Kathmandu, January 16:

Nepal Rastra Bank (NRB) has extended the tenure of Rastriya Banijya Bank (RBB) management team. Earlier, the central bank has extended the tenure of the present team for two years that ended today.

“The acting chief operating officer (CEO) Janardan Acharya is appointed CEO from today,” states a press note. The present management has been managing the RBB for last five years under the financial sector reform programme.

In response to government’s request for technical and financial support to its financial sector reforms programme, the World Bank has been providing support since 2002. So far, between the World Bank and DFID, over seven billion rupees has been spent.

Reform, recapitalisation and professionalisation has been the long-term goals of financial sector reform programme.

For short-term, the central bank will contract out the management of both Nepal Bank Ltd and RBB.