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NRB and NIC Direct BFIs to Recruit Information Officers

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NRB and NIC Direct BFIs to Recruit Information Officers
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May 22: Nepal Rastra Bank (NRB) and National Information Commission (NIC) have directed banks and financial institutions (BFIs) to recruit information officers immediately. “We had already told you (BFIs) to recruit information officers in March 2014, give information in systematic way,” said Dr Chiranjibi Nepal, Governor of NRB. He readdressed the issue in a program organised in the capital on Friday to discuss implementation of information rights in banking sector.

“NRB has not set constraint on deposit collection by BFIs; therefore BFIs should also be attentive towards answerability,” stressed Dr Nepal. He pointed out “Due to failure of BFIs in flowing information, refinancing facility with 1 percent interest rate provided for people of far western regions have not yield any significant result. Similarly, loan with 6 percent interest rate provided with interest subsidies to farmers of all regions have not increased. You have given more information than other sectors. But it is your duty to flow information on such loans, not ours.”

Meanwhile, NIC blamed BIFs of not keeping written record of information issued and not informing customers when their accounts get blocked by Commission for the Investigation of Abuse of Authority (CIAA). NCI also blamed BIFs of not giving adequate information while issuing LC. The commission reminded BFIs of the provision on issuing notices in at least 20 headings in every three months. Although, the program was attended by NRB, the direct regulator of BFIs, regulators that control BFIs in secondary stage like Securities Board of Nepal and Nepal Stock Exchange were missing. Therefore, problems in information flow from listed financial institutions could not be addressed. Particularly, NEPSE has directed listed companies of issuing timely information regarding big purchases to dividend distribution. However, many institutions do not provide timely information so that to manipulate stock in the market till date. 

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