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November 22: The government has approved the BAFIA bill related with banks and financial institutions. The bill presented during the previous government was returned from the parliament for review citing various errors. The meeting of Finance Committee of Legislature Parliament endorsed the bill after discussion on November 21. "The bill presented by previous government has been approved with few modifications," said Prakash Jwala, Chairman of the Committee.
The bill has limited the tenure of BFIs' CEO and Managing Director to 8 years for maximum of two terms. Earlier, the tenure was limited to 10 years comprising 2 terms each with 5 years.
The bill has also set qualification and term for directors of any BFIs. According to the amended bill, the director of any BFIs should have Masters' degree in any faculty or have bachelors' degree with minimum of three years work experience as director or higher official in any BFIs or government owned bodies.
Moreover, the bill also mentioned that any individual with at least 5 years of experience in domestic or international financial institution or in government service will also be eligible to work as a director of any BFIs. However, the bill has prohibited any individual having more than 50 per cent investment in any company dealing with a bank from becoming director of the bank.
Similarly, the amended bill has barred the individuals serving in constitutional posts to become board of director of any BFIs. After the implementation of the bill, the BFIs can convert their promoters share into general share after completing 10 years of operation by taking approval from NRB.
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<p style="text-align:justify">The bill has limited the tenure of BFIs' CEO and Managing Director to 8 years for maximum of two terms. Earlier, the tenure was limited to 10 years comprising 2 terms each with 5 years.</p>
<p style="text-align:justify">The bill has also set qualification and term for directors of any BFIs. According to the amended bill, the director of any BFIs should have Masters' degree in any faculty or have bachelors' degree with minimum of three years work experience as director or higher official in any BFIs or government owned bodies.</p>
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<p style="text-align:justify">The bill has also set qualification and term for directors of any BFIs. According to the amended bill, the director of any BFIs should have Masters' degree in any faculty or have bachelors' degree with minimum of three years work experience as director or higher official in any BFIs or government owned bodies.</p>
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