The central bank has objected to Nepal Credit and Commerce Bank's decision to appoint three deputy CEOs. The bank, which entered into mergers with a number of development banks, went against the norms in the name of management of senior officials, the central bank has held.

Central bank officials who visited the bank's headquarters two years ago had flagged the issue, but NCC Bank hasn't rectified its decision, clickmandu.com reports. The bank appointed Bandana Pathal and Rewant Kumar Dahal to the position of deputy CEO two years ago. Sandeep Prasad Pandey was appointed to the same post just five days later.

Also read: Nepal SBI Bank misusing employee money

The central bank had directed NCC to consider the bank's size and the volume of its business before adding further financial burden on itself. The bank's decision to form eight different committees of board members has also not gone down well with Nepal Rastra Bank. The central bank requires that at least four such committees be established. But the bank has gone overboard and established eight committees.

The central bank's monitoring mission had also found that the management didn't maintain records of the board members' attendance in board meetings, and of the qualifications of board members. Similarly, all members of the board haven't signed the minutes of board meetings.