HoR endorses proposal to consider Bill related to BFIs

KATHMANDU: The House of Representatives (HoR) on Thursday approved the proposal for consideration on the Bill relating to Banks and Financial Institutions (First Amendment), 2080.

Finance Minister Barsha Man Pun presented the proposal, which was passed by a majority in the Lower House of the federal parliament.

Previously, MPs 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 participated in the deliberations on the proposal.

In response to the queries raised during the discussion, Finance Minister Pun stated that the bill was introduced to effectively manage and regulate banks and financial institutions (BFIs) based on national and international financial systems and instruments, financial security, and risks.

The bill is also necessary to institutionalise the implementation of the financial jurisdiction of the three levels of government, as stipulated in the Constitution and existing laws of Nepal.