The Nepal Rastra Bank has issued a warning to the board of directors of CYC Nepal Laghubitta Financial Institution Limited for purchasing vehicles beyond the prescribed expenditure limits and violating financial administration rules.
The board of directors of CYC Nepal Laghubitta Financial Institution Limited has face action from the Nepal Rastra Bank (NRB). The central bank issued a warning to the directors after discovering that the institution bought vehicles without adhering to financial administration regulations and exceeding the set expenditure limits.
According to the Microfinance Institutions Supervision Department of Nepal Rastra Bank, the institution’s board of directors was found to have purchased vehicles without complying with the expenditure limits and authorization provisions specified in the financial administration bylaws.
Regarding this issue, the Nepal Rastra Bank has warned Chairman Padmanath Sharma and other directors, including Prof. Dr. Tarun Paudel, Laxman Khadka Chhetri, Jeevan Prasad Paudel, Suman Gharti Chhetri, Munadevi Khanal, and Dilip Paudel. They were advised to not engage in such activities again, in line with Sub-section 1(a) of Section 100 of the Nepal Rastra Bank Act, 2058.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
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