Finance Minister Bishnu Paudel has requested the parliamentary finance committee to finalize the amendment of the Bank and Financial Institution Act (BAFIA) bill swiftly, emphasizing thorough discussion but timely conclusion.
The Government of Nepal has urged the parliamentary committee to expedite the amendment process of the Bank and Financial Institution Act (BAFIA) bill. Finance Minister Bishnu Paudel made this appeal to the House of Representatives’ Finance Committee on Friday. He emphasized the need to reach a conclusion as soon as possible, clarifying that the aim is not to rush decisions without adequate discussion but to ensure timely resolution following thorough deliberations.
Although the BAFIA bill was registered in Parliament on Chaitra 5, 2080, it has been under review by the Finance Committee for over a year. While the committee expressed a desire to rewrite the bill, the Ministry of Finance has already rejected that proposal
Minister Paudel assured the committee that both the Ministry of Finance and Nepal Rastra Bank are ready to provide the necessary information related to the economy and banking sector. He emphasized the importance of collaboration between the committee and bill drafters to move the legislation forward. He further clarified that expediting the process does not mean foregoing essential discussions but rather avoiding unnecessary delays.
Addressing concerns about loan restrictions, Paudel suggested that provisions preventing individuals with ownership stakes from borrowing should not be included without further discussion and decision. Additionally, he stressed the need to digitalize the banking system to enhance efficiency.
This article was originally published on https://bajarkochirfar.com Translated with the help of AI and reviewed by our editorial team.
