Kathmandu. The Finance Committee has discussed the Bill related to Banks and Financial Institutions (BAFIA). Participating in the discussion on the BAFIA Bill held at the Finance Committee on Wednesday, former Governor of Nepal Rastra Bank Chiranjivi Nepal said that if the current BAFIA Bill is passed in the same way, then more money will be deposited in the bank. He said that the existing provisions would hinder investment in investment expansion.
He should be a qualified expert as a director of a bank finance institution. According to Nepal, the number of directors is kept at 11 to 12. According to him, industrialists and businessmen have not been able to take loans now after the Rastra Bank brought a policy on current capital loans.
Stating that the laws related to international practice banks and financial institutions are not exactly the same, he said that laws would be made based on the country’s situation, economic structure and development. He said that the economy should be made dynamic by strengthening the financial institutions by increasing credit.
According to Nepal, the way some provisions have been interpreted now is not correct. There is a danger that foreign investment can be discouraged as the system of prohibiting transactions in BAFIA has been kept very strict.
He said, “If the bafia related to the bank financial institution is passed in the same way, then the money in the bank is now flowing and there will be more. The regulatory body Rastra Bank is also happy, banks and financial institutions are also self-regulating bodies. No one takes money. Where is the problem, we don’t clearly understand what the bank is for. Why do we keep the bank? What is the purpose of keeping the bank? Why invest in banks? Laws should not be made without understanding it. ”
Stating that the scope of digital bank should be clearly arranged, he said that depositors and borrowers should be treated in the same way regarding loan recovery. He said that the property management company has been coming for 15-20 years but it has not been implemented and it is necessary to implement it.
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