NIC Asia Bank Chairman Tulsiram Agrawal Resigns

NIC Asia Bank Chairman Tulsiram Agrawal has resigned from his position, citing personal reasons. He submitted his resignation on Poush 6, which was approved on the same day by a meeting of the bank’s Board of Directors.

Agrawal was appointed as Chairman through the bank’s 24th Annual General Meeting held in Chaitra 2078. His resignation comes in the aftermath of regulatory action taken against the bank by the central bank.

Earlier, Nepal Rastra Bank had decided to impose a fine of Rs 200,000 each on then Chief Executive Officer Roshan Neupane and Chairman Agrawal. The official letter regarding the penalty was received by the bank’s representatives on Poush 4.

Following the regulatory action, tensions reportedly escalated within the bank’s leadership. Sources indicate that after receiving the penalty notice, Agrawal decided to step down from his post. The Board of Directors formally accepted his resignation.

The development has drawn attention to the bank’s leadership structure and its relationship with the regulatory authority. Bank officials have stated that preparations are underway to initiate the process for appointing a new chairman.