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NRB, Asset Management Company to Neo Bank in final phase of legal reforms

लगानी न्यूज

. KATHMANDU: The government has come to the final stage of implementation of a dozen legal and policy reforms announced by the Nepal Rastra Bank (NRB) for banking and financial sector reforms.  According to the NRB, most of the programs including establishment of an asset management company, operation of neo bank, improvement in base rate calculation system, bank classification, branch expansion policy and credit score-based loan system are in the process of implementation.

According to the annual review report of the monetary policy for the fiscal year 2082/83, the draft of the necessary acts and regulations for the establishment of an asset management company is being prepared.TAG_OPEN_div_24 Likewise, a draft of amendment to the Regulations related to prompt corrective action has also been prepared. The NRB has also prepared a draft report of the study carried out to make the base rate calculation system of banks and financial institutions more realistic and effective.

According to the budget for the fiscal year TAG_OPEN_div_22 2082/83 of the government, necessary legal and procedural provisions have been put forward for the establishment of neo banks with the objective of expanding financial access. For this, necessary provisions have been proposed in the Bank and Financial Institutions Act, 2073 (2073) amendment bill and the legal and policy aspects related to the establishment and operation of the neo bank are being studied. Likewise, the government has submitted its opinion to the Ministry of Finance regarding including the digital banking provision in the Bank and Financial Institution Act, 2073 BS and Nepal Rastra Bank Act, 2058 BS.

The Nepal Rastra Bank (NRB) has issued a new circular on December 14, 2082 reviewing the branch expansion policy of banks and financial institutions along with the expansion of electronic payment system.TAG_OPEN_div_20 Likewise, a detailed study is underway to review the classification and scope of work of banks and financial institutions.

The Nepal Rastra Bank (TAG_OPEN_div_18 NRB) has amended the ‘Digital Lending Guideline, 2078’ to implement the provision that loans can be disbursed on the basis of customer’s credit score. The Nepal Rastra Bank (NRB) has issued a new circular on August 22, 2082 reviewing the provision of distributing more than 15 percent dividend (cash or bonus) to microfinance institutions.

Similarly, loans up to TAG_OPEN_div_16 Rs 300,000 provided to youths going for foreign employment with or without collateral can be counted as poor class loans. In the case of women, the limit of such loan has been set at Rs 5 lakh. The directive in this regard was issued on July 16, 2002.

According to the NRB, the process of reforming the system has also been initiated with the objective of ensuring that the loans issued by microfinance financial institutions reach the real target group and increase the utilization of the loan.TAG_OPEN_div_14

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