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June 27: Parliamentarians have reiterated the proposal of nationalisation of private banks on amendment of Nepal Rastra Bank Act 2058 as in amendment of BAFIA bill. “We are again proposing the mechanism in order to stop opening of private banks. Our objective is to prevent NRB from taking decisions in favour of riches,” says Dilli Prasad Kafle, MP from Nepal Workers and Peasants Party (NWPP).
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<p style="text-align: justify;">“Expenses and operation of NRB should be liberal. Though the government should monitor them,” says Goma Kunwar, MP from UCPN-Maoist informing proposal registration on the matter. Similarly, on the 41 (c) of prime NRB amendment bill, it has been proposed that the government approval should be made mandatory to allocate net income of NRB. Similarly, certain amount from the income should be enrolled in the government fund. “The residual amount from net income of NRB after mandatory deposits and allocations as per the government approval should be enrolled with Nepal government,” says amendment bill. NRB has interpreted the proposed mechanism of the bill as lost of autonomy. </p>
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<p style="text-align: justify;">“Expenses and operation of NRB should be liberal. Though the government should monitor them,” says Goma Kunwar, MP from UCPN-Maoist informing proposal registration on the matter. Similarly, on the 41 (c) of prime NRB amendment bill, it has been proposed that the government approval should be made mandatory to allocate net income of NRB. Similarly, certain amount from the income should be enrolled in the government fund. “The residual amount from net income of NRB after mandatory deposits and allocations as per the government approval should be enrolled with Nepal government,” says amendment bill. NRB has interpreted the proposed mechanism of the bill as lost of autonomy. </p>
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<p style="text-align: justify;">“Expenses and operation of NRB should be liberal. Though the government should monitor them,” says Goma Kunwar, MP from UCPN-Maoist informing proposal registration on the matter. Similarly, on the 41 (c) of prime NRB amendment bill, it has been proposed that the government approval should be made mandatory to allocate net income of NRB. Similarly, certain amount from the income should be enrolled in the government fund. “The residual amount from net income of NRB after mandatory deposits and allocations as per the government approval should be enrolled with Nepal government,” says amendment bill. NRB has interpreted the proposed mechanism of the bill as lost of autonomy. </p>
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<p style="text-align: justify;">According to a source of NRB, it would be difficult to implement the mechanism instantly as NRB will have to take time-to-time approval from the government while issuing monetary tools to manage liquidity. However, stakeholders mention that problems will not be raised as NRB has been given authority of open market transaction in the prime bill. In the prime bill, authorities to issue other tools have been added to operate the open market.</p>
<p style="text-align: justify;">Similarly, MP Kunwar has proposed to add one more deputy governor in the NRB. However, she informed that proposal on separate committee to formulate monetary policy and implementation has not been made. A total of 18 proposals have been submitted to amend NRB bill by MPs including Kunwar, Kafle and Prem Suwal.</p>
<p style="text-align: justify;">Adding a mechanism in the point 106 of the prime bill, proposal has been made to restrict former governors to work in any banks and financial institutions (BFIs) after retirement. Similarly, it has been proposed that deputy governors and executive director of NRB should be barred from joining any BFIs till 7 and 5 years respectively after the end of their tenure. </p>
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