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Regular Training for Promoters and Employees of BFI Mandatory

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Regular Training for Promoters and Employees of BFI Mandatory
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January 11: Nepal Rastra Bank (NRB) has made it mandatory for ‘A’, ‘B’ and ‘C’ class BFIs to provide orientation to newly appointed promoters on different subject matters within a month of their appointment or selection. Issuing a directive on January 1, NRB stated that concerned BFIs need to include their structure, nature of business, corporate governance, business plans, duties and responsibilities of the directors, risk management strategies and directives issued by NRB on the orientation. The central bank issued the directive according to the Article 79 of NRB Act, 2002.

As per the directive, BFIs are also required to conduct refreshment trainings once a year. “BFIs should inform about the trainings to NRB,” reads the directive.

Similarly, the directive has made it mandatory for the BFIs to spend three percent of their total staff expenditure for the capacity enhancement of the employees. As per the directive, the training provider institutions, the capacity enhancement trainings should be selected on the basis of their popularity, reputation and credibility. In case if such trainings are not held due to any reasons, NRB has instructed the BFIs to spend the training budget adding the unspent money of the previous year to the next year’s training. The central bank has directed BFIs to prepare and submit work plan to it regarding the capacity enhancement trainings. 

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