Nepal appointed as CIT executive director

Kathmandu, November 12

The government has appointed Raman Nepal as the executive director of Citizen Investment Trust (CIT). The Cabinet meeting on Sunday had decided to appoint Nepal to the top post of the CIT.

The Ministry of Finance (MoF) had published a notice calling for applications for the top post of CIT on September 24. Altogether, five candidates had filed their applications for the post of the executive director of CIT.

According to MoF, Rishiram Gautam, Kapil Mani Gyawali, Shivahari Shrestha, Raman Nepal and Sherraman Acharya had filed their applications for the said position.

The Financial Sector Management and Corporation Co-ordination Division under the Ministry of Finance had shortlisted three applicants for selection to post of executive director of CIT on October 22.

The post of the executive director of CIT had been lying vacant since former executive director Ramkrishna Pokharel tendered his resignation in August. The Cabinet meeting on September 2 had approved his resignation.

After Pokharel's resignation, the MoF had appointed Chandra Kala Poudel, joint secretary at MoF, as executive director of CIT on a temporary basis.

At present, CIT operates retirement fund, CIT unit scheme, pension/gratuity fund, investors A/C scheme, civil employee's insurance fund, teachers insurance, army employee's insurance fund, police employee's insurance fund, APF employee's insurance fund, reserve fund and other institutional employee's insurance fund.

CIT currently has 609,374 members with funds worth Rs 109.84 billion.