KATHMANDU: Nepal Rastra Bank (NRB) — the central regulatory and monetary authority — has instructed banks and financial institutions (BFIs) to call annual general meeting or special AGM as early as possible to appoint the board of directors as per the new provision of Banks and Financial Institution Act (BAFIA).

The central bank on Monday urged all the licensed institutions to lessen the number of board of directors between five and seven persons as per the provision of BAFIA. Earlier, there was provision of seven to nine board of directors in BFIs.