Kathmandu. The government has once again brought forward the policy of licensing digital banks and opening asset management companies. The government has once again brought forward the plan of licensing asset management companies and digital banks, prioritizing the interests of middlemen who have been changing secretaries, ministers and changing the ruling coalition for some time now.
The government’s policy and program presented by President Ram Chandra Poudel in the joint meeting of the Federal Parliament has included the issue of licensing asset management companies and digital banks with high priority. The issue of licensing in a manner that is favorable to the interests of middlemen has been brought forward in point 9 of the policy and program presented by the government for the fiscal year.
Point 9 of the government’s policy and program states – ‘The second financial sector development strategy will be implemented. An asset management company will be established to manage non-banking assets and bad loans of banks and financial institutions. Information technology infrastructure will be expanded to develop the digital economy and increase cashless financial transactions. A digital bank will be established by making policy and legal arrangements.’
Currently, the middlemen’s fight over the appointment of the governor of Nepal Rastra Bank is to kill the licenses of these two companies. Business houses want to get the licenses of asset management companies and digital banks by appointing their preferred characters as the governor of the Rastra Bank. After the middlemen openly proposed a ‘give and take’ in the appointment of the governor of the Nepal Rastra Bank, Nepali Congress President Sher Bahadur Deuba and CPN-UML President KP Oli Sharma are clashing with each other.
President Deuba has already given a clear warning to Oli that he will not be in power if he does not get the governor of the Nepal Rastra Bank.
The competition to obtain the license of the new stock exchange also brought business houses face to face in the appointment of the chairman of the Nepal Securities Board. Santosh Narayan Shrestha, who became the board chairman after riding the bully of interest groups, has now been able to move forward with the licensing process of the stock. Nor have they been able to do any work on market reform, including the regular work of the regulator.
Now, the asset management company and digital bank that the National Bank is distributing are also companies with a premium price like the new stock exchange. Similarly, the government has reintroduced the issue of ethanol adulteration in petroleum products to make it easier for middlemen. The government has continued the program by taking away 10 percent of the business of Nepal Oil Corporation.
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