. KATHMANDU: Nepal Rastra Bank (NRB) has directed five directors of Karnali Development Bank (NDB) to furnish clarification on the issue.

Issuing a notice, the Department of Financial Institutions Supervision issued a notice to the then chairman of the board of directors of the bank, Dr. The committee also directed Yubaraj Adhikari, Usha Kumari Bhandari, Tanka Bahadur Basnet and Nisar Ahmad Darji to furnish clarifications within 10 days.

According to the central bank, the central bank on October 12, 2002 had given 15 days to the chairman and director to submit the reason why they should not be dismissed from the post within 15 days. Although clarification was sought at that time, the notice was issued again as no response was received from the concerned persons within the stipulated time.

In the second phase, chairperson and directors of the bank can submit the application to the Financial Institutions Supervision Department of Nepal Rastra Bank, Nepal Rastra Bank’s Nepalgunj Office or Management Group, Karnali Development Bank, Central Office, Nepalgunj, Banke.

If the clarification is not submitted within the stipulated time, further action will be initiated as per the prevailing law, the central bank has said.