Kathmandu. When he was appointed governor of The Rastra Bank on May 1, 2017, Dr. With the name of Bishwanath Poudel, there was a distinct enthusiasm in the market. Through the third quarter review of the monetary policy of the current fiscal year, he reduced the risk burden of share mortgage loan from 125 percent to 100 percent.
They then travelled from Pokhara to Surkhet, Dhangadhi and Nepalgunj via mid-hill highway from June 12 to June 15, saying that they would ‘understand the rural areas’ before bringing the monetary policy for the upcoming fiscal year.
Governor Poudel, who returned to Kathmandu, formed the ‘Banking Sector Reform Suggestion Task Force’ on May 15.
Former Chairman of Securities Board of Nepal. Executive Director of Rastra Bank Guru Prasad Poudel, who is also the member secretary of the task force, is headed by Rewat Bahadur Karki, former CEO of Sanima Bank and former president of Nepal Bankers Association Bhuwan Dahal.
The task force has been asked to give suggestions on six issues within a month, which are as follows:
1. Effective supervision of banking policy regulation based on liberal but prudential risks and development of customer-friendly banking services.
2. Regarding the role to be played by the banking sector in making economic activities fully operational.
3. Regarding steps to be taken to make credit flow effective in rural areas.
4. Regarding merger and acquisition of banks and financial institutions and suggestions for solutions to post-merger and post-merger problems.
5. Regarding the role to be played by the banking sector in removing Nepal from the grey list.
6. Regarding the coordinating role of the central bank in capital market development.
However, Governor Poudel had brought a proposal to form a task force directly to the board of directors. Some directors and deputies had requested to reconsider the proposal.
The task force formed by the Rastra Bank has given a very good message to the market. However, there is not only an atmosphere of suspicion and confusion within the Rastra Bank, but the legal validity of the task force is also being questioned.
The task force formed at a time when some directors and deputies have said ‘don’t do so’ has raised questions about career insecurity within the Rastra Bank and the legal validity of the task force.
“The Rastra Bank is the body with the best financial intelligence, the law itself calls the government’s economic advisor, what will happen if an organization with the fastest think tanks on the economy gives the responsibility of studying outsiders?
Some senior officials who have retired from the Rastra Bank also commented that the capacity of their own organization and its skilled manpower has been undermined by forming a suggestion task force with people from outside the Rastra Bank. “Throughout our career, we did not know that the Rastra Bank has formed a task force with outsiders in this way, now it has been formed, it increases the insecurity towards the career of the capable people inside, the Rastra Bank itself is the center of experts. The retired official told Singha Durbar.
He also cautioned that no section of the Rastra Bank Act would recognize the suggestions made at present to the task force and the task force itself might fall into legal trouble.
Another official also claimed that legal questions will be raised tomorrow about the expenditure incurred by this task force. “A task force has been formed that is not recognised by the law, how will the recommendations received be implemented, how are salaries or allowances given to the task force members, how is the secretariat arranged? These questions will continue to follow the central bank’s leadership. ” the official said.
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