HoR endorses proposal to consider Bill related to BFIs

The meeting today of the House of Representatives has passed the proposal seeking consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080.

The proposal presented by Finance Minister Barshman Pun was passed by a majority of the house.

Earlier, MPs Dr Chanda Karki Bhandari, Laxmi Tiwari, Ashok Kumar Chaudhary, Prem Suwal, Narayani Sharma, Durga Rai, Sarita Bhusal, Sobita Gautam, Nisha Dangi, Ramkrishna Yadav, Rajendra Kumar KC and Nagina Yadav took part in the deliberations on the proposal.

Responding to the queries raised in the discussion, Finance Minister Pun said that the bill had to be introduced to effectively manage and regulate banks and financial institutions based on nationally and international financial systems and instruments, financial security and risks.

The bill is also required to institutionalize the implementation of the financial jurisdiction of the three levels of government as provided in the Constitution and prevailing laws of Nepal.