The sub-committee meeting held on Wednesday decided to invite various stakeholders of the banking sector before taking any decisions over proposed amendment. [break]
It has decided to invite former governors of Nepal Rastra Bank (NRB), representatives from Institute of Chartered Accountants of Nepal (ICAN) and Bankers´ Forum for discussions.
The bills committee had decided to hold further discussions on the proposed amendments at the subcommittee after lawmakers continued to opine differently over contentious provisions. Mainly differences had surfaced over the proposal to restrict industrialist or businesspersons from holding more than five percent shares in any bank and financial institution.
Some of the lawmakers opined that the provision was too harsh and its enforcement would bring troubles in the financial industry. Likewise, the provision to limit total salary and benefits of CEO and senior officials at four-fold or less than that of the average salary of the employees too had drawn criticism from some lawmakers.
Addressing the meeting on the day, NRB Governor Dr Yubaraj Khatiwada requested the lawmakers not to debate on terminology and concentrate on the spirit and impact of the proposed Act.
Lawmaker Hari Rokka advocated in favor of the changes, saying that it would help increase public´s access to financial services and widen space for them to invest their savings on.
The sub-committee has been asked to submit its final recommendations to the main committee in 15 days.
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