The Finance Committee has discussed the Bill related to Banks and Financial Institutions (BAFIA).
Former secretary Rameshwor Khanal has said that the country would not prosper only if the property was decentralized. Speaking as an expert member of the committee, Khanal said that he does not believe that only a limited number of people should have access to credit, only a limited number of people can use financial assets and laws should be made in the same way.
Now the amendment made in BAFIA has created a cycle in the economy and due to which the underlying momentum of the economy has been stopped. He said that this will make a effort to slow down. “The country will not prosper only through the concentration of wealth,” he said. I do not believe that only a limited number of people should have access to credit, only a limited number of people can use financial assets and the law should be made in the same way. Now the amendment made in BAFIA is going to slow down the cycle that has now arisen in the economy and due to which the underlying momentum of the economy has been stopped. ”
According to him, significant ownership is more than 5 percent in India. In some countries it is 2 percent. It is right for the government to reduce the amount from 2 to 1, expressing concern that there will be problems in banks and financial institutions due to the profits taken from 2 percent of the significant ownership, the loan will not be properly utilized, if the economic growth rate is not as per the growth rate of the loan. Khanal said that this arrangement will discourage the tendency of taking loans from many places as soon as there is more than one percent ownership from other banks.
Stating that businessmen and bank operators are automatically separated from other countries, Khanal said it would be better if bankers run banks and industrialists run industries. Khanal also clarified that the world’s billionaire Elan Max does not have his own bank.
In the committee meeting, Chairman of Confederation of Banks and Financial Institutions Nepal (CIBFIN) Upendra Poudel said that there should be no age limit to become directors of banks and financial institutions. He said that the ability and experience should be looked at rather than age.
He said, “There is an attempt to keep the age limit in Bafia, it is not right. There should be no age limit for the operator. The ability of the director should be looked into. It is not necessary to determine whether you have graduated. His qualification experience can be kept, at least 5-10 years of experience will be effective. ”
He said that arrangements should be made for re-appointment after the term of directors expires. He also urged the government to increase the number of directors. According to him, seven members of the board of directors have been appointed. There are up to 13 people in the US, so it should be increased, he said. Poudel said that the number of development banks and finance has come down and there are many people who want to become directors during the merger and the number of directors will make it easier for them to manage.
He said that if there are 13 in other countries, then there will be no problem in Nepal, adding that the committee should not hesitate to take necessary decisions in this regard.
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