No need to rewrite bill designed to amend Banks and Financial Institutions Act, 2073: Finance Ministry

Kathmandu, June 25: The Finance Ministry has sent a letter to the Finance Committee, saying there is no need to rewrite the bill designed to amend the Bank and Financial Institutions Act, 2073.     

During today's meeting of the Committee, Chairperson Santosh Chalise, said the Finance Ministry responded the Finance Committee citing there was no need to rewrite the bill. The Committee had asked the Ministry to send suggestions if rewriting was necessary in order to make the bill further refined as per the present scenario. The bill is now under consideration at the Committee.     

"We had sent the letter to Finance Ministry and Nepal Rastra Bank after the committee received the suggestion that the bill should be revised. But it received the response that rewriting is not necessary and it can be amended from the Committee as per the need," he added.     

Earlier, the Committee had discussed with experts of banking sector, former bankers and banks about the bill and the participants had suggested to amend the bill considering the geopolitical change and internal situation as it was registered in the parliament for long.     

Based on the suggestion, the Finance Committee had asked the Finance Ministry and Nepal Rastra Bank to inform if rewriting the bill is needed. The bill was registered in April 2023.     

The voice was raised in the Committee that the provisions of the bill should be made contextual as the situation of banks and financial institutions two years ago and present situation is now different.     

The bill would play important role to make legal arrangements for effective management and regulation of banks and financial institutions based on financial security and financial risk, nationally and internationally developed financial system (RSS)