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NRB to Introduce Online Application

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NRB to Introduce Online Application
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August 31: Nepal Rastra Bank (NRB) is planning to introduce online application for its services from this fiscal year. Banks and financial institutions (BFIs) can submit documents in digital form once the plans get implemented.

Deputy Governor of NRB Shiba Raj Shrestha informed this during a webinar meeting on ‘Exploring Nepal’s Economic Transformation – Seizing Investment’ organized in the capital by Frost & Sullivan on August 30.

Shrestha also highlighted the need of establishing robust financial infrastructure and policy changes to facilitate the inflow of foreign direct investment (FDI).

“We hope that recent reforms in FDI policies will be instrumental in promoting investment-friendly environment in Nepal,” he mentioned.

Similarly, Anuj Agrawal, vice-president of the Confederation of Nepalese Industries (CNI) commented that Nepal falls under one of the best countries for FDI. According to him, the domestic investment is also booming which is a very positive sign from economic perspective. “We need better marketing to highlight the feasibility and potential of our market,” he said.

The discussion also focused on One Belt One Road (OBOR) project, an initiative takeb China to connect 65 countries linking them through a network of transport infrastructure and industrial parks. Likewise, the webinar highlighted the importance of Bangladesh, Bhutan, India and Nepal (BBIN)’s Motor Vehicle Agreement (MVA) which will entail investment in integrated border check posts allowing member countries to seamlessly pass country borders through electronically tracked vehicles and permits issued online. This will provide larger market access to the industries.

Prerna Mohan, associate director of strategic planning and implantation, emerging market innovation at Frost & Sullivan; Dipendra Nath Sharma, secretary at the Ministry of Urban Development (MoUD) along with Shrestha and Agrawal expressed their views during the program.

     

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