Banking News – As the tenure of Nepal Rastra Bank Governor Maha Prasad Adhikari nears its end in late March, the race to become the 18th governor has intensified. Nearly two dozen candidates have expressed interest, with many actively lobbying influential power centers.

Governor Adhikari, appointed on April 6, 2020, is set to complete his five-year term. With the selection process approaching, the government has already formed a Governor Recommendation Committee led by Finance Minister Bishnu Prasad Paudel. The three-member committee will recommend three candidates for the position in a Cabinet meeting scheduled for mid-March.

Strong Contenders

By law, at least one of the two Deputy Governors, Dr. Neelam Dhungana or Bam Bahadur Mishra, must be nominated. Both are from Prime Minister KP Sharma Oli’s home district, Jhapa, and have close ties to the ruling UML party, making them strong contenders.

Incumbent Governor Maha Prasad Adhikari is also seeking reappointment, actively working to secure another term. He was originally appointed by the previous Oli-led government.

Other key contenders include:

• Dr. Gunakar Bhatta, Executive Director at Nepal Rastra Bank (affiliated with the Nepali Congress).
• Dr. Prakash Kumar Shrestha, a National Planning Commission official with a background at the central bank (affiliated with UML).
• Dev Kumar Dhakal, a recently retired NRB official, though past allegations against him could weaken his candidacy.
• Dr. Chintamani Siwakoti, former Deputy Governor (affiliated with the Nepali Congress).
• Ravindra Pandey, a sitting NRB board director (affiliated with the Nepali Congress).

Bureaucrats and Economists in the Race

Several former government officials are also eyeing the post, including:

• Rameshwar Khanal, former Finance Secretary.
• Arjun Karki and Rajendra Kishore Kshetri, both former secretaries with Congress ties.
• Dr. Shivraj Adhikari, Vice-Chair of the National Planning Commission.
• Dr. Bishwo Paudel and Economist Sameer Khatiwada, engaged in lobbying efforts.

Banking Sector Executives in the Race

For the first time, CEOs of major commercial banks are also being considered for the governorship:

• Gyanendra Dhungana (Nabil Bank) and Santosh Koirala (Machhapuchchhre Bank) (Congress-affiliated).
• Gobinda Gurung (Agricultural Development Bank).
• Ashok Sherchan (Prabhu Bank) (UML-affiliated).

Corporate and FNCCI Leaders Join the Fray

• Gokarna Awasthi, former journalist and current Director General of FNCCI, is lobbying through business circles and influential connections.

As the selection process nears, lobbying efforts are expected to intensify among political factions, bureaucratic circles, and corporate powerhouses, making the appointment of Nepal’s next central bank governor a highly competitive affair.