Kathmandu.Siddhartha Bank has increased the salary of Chief Executive Officer (CEO) by in violation of the directive of Nepal Rastra Bank . The bank has increased the salary of CEO Sundar Prasad Kadel. 

The bank had paid Rs. 96,39,187 as basic salary to CEO Kan del in the previous financial year 2080/81 .Whereas, Bank has paid Rs. 99,37,728 to the CEO in the last financial year 2081/82. That is, The bank has increased the basic salary of the CEO by Rs 3, 59,885.

Not only this,the bank has also increased the services of the CEO. In the last financial year, Siddhartha Bank had paid Rs. 1, 70,32,787 to the CEO for various services and facilities, while in the last fiscal year, Siddharth a Bank paid Rs. 1,73,92,672 ।

Vertical Violation

Siddhartha Bank Basic Salary of the CEO Bank Officials of the Bank say that the bank } {{} {{}} has increased the basic salary of the bank. 

The bank had directed the bank on February 17, 2021 not to increase the salary, allowances and facilities of and financial institutions and financial institutions .As the review of salary, allowances and services of and {{} of } banks and financial institutions of the bank {{} was being conducted, the bank was directed not to increase the salary, allowances and facilities of .

However , Siddhartha Bank has increased the basic salary of the CEO in violation of the directive of the bank. 

Rashtra Bank says ‘action will be taken’

Meanwhile, a senior official of Nepal Rastra Bank said that it has come to know that Siddhartha has increased the salary by violating the directive of the bank and is being investigated on the matter. 

‘We have also received information about the salary increase of CEO against the directive. We are understanding more. “If this is seen, will be prosecuted legally,” the official said. ’

Earlier last year, the Rastra Bank had taken action against the Citizens Bank forincreasing the salary of the Chief Executive Officer (CEO) in violation of the directive issued by the bank last year. At that time, the Rastra Bank had alerted the CEO and Board of Directors of the bank.

The bank says – ‘The previous agreement was to increase the salary’

On the other hand, the bank has claimed that it has not flouted the rules of the Rastra Bank as the bank has already set a date for the increase in salary with the CEO. Chief Grievance Hearing Officer of the bank, Suresh Maharjan, said that the bank had already signed an agreement to increase the salary of the CEO. “There is already a clause in the agreement that the salary will be increased in so many years. As far as the circular of the Rastra Bank is concerned, it has not been said not to be reviewed, it has not been said not to be increased as per the agreement. Maharjan said, “We will not make any compromise on following the rules and regulations of the Rastra Bank. Whatever has been done, we have done according to the rules.