Nepal Rastra Bank renames departments, designates provincial offices

Published On: July 22, 2020 03:39 PM NPT

Research Department now becomes Economic Research Department   

KATHMANDU, July 22: Nepal Rastra Bank (NRB) has renamed some of its departments and offices.

The central bank changed the name of five departments and designated its offices outside the valley as the provincial offices. The changes of the names have come into effect from this week, according to the NRB notice.

According to the NRB, the central bank renamed its Research Department as the Economic Research Department.

The General Services Department has now become the Assets and Service Management Department. Similarly, Micro-Finance Promotion and Supervision Department is rechristened the Microfinance Institutions Supervision Department.

The Corporate Planning Department will be now called the Corporate Planning and Risk Management Department, according to the NRB.

The Information Technology Department has now become the Information Technology Division.

NRB officials say that the move is aimed at reflecting the functions of the departments and offices in their names in a better way as well as restructuring them in the new federal set-up of the country.

The central bank has also revamped and redesigned its website last month.  

The NRB also transformed its existing offices outside Kathmandu valley as provincial offices. The central bank’s office in Province 1 will be in Biratnagar while it will be based in Janakpur in Province 2. Its office in provincial 3 will be in Birgunj. The provincial office in Birgunj will look after Bagmati province. Gandaki province’s office of the central bank is in Pokhara.

Province 5 has two provincial offices with one based in Nepalgunj and another in Siddharthanagar (Rupandehi). Surkhet office will serve as the provincial office for Karnali. The NRB’s office in Surkhet will become Sudur Paschim province’s office of the central bank.

The NRB is mandated to maintain macro-economic stability through sound and effective monetary, foreign exchange and financial sector policies. The central bank, which is also the economic advisor of the government, has 15 departments, two department level offices, two divisions and eight offices in seven provinces.

Banks and Financial Institutions Regulation Department, Foreign Exchange Management Department, Currency Management Department, Financial Management Department, Human Resources Management Department, Internal Audit Department, Public Debt Management Department, Development Bank Supervision Department, Finance Company Supervision Department and Payment Systems Department are other departments in the NRB. The Banking Department and Office of the Governor are also department-level offices while there are Legal Division, Mint Division and Financial Information Unit in the NRB.

The central bank has 1,056 employees as of mid April.


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