bank CEO Appointment Over Cooling-Off Rule Concerns - Bankingkhabar\" \/>\n<meta property=\"og:description\" content=\"Banking Khabar \/ Nepal Rastra Bank (NRB) is examining the appointment of Rabin Sijapati as Chief Executive Officer (CEO) of Shangri-la Development Bank following questions over his eligibility and compliance with the regulatory cooling-off period. 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