Nabil Bank CEO Manoj Kumar Gyawali received Rs 22,581,132 in salary, allowances, and other benefits during the fiscal year 2082/83, according to the bank’s 42nd annual report. This revelation comes as Nepal Rastra Bank (NRB), the central bank, has issued new guidelines to regulate the compensation of chief executive officers (CEOs) and other executives in banks and financial institutions.
The bank’s report indicates that Gyawali’s monthly fixed salary and allowances amount to Rs 1,378,000. The total annual compensation includes this fixed amount along with various other services and facilities.
New Central Bank Guidelines on Executive Pay
Nepal Rastra Bank issued new guidelines on June 20, 2026 (2083 Asar 6 BS), aiming to make the salary, allowances, and other benefits of CEOs in banks and financial institutions more structured, transparent, and performance-oriented. These guidelines set specific limits on executive compensation.
For commercial banks, the annual salary and allowances for a CEO must not exceed the lesser of 0.015 percent of the previous fiscal year’s total assets or 2 percent of the average employee expenses over the last three fiscal years. Additionally, performance-based payments are capped at 20 percent of the annual salary and allowances.
The central bank has clarified that these new guidelines are mandatory for newly appointed CEOs. However, for existing CEOs whose contracts were signed before the guidelines came into effect and whose salaries exceed the new limits, the rules will only apply if they are considered ‘newly appointed’ under specific conditions.
CEO Gyawali’s Background and Appointment
Manoj Kumar Gyawali was appointed as Nabil Bank’s CEO for a four-year term, effective from June 5, 2025 (2082 Jestha 22 BS). Before this appointment, he served as the acting CEO. He assumed the acting role after the previous CEO resigned to pursue the governorship of Nepal Rastra Bank.
Gyawali joined Nabil Bank as Deputy General Manager in 2077 BS, following his resignation from the CEO position at Jyoti Bikas Bank. The central bank’s guidelines also stipulate that CEO remuneration should be determined based on the institution’s financial health, risk management, business size, profitability, good governance, and long-term stability.
What’s Next and Unanswered Questions
Nepal Rastra Bank has also proposed additional regulations, including a requirement for banks and financial institutions to fill CEO and other senior management positions within three months. Stakeholders were given 15 days to provide feedback on these proposals, as of June 17, 2026 (2083 Asar 3 BS).
Nabil Bank’s upcoming 43rd annual report, covering the fiscal year 2083/84, is expected to provide updated information regarding CEO compensation. This report is typically published towards the end of 2027 (late 2084 BS).
While the total compensation for CEO Gyawali has been disclosed, the detailed breakdown of the “other various services and facilities” mentioned in the 42nd annual report remains unclear. Furthermore, the precise impact of Nepal Rastra Bank’s new guidelines on Gyawali’s current remuneration is yet to be fully clarified, given his appointment date predates the guidelines and the specific clause regarding ‘newly appointed’ CEOs.
