NRB Takes Control of Madhyamanchal Grameen Vikash Bank
Summary
Nepal Rastra Bank (NRB) has assumed direct control of Madhyamanchal Grameen Vikash Bank, a rural development bank, pursuant to Section 34 of the Bank and Financial Institution Act. The intervention, effective 27 Chaitra 2082 BS (approximately 10 April 2026), removes the existing board and management and transfers all administrative and financial authority to a NRB-appointed administrator. The bank must comply with NRB directives and submit weekly progress reports throughout the three-month intervention period.
Microfinance institutions and rural development banks operating in Nepal should review their governance structures and compliance frameworks against the deficiencies that prompted this intervention. Correspondent banks with exposure to Madhyamanchal Grameen Vikash Bank should assess counterparty risk and monitor for any changes in the bank's operational capacity during the three-month NRB administration period.
About this source
GovPing monitors NRB Nepal Press Releases for new banking & finance regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 2 changes logged to date.
What changed
NRB Nepal has intervened in Madhyamanchal Grameen Vikash Bank under Section 34 of the Bank and Financial Institution Act, removing all existing board members and management and placing the bank under direct NRB administration. The intervention period is set for three months, during which the NRB-appointed administrator holds full authority over the bank's operations, finances, and personnel. The bank is required to comply with all NRB directives and submit weekly progress reports, creating ongoing reporting obligations throughout the intervention. Affected parties including depositors, borrowers, employees, and correspondent banks should monitor communications from the administrator regarding continuity of services and any changes to account access or loan terms.
What to do next
- Submit weekly progress reports to Nepal Rastra Bank
- Comply with all directives issued by NRB Nepal during the intervention period
Archived snapshot
Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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