Karnali Development Bank declared troubled, NRB takes over

Kathmandu, December 25 — Karnali Development Bank has been declared troubled.

The decision was made during a meeting of the Nepal Rastra Bank's board of directors on Wednesday.

Earlier, the bank had been declared problematic, and restrictions were placed on its deposit operations and loan disbursement. Following the troubled declaration, the existing board of directors of the bank has been dissolved.

Additionally, senior management employees have automatically been relieved of their duties, and now, Nepal Rastra Bank will take over the responsibility of appointing the new board and executive chief.