Kathmandu: The Finance Ministry has communicated to the Finance Committee that rewriting the bill aimed at amending the Bank and Financial Institutions Act, 2073 is unnecessary. This decision was conveyed through a letter sent to the committee, indicating confidence in the current draft and suggesting that any necessary amendments could be made directly by the committee.
According to National News Agency Nepal, during a recent meeting of the Finance Committee, Chairperson Santosh Chalise disclosed that the Finance Ministry had responded to the committee’s request for suggestions on whether the bill needed rewriting. The committee had sought the ministry’s input to ensure the bill is refined to align with current circumstances. The bill remains under consideration by 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,” Chalise stated. This follows earlier consultations with experts from the banking sector, former bankers, and banks, who had proposed amendments to the bill in light of geopolitical and internal changes since its registration in parliament in April 2023.
The committee had raised concerns that the bill’s provisions needed to reflect the current context, given the changes in the banking and financial institution landscape over the past two years. The bill is intended to establish legal frameworks for the effective management and regulation of banks and financial institutions, focusing on financial security and risk management in line with both national and international financial systems.