Kathmandu. Nepal Rastra Bank (NRB) governor Bishwanath Poudel has been making efforts to revive the economy after his appointment as governor on May 15, 2017. After becoming governor, he has reduced the risk burden in the stock market from 125 percent to 100 percent through monetary policy review.
Governor Poudel had gone on a field visit on June 27 to prepare the monetary policy for the upcoming fiscal year 2082/83 BS. He started his journey from Pokhara and reached Dhangadhi via Surkhet and returned to Kathmandu on June 15.
During his field visit, Governor Poudel listened to small and medium industrialists and borrowers. Similarly, they have come to Kathmandu with suggestions from rastra bank branches. Under the banner of the Department of Regulation, chief executive officers (CEOs) of A, B, C and D categories were called on Tuesday and held extensive discussions. The discussion started at 3 pm and ended at 6 pm.
The heads of banks and financial sectors were allowed to express their views in the discussion. On behalf of the Department of Regulation, Executive Director Guru Prasad Poudel presented a working paper on the current economic situation.
A banker who participated in the discussion said, “The Rastra Bank had called for discussion on the upcoming monetary policy, in the discussion that lasted for about three hours, the monetary policy and the problems faced by the banks and financial institutions were discussed.” ”
The discussion was also an introductory program between the CEOs and governors of all banks and financial institutions. During the discussion, the bankers expressed their views on the issues to be included in the monetary policy. Bankers discussed ways to reduce bank branches and increase the income of banks and financial institutions. After listening to everyone, Governor Poudel made a brief statement at the end.
Governor Poudel has said that there is no need to panic seeing the current economic situation. Naturally, there are difficulties. There is no need to do too many negative things. Everyone should work together to solve the problems in the economy. Governor Poudel has also expressed full commitment to improve the monetary sector.
He said that work should be done to uplift the middle class. Governor Poudel said that the upliftment of the middle class will be good in the future.
Governor Poudel has formed a task force to submit suggestions on the upcoming monetary policy. In the task force, Dr. A three-member taskforce has been formed with Rewat Bahadur Karki as coordinator, Bhuwan Kumar Dahal as member and Executive Director of Nepal Rastra Bank’s Banking and Financial Institution Regulation Department Guru Prasad Poudel as member secretary.
The task force has been given one month’s time. The taskforce has been asked to study the development of customer-friendly banking services, effective supervision based on risk, liberal but prudent in regulating banking policy.
It has been asked to study the role to be played by the banking sector in making economic activities fully operational and the steps to be taken to make credit flow effective in rural areas. It has been asked to study the merger and acquisition of banks and financial institutions and ways to identify and resolve the problems after that (merger and post merger) and the role to be played by the banking sector in removing Nepal from the ‘grey list’. It has also been asked to study the coordinating role of the central bank in capital market development.
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