Task Force to seek ways to reform the banking sector

Kathmandu: Nepal Rastra Bank has formed a task force to study and suggest ways for the overall reform and consolidation of the banking sector of the country.

The task force is led by Dr Rebat Bahadur Karki, with former banker Bhuwan Kumar Dahal as a member and the Executive Director of the Banking and Financial Institutions Regulation Department of Nepal Rastra Bank as the member-secretary.

With a term of one month, the task force has been given a mandate to make recommendations on liberal but prudent banking policy regulation, risk-based effective supervision and development of customer-friendly banking services.

Similarly, it has been asked to suggest the role that the banking sector should play in making economic activities fully viable, steps to be taken to make credit flow effectively in rural areas, mergers and acquisitions of banks and financial institutions.

It has also been requested to suggest the role that the banking sector should play in removing Nepal from the grey list and the coordinating role of the central bank in capital market development, according to NRB Governor’s Office.