Call to end banking monopoly

Kathmandu, 16 June – Economists of Nepal have said that the banks and financial institutions could advance in the changed context only when the government pay proper attention towards formulating laws in favour of banks.

The speakers said this at an interaction ‘ Proposed Bank and Financial Institutions Act and Our concerns’ organized by Nepal Financial Institution Employees Association on Wednesday.

Lawmaker Ramhari Khatiwada stressed the need to end the monopoly system prevailing in banking sector to save the country.

Former Governor of Nepal Rastra bank Dr Tilak Rawal pointed out the need of collective efforts of the government, banking sector and people for the development of banks and financial institutions of Nepal.

Also speaking at the interaction, former Executive Director of NRB Bhaskar Mani Gyawali said that the laws to be formulated for banks and financial institutions should be in favour of small investors in a way to end monopoly of handful big investors.

Chairperson of Rastriya Banijya Bank Dr Rabindra Prasad Pandey said the institutional governance would only benefit the banks and financial institutions.

Also speaking on the occasion, NRB Financial Institution Employees Association Chair Resham Raj Regmi, Mahendra Prasad Yadav of Nepal Trade Union Congress, Rajendra Prasad Acharya of UN Network International, among others said that there are no statistics data in the draft proposal for the amendment to the Bank and Financial Institution Act (BAFIA).