Kathmandu, 23 October: Concrete proof has been found that the Nepal Rastra Bank has turned a deaf ear to suspicious transactions of the Sanima Bank, which has been seriously accused of financial collusion and transaction between the chairman, operator, big share investors and high-level employees. The regulatory body, the central bank, has to conduct on-site inspections of 'A' Class commercial banks once a year. Sources claim that it has been a mystery for the last two years to turn a blind eye to the bank which was found to have serious problems in the previous inspections conducted in 2074 BS and 2076 BS. After 2074 BS, at the beginning of 2076 BS, like other banks, the on-site inspection team was sent to Sanima Bank. For the next two years, the Ministry of Finance has been keeping an eye on the Central Bank's removal from the list of banks to be inspected under various pretexts. Maha Prasad Adhikari, who became the governor in March 2013, has already spent one and a half years. But even in this period, not considering the need to look at the bank has become another mysterious issue, according to Jana Aastha News Online.  A small team and a short-term inspection team were assigned to other banks during the Covid pandemic. Commercial banks have a legal requirement to conduct on-site inspections at least once a year. However, the NRB itself does not seem to consider it necessary to follow that provision in the case of Sanima Bank. No matter how much they try to cover up the wealth of Nepalis living abroad, it has been confirmed that Sanima's institutional ill governance has been hidden for four years.  Bhuvan Dahal is the Chief Executive Officer (CEO) of the bank. He is also the President of the Bankers' Association, a club of CEOs of commercial banks. No one can find Dahal singing the praises of Nepali banks and bankers and rubbing oil on his mouth. However, from the point of view of institutional good governance, he never considered it unusual for a central bank supervision team not to visit his own bank for a long time. After all, most of the banks and financial institutions are happy when such a team arrives late. In that, it has become clear that Dahal also does not want to be a bone of contention.  On the other hand, even the departmental heads from the leadership of the central bank have received evidence that Sanima Bank, with green 'corporate colour', is always showing a green flag even when it is hollow from the point of view of institutional good governance. A year ago, there were brief reports that the bank had problems in institutional good governance and credit flow. Among the institutional good governance, the biggest problem is seen at the highest level within Sanima. The problem was exacerbated by the then chairman, management, big investors and top management. While Dahal has been the CEO of the same bank for a long time. There is no doubt that Dahal is most responsible for causing such problems in his long tenure. He never shies away from preaching theories, systems, ideals and simplicity orally. However, there is not much left to confirm that the public has been cultivating lies by making popular artists like Mahjodi as brand ambassadors by misleading the people. Among the allegations found by the NRB team four years ago is the evidence of large-scale regular transactions between top management and management. Unnatural financial transactions at a high level within any bank or financial institution raise doubts. That is the worst thing in terms of institutional good governance that prevails at Sanima Bank.  Evidence was found that the chairman, the operator, the large investor and the high-ranking employees themselves had taken money in 'Madwari' style. However, there is no doubt that the previous management of NRB's decision to release him without taking any concrete action for four years and the team of Governor Maha Prasad Adhikari, Deputy Nilam Timsina and Bam Bahadur Mishra considered it 'justified' is another serious weakness and mistake. On page 21 of Sanima Bank's on-site report 2074 received by Jana Aastha, many arguments are mentioned regarding good governance and management. Point 2.1.2 states that the bank's managers, share investors and high-level management staff have invested heavily in self-interested hydropower, insurance and construction companies. Their investments in Sanima Hydropower, Sanima Life Insurance and Bavri Construction Company have made it clear that they have misused the bank's fund. Similarly, point 2.1.3 states that ‘unnatural transactions have taken place between the bank's chairman, operators, investors and high-level management staff. For example, there was even a cash transaction between the operators. ' Point 2.1.4 states: "A large amount of cash was transacted between the chairman, the operator, the head of the law department and the company secretary." Despite pointing such a serious allegation, Nepal Rastra Bank does not seem to have taken any action against Sanima Bank officials and CEO Bhuvan Dahal as per Sections 99 and 100 of the Nepal Rastra Bank Act 2058 and Sections 100 and 102 of the Banking and Financial Institutions Act 2073. Officials, employees and CEOs of the banks involved in such transactions have to be immediately suspended, dismissed or fined but NRB has shut its eyes and ears. Among the large investors of the bank are Jiva Lamichhane, Arun Ojha, Vinay Kumar Shrestha, Tekraj Niraula, Khemraj Lamichhane, Niraj Govind Shrestha, covertly Upendra Mahato and 15 others. People's News Monitoring Service