Kathmandu. The task force formed by the Nepal Rastra Bank (NRB) has suggested repealing the Banking Offences and Punishment Act. The task force has suggested that the Act should be repealed as it has become a matter of terror even for honest bankers.

The task force has concluded that arrangements should be made to take action against banking offenses under the general legal provisions applicable in other countries. Stating that developed countries like India, China, the US, the UK and Singapore do not have separate acts for banking offences, the task force said that it would be appropriate for Nepal to adopt the same path.

The committee also suggested the government to form an investigation committee under the coordination of banking experts in coordination with Nepal Rastra Bank and Nepal Police for impartial investigation into complaints related to banking fraud until the act is repealed.