Mahalaxmi Bikas Bank Chairman Oath: Reaffirming leadership after 24th AGM election under Deputy Governor’s supervision.
8th January 2026, Kathmandu
In a move that signals stability and continuity for one of Nepal’s premier financial institutions, Rajesh Upadhyay has been re-elected and sworn in as the Chairman of Mahalaxmi Bikas Bank Limited.
Mahalaxmi Bikas Bank Chairman Oath
The formal oath-taking ceremony took place in early January 2026, marking the beginning of a new leadership term following the bank’s successful 24th Annual General Meeting (AGM). The oath of office and secrecy was administered by the Deputy Governor of Nepal Rastra Bank, Bam Bahadur Mishra, ensuring full compliance with the regulatory protocols governing the country’s banking sector.
Re-election and Board Composition
The 24th AGM, held on Poush 21, 2082, served as a platform for shareholders to review the bank’s financial achievements and elect a new Board of Directors. Under the chairmanship of Mr. Upadhyay, the meeting saw the unopposed election of six directors—three representing the promoter group and three representing the general public shareholders.
The newly elected board members include:
Promoter Group (A): Rajesh Upadhyay, Sanjay Giri, and Sagar Malla.
Public Shareholder Group (B): Shyam Sundar Rungta, Rahul Agrawal, and Shalik Ram Aryal.
Following their election, the directors held their first meeting and unanimously re-appointed Rajesh Upadhyay as the Chairman. Mr. Upadhyay is a visionary banker with over 15 years of experience in the banking, financial, and insurance sectors of Nepal. His previous leadership roles in Global IME Bank, Yeti Development Bank, and NLG Insurance have made him a respected figure in the Nepalese corporate landscape.
Financial Strength and Shareholder Returns
The 24th AGM was not only a leadership milestone but also a celebration of the bank’s financial resilience during the fiscal year 2081/82. Shareholders approved a total dividend of 10.37 percent, which consists of a 5 percent bonus share and a 5.37 percent cash dividend (inclusive of taxes). This dividend is a significant increase from the 7 percent distributed in the previous fiscal year, reflecting the bank’s improved profitability and capital management.
Key Financial Indicators for FY 2081/82:
Total Deposits: 56.22 billion rupees.
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Total Loans and Advances: 47.21 billion rupees.
Capital Adequacy Ratio (CAR): Significantly improved to 17.06 percent, up from 14.93 percent.
Base Rate: Reduced to 6.94 percent from 9.39 percent, indicating better cost management and competitive pricing for borrowers.
Net Profit: The bank reported a steady growth in net profit, reaching 50.67 crore rupees for the fiscal year.
Regulatory Compliance and Ethical Governance
The oath-taking ceremony is a mandatory requirement under Section 127 of the Bank and Financial Institutions Act (BAFIA), 2073. This legal framework ensures that the leadership of financial institutions remains accountable to the central bank and the general public. By taking this oath, Chairman Upadhyay has reaffirmed his commitment to maintaining the highest standards of integrity, professional ethics, and confidentiality.
During the ceremony, Deputy Governor Bam Bahadur Mishra emphasized the importance of sound governance in development banks. He noted that as the banking sector faces digital transformation and evolving credit risks, the role of a seasoned chairman is vital in steering the institution toward sustainable growth while protecting the interests of depositors.
Strategic Vision for 2026 and Beyond
Under Rajesh Upadhyay’s renewed leadership, Mahalaxmi Bikas Bank is set to embark on an ambitious digital expansion phase. The bank currently operates a robust network of over 103 branches and 49 ATMs, serving a diverse customer base across Nepal. The new board has expressed a clear commitment to enhancing customer satisfaction through “cashless banking” services and refined financial products tailored to small and medium enterprises (SMEs).
Chairman Upadhyay, an MBA graduate and a lifetime member of the Nepal Management Group, has stated that his primary focus will be on “asset quality and operational efficiency.” By leveraging cutting-edge technology and a cost-effective approach, the bank aims to maximize shareholder value while contributing to the country’s broader economic development.
Conclusion
The re-election and subsequent swearing-in of Rajesh Upadhyay as Chairman of Mahalaxmi Bikas Bank represent a vote of confidence in his ability to navigate the complexities of modern banking. With a strong financial foundation, a newly elected board, and an improved capital adequacy ratio, the bank is well-positioned to remain a leader in Nepal’s development banking sector. As the bank enters its 25th year of operations, stakeholders can look forward to a period of stability, innovation, and continued financial success.
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