Bam Bahadur Mishra | Deputy Governor, Nepal Rastra Bank
After performing well in my I.Sc. Board exams in Science, I came to Kathmandu in 1993 to pursue a B.Sc. degree at Amrit Science College (ASCOL). To cover my expenses in the city, I started teaching at a boarding school in Kathmandu.
An accidental banker
My career took an unexpected turn after I finished my B.Sc. I had always intended to pursue an M.Sc. and a career in academia, but one morning in 1996, I saw a job advertisement from an unknown bank in a newspaper. It only listed a post box number and asked for applications to be sent by mail. I decided to send my resume, believing I might be a good fit.
Later, I received a call at my hostel inviting me for an exam. That’s when I learned the vacancy was from Nabil Bank (formerly Nepal Arab Bank Limited). I took the exam and was selected.
My selection put me in a tough spot on whether I should accept this full-time job. My goal was to be a professor, and since I had topped my B.Sc. at ASCOL, I really wanted to do my M.Sc. and build a career as an academician. It was hard to decide with a job offer on one hand and my lifelong dream on the other. I talked to my mentor, who asked me, “If you’re going to get a job after finishing your M.Sc., why not start now?” He advised me to take the job.
My banking career began in April, 1996, as a junior assistant, posted in the Biratnagar office. I was disappointed on day one; I was assigned to operate a telex machine, and it felt very boring. The working hours were long, and I started questioning my decision during that initial phase. At first, I knew nothing about basic management and banking terms, and I was learning a lot on the job. As I progressed in my learning, I was moved to the L/C (Letter of Credit) department after six months. This was a turning point. I really enjoyed working there.
At this point, my career aspirations had changed, and I decided to enrol in an MBA programme at Degree Campus, Biratnagar. I ended up topping the campus after two years of hard work. This surprised many of my colleagues, teachers and friends as I had come from a science background and had no prior education in management or commerce.
A bright student passionate in his job
Gradually, my job became my passion. My interest in international trade and economics grew. During this time, I took courses in Human Resource Management and International Marketing. I was a passionate reader and learner, even though power outages (loadshedding) made it difficult. I would light 10-15 large candles in my room, ensuring blackouts didn’t hamper my studies. Despite the unbearable heat in Biratnagar, I powered through and deeply immersed myself in learning.
I was asked to teach at Degree Campus, Biratnagar, having scored perfectly in Statistics, which was a pivotal point in my career. After I started teaching, I had the chance to assist in designing a course for Statistics and Research Methodology. This experience gave me exposure and an opportunity to connect with the academic community. Around the same time, NIC Bank opened their headquarters in Biratnagar. They were looking for talented individuals, and as the top MBA graduate at my college, they approached me with an offer to start as an Officer. The salary and benefits were double of what I was earning at the time. So, I joined in 1999.
At that time, there was a widespread fear of Y2K (potential computer errors related to the year 2000). Before the New Year, we worked late hours, printing all customer data. It was an anxious time, wondering what would happen when the year changed. On New Year’s Eve, we worked until midnight, but thankfully, the ‘millennium bug’ (Y2K) did not occur. It was a huge relief for us, and all the office staff went to the Dharan-Biratnagar fair to celebrate that night, relieved that the Y2K problem was avoided.
A few months later, I was transferred to Kathmandu and assigned to internal audit where I learned about prioritising compliance as the main principle for financial health. I was then promoted to Senior Officer and transferred to the treasury department. This gave me significant experience, as I had to manage foreign currency funds, place them in foreign banks, look for investment opportunities to maximise foreign currency, and engage in interbank lending and borrowing. I led a team of 4-5 people. Despite the heavy workload, I thoroughly enjoyed the job.
A banker turned regulator
In early 2002, while I was working at NIC Bank, Nepal Rastra Bank (NRB) announced job openings. My friends encouraged me to apply and take the exam. I was working full time and there was a lot of pressure at work so I hadn’t had the time to prepare properly. Surprisingly, the exam went well and I was selected. I started at NRB as an Officer (Assistant Director) in 2002. I was assigned to the Supervision Division. This department is now known as the Banking Supervision Department. At the time, Tilak Bahadur Rawal was the governor and Surendra Man Pradhan was the Executive Director.
The work culture at the central bank was completely different from a commercial bank. In 2006, I went to Japan to study Economic Policy at the National Graduate Institute for Policy Studies (GRIPS). After a year, I returned and was transferred to Birgunj. It was a multicultural experience; I learned to speak Bhojpuri and enjoyed the local food. Staying in the NRB quarters with my colleagues also made it a great experience.
After a year-and-a-half, I was transferred to the Banking Office of the NRB. I worked in the foreign exchange department, where we opened Letters of Credit (L/C) for government offices, including security agencies like the Nepal Army and Nepal Police. I spent a large part of my career in foreign exchange and regulation/supervision.
While working in the Banking Office, I was promoted to Deputy Director in April 2009. The Finance Company Supervision Department had just been set up, and I was assigned there. We enforced Prompt Corrective Action (PCA) and took steps, including declaring many finance companies problematic. Many finance companies were penalised for not following rules and misusing funds; the problematic ones went through a resolution process.
Later, I was transferred back to the Foreign Exchange Department. I personally compiled a book of circulars from the early days, which helped in developing policies. This effort was recognised by the leadership. I thoroughly enjoyed my job; I always felt encouraged and motivated.
The journey towards leadership
I was promoted to Director in 2014, becoming the manager of the Birgunj Office. This new role also put human resource management under my responsibility. Leaders often face challenges from employee unions, which require careful handling. In Birgunj, I introduced a target system, built strong relationships with employees, and provided recognition for their work to keep them motivated. I managed this leadership position skillfully. There was political unrest in the region during my tenure in Birgunj which created some challenges in human resource management. One of the key roles of the central bank is to manage the printing, supply and distribution of currency. With Birgunj being the only port of entry for currencies printed and minted abroad, the political climate made it extremely challenging to manage the entry of currency into the country. I was able to successfully negotiate with the protestors and resolve the issue amicably.
After a year, I was transferred to the Bank and Financial Institution Regulation Department. While there, the former Executive Director retired. Governor Chiranjibi Nepal then assigned me the responsibility of Acting Executive Director, putting me in full charge of the Department. After being promoted to executive director, I was transferred to the Payment System Department. I believe I played a role in two important and lasting decisions: establishing NCHL (Nepal Clearing House Limited) and the Realtime Gross Settlement system.
Meanwhile, the former Executive Director retired from the Foreign Exchange Management Department and I was transferred there. I worked in the foreign exchange department until I was promoted to Deputy Governor in March 2021. While at NRB, I embraced its work culture, always remaining dedicated, motivated and optimistic. Currently, as Deputy Governor, I oversee Financial Management, Banking Supervision, and the Payment System Department, among others. I have nine more months left in my service at Nepal Rastra Bank. After dedicating 30 years to the financial sector, having started my banking career at Nabil Bank in 1996 and now retiring as Deputy Governor from Nepal Rastra Bank in 2026, I plan to stay busy sharing my expertise, reading, writing and engaging in sports.
HRM policy of NRB
NRB has a generalist HR policy that requires mandatory transfers every five years; employees can’t serve more than five years in one department. In my opinion, this policy helps develop well-rounded employees rather than specialists. If employees were allowed to work longer in a department based on performance, NRB would have more experts.
Additionally, NRB needs employees with expertise in IT and management for late-hour work, and more economists for the Research Department. However, only a few economists apply for NRB jobs, and many employees come from management and other fields. As older employees retire due to the 30-year retirement policy, a new generation of fresh, smart and passionate graduates is joining NRB.
Leadership tips
Nepal Rastra Bank has a policy to appoint its first-class officers (Director level and above) as ex-officio Board of Directors in various institutions. I served on the Board of Grameen Laghubitta Bittiya Sanstha, where I helped resolve trade union issues. Besides that, I was the Vice Chairperson of the Management Association of Nepal for two terms. Currently, as Deputy Governor, I serve as a Board Director for the Social Security Fund (SSF).
For fresh graduates aspiring to be future leaders, my main advice is to embrace every situation, that’s been my life’s mantra. Also, don’t give up. Even if you fail once, twice, or thrice, keep trying until you succeed. Furthermore, stay observant and gather knowledge from everywhere. Move with the flow of what’s needed; for instance, the banking sector now needs employees with a blend of IT and management skills. Finally, always keep yourself updated with new knowledge and trends.
