KATHMANDU: Rajesh Upadhyay has been appointed as the acting president of the Confederation of Bank and Financial Institutions (CBFN).

The post of chairman of CBFIN was lying vacant after the resignation of outgoing chairman Prachanda Bahadur Shrestha from the post of chairman of the board of directors of Himalayan Bank was accepted. The meeting of the CBFIN executive committee held on September 9, 2083 unanimously decided to hand over the responsibility of acting president to senior vice-president Upadhyay to continue the leadership of the organization until a new executive committee is elected from the upcoming annual general meeting.

Upadhyay, who is also the Chairman of Mahalaxmi Bikas Bank, is known as an experienced businessman, skilled strategist and institutional development campaigner who has been active in the banking, insurance and financial services sector of Nepal for nearly two and a half decades. Since its inception, he has been instrumental in the development and strengthening of the organization in various executive committee roles. His long experience and expertise in the leadership roles of various banks and financial institutions and insurance companies are expected to make the future journey of Cibfin more result-oriented.

Under his experienced, coordinating and farsighted leadership, CBFIN will further strengthen its objectives, policy priorities and role to address the current difficult economic challenges facing the banking sector, adding a new dimension to the stability, credibility and sustainable development of the banking sector,” the statement said.