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June 16: Former NRB Governor Bijay Nath Bhattarai stressed on removing provision of independent directors from boards of Banks and Financial Institutions (BFIs). According to him, independent directors do not make any innovative contributions to the BFIs besides earning allowances. Bhattarai made such remarks at a program on the BAFIA Bill held in the capital jointly organised by Nepal Financial Association and South Asia Watch on Trade Economics and Environment (SAWOTEE). He added “BAFIA should restrict businessmen of particular category from opening banks who want to turn banking into quick profit making business.”
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