Discussion held on bill related to banks and financial institutions

Kathmandu: Nepal Rastra Bank Governor Dr. Bishwanath Poudel has stated that the bill related to banks and financial institutions is crucial for safeguarding Nepal’s economic future and ensuring financial discipline.

Speaking at a meeting of the Finance Committee under the House of Representatives, where discussions were held with lawmakers who have proposed amendments to the bill, Governor Poudel said the proposed legislation would help protect individual property and promote institutional accountability in the financial sector.

He noted that the Rs. 700 trillion currently deposited in banks should be regarded as a national economic resource. According to him, anyone with sound business ideas and entrepreneurial skills should have access to this capital through loans.

Governor Poudel also clarified that the proposed provisions in the Banking and Financial Institutions Act (BAFIA) aim to align Nepal’s financial regulations with its international commitments and global banking standards.

The Finance Committee has been holding consultations with lawmakers, bankers, business leaders, and financial experts on the proposed amendments to BAFIA.

During the meeting, Committee Chairperson Santosh Chalise informed members that further discussions will be held with the Finance Minister and the Governor on issues such as Nepal’s monetary policy, the current restrictions on the amount of money individuals can bring from India into Nepal, and ongoing economic reforms.

Lawmakers Gyan Bahadur Shahi and Surya Bahadur Thapa Chhetri expressed concern that the current limits on money transfers from India are negatively impacting Nepal’s tourism, hospitality, and related sectors.