However, 10 of the 12 executive directors at the central bank, who were also the eligible candidates for the post, boycotted the program, expressing resentment over the recommendation process adopted by Governor Dr Yuba Raj Khatiwada.
Only two executive directors, Bishnu Nepal and Lok Bahadur Khadka, attended the swearing in ceremony. [break]
Those boycotting the ceremony were Aswini Kumar Thakur, Manmohan Kumar Shrestha, Bhaskar Mani Gyawali, Gokul Ram Thapa, Lila Prakash Sitaula, Trilochan Pageni, Pradeep Raj Pandey, Hari Prasad Kafle, Ramji Regmi and Siddhi Krishna Shrestha.
“The whole recommendation process was not transparent and did not match with the core values the central bank had,” said an executive director, explaining reasons for boycotting the event.
The government had appointed Kafle and Adhikari to the post of deputy governor on Sunday. While Kafle was the senior most candidate for the post, Adhikari was ranked 13th in terms of seniority.
According to sources, two resenting executive directors were absent in the office, while rest did not attend the program despite prior notice and invitation.
“Everyone knew there were 14 candidates and not all can be appointed. But the governor´s way of dealing with the selection process has left all of us disappointed,” said another executive director.
(Photo: Keshab Thoker)
The absence of the 10 key officials also reflected the level of grievance and differences present in the central bank. Sources said the senior NRB staffers mainly had grievances over the governor not hearing their voices and unilaterally imposing his views.
The absence apparently had its impact on Governor Dr Khatiwada as well. “All executive directors were competent. But given the legal provision, I could recommend just four names for the two posts,” he added.
He also defended the appointment of second-last ranking candidate into the post, saying that seniority is mere an emotional indicator. “And emotional indicator does not necessarily guarantee competence and capacity to deliver,” said Dr Khatiwada. He also suggested all the central bank staffers to adopt and get used to the new values. “Those resisting will get blown away by the wind of change,” he said, giving a strong-worded warning to the resenting staffers.
Kafle too appealed to all executive directors to forget the past and work together as a unit for effective functioning of the central bank.
Presidents of NRB trade unions also welcomed the new appointment.
“The appointment has been made as per our recommendation. Both the new deputy governors are capable and competent,” said Basanta Raj Pandey, president of NRB National Employees´ Association.
If his statement is true, the appointment process can be said as going against the NRB Act, because the Act clearly states that deputy governors should be apolitical person and should hold high morale.
In his address, Pandey also blamed the past deputy governors of engaging in policy corruption.
“Our past deputy governors allowed NB Group to sell 19 percent promoter share of Nepal Bangladesh Bank to repay loans. Is not this a policy level corruption?” he questioned, and urged the new appointees to maintain high morale while in duty.
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