My Republica

Sagar Ghimire

Ghimire is associated with Republica, English National Daily, since November 2013. He reports and writes on banking, financial, cooperatives, labor, foreign employment and Mount Everest expedition issues.     
Twitter: @sagarghi

sagar.use@gmail.com

House passes BAFIA, with two four-year term limits for CEOs, chairmen

Published On: January 11, 2017 12:50 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 11: The parliament has endorsed the bill to amend and unify bank and financial institution act (BAFIA), imposing two term limit for the chief executive officer, chairman and managing director of a bank or financial institution. The bill endorsed by a full house of parliament on Tuesday will come into effect once it receives the presidential seal. Among other things, the newly-endorsed act has set a term of upto four years for the board directors and CEOs.

NRB shrugs off liquidity crunch in face of 'aggressive lending' by BFIs

Published On: January 10, 2017 08:05 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 10: As banks and financial institutions (BFIs) up their  'aggressive' lending, Nepal Rastra Bank (NRB) has taken a cautious strategy of tightening liquidity (loan-able funds) to curb any lending binge, particularly in unproductive sectors.

Rs 20b repo meant to ease liquidity crunch gets lukewarm response

Published On: January 7, 2017 09:07 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 7: Bank and financial institutions (BFIs), which have been seeking financing facility from the Nepal Rastra Bank (NRB) to ease 'liquidity crunch' problem, have showed reluctance to receive funds from the central bank under repo having two-week maturity.

Banks seek NRB financing facility as liquidity tightens

Published On: January 5, 2017 12:10 PM NPT By: Sagar Ghimire

KATHMANDU, Jan 5: Running out of funds to extend new loans due to liquidity crunch, banks are now turning up to Nepal Rastra Bank (NRB) for financing facility.

Nepal fails to welcome even a single foreign bank

Published On: January 3, 2017 11:20 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 3: Even though it has already been seven years since the government opened doors for foreign banks in the Nepali financial sector, not a single such bank has opened its branch office in Nepal.

Banking industry faces deadline rush to meet new paid-up capital requirements

Published On: January 2, 2017 09:00 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 2: As the mid-July deadline to increase paid-up capital is drawing closer, bank and financial institutions (BFIs) are intensifying efforts to meet the new requirements.

Nepse, Sebon dispute puts market automation plan in limbo

Published On: December 28, 2016 01:50 AM NPT By: Sagar Ghimire

KATHMANDU, Dec 28: The process to develop fully automated online trading system has faced a roadblock due to differences between Nepal Stock Exchange (Nepse) and Securities Board of Nepal (Sebon).

Chapagain, Ghimire top contenders for Beema Samiti chair

Published On: December 26, 2016 09:30 AM NPT By: Sagar Ghimire

KATMANDU, Dec 26: Minister for Finance Krishna Bahadur Mahara is considering either insurance expert Rabindra Ghimire or Nepal Rastra Bank (NRB) director Chiranjibi Chapagain as the candidates to chair the Beema Samiti, sources at the finance ministry say.

NRB optimistic about economic outlook after improvement in macroeconomic indicators

Published On: December 24, 2016 10:35 AM NPT By: Sagar Ghimire

KATHMANDU, Dec 24: Nepal Rastra Bank (NRB) has become optimistic about the economic outlook of the country, citing that the most of the macroeconomic and financial indicators for the country are heading toward an improvement in the current fiscal year.

Nagdhunga-Naubise tunnel road to be built by 2022

Published On: December 21, 2016 11:00 AM NPT By: Sagar Ghimire

KATMANDU, Dec 21: Travelers, who have been enduring severe traffic congestion while passing through the windy Nagdhunga-Naubise road, are likely to get respite from 2022.

Inflation slows to 4.8 percent

Published On: December 17, 2016 06:57 AM NPT By: Sagar Ghimire

KATHMANDU, Dec 16: Following a ‘spiralling rise in prices’ in the last fiscal year due to prolonged tarai unrest and unofficial economic blockade in the last fiscal year, the inflation has come down to 4.8 percent in the mid-November this year.

Interest on deposit trumps inflation

Published On: December 10, 2016 12:00 AM NPT By: Sagar Ghimire

KATHMANDU, Dec 10: People losing on value for the last three years in real terms have now something to cheer as banks and financial institutions (BFIs) are now wooing them with as high as 9 percent interest rates on various fixed deposit schemes.

Fate of discarded Indian notes in Nepal still uncertain

Published On: December 6, 2016 09:50 AM NPT By: Sagar Ghimire

KATHMANDU, Dec 6: Despite Nepal's repeated requests to India to provide exchange facilities for the demonetized Indian currency notes of 1,000 and 500 denominations that are being legally held in Nepal, there has been no official response from India.

Chairman, CEO not to get more than two four-year terms

Published On: November 22, 2016 09:15 AM NPT By: Sagar Ghimire

KATHMANDU, Nov 22: The Finance Committee of the parliament has approved a bill to amend the Bank and Financial Institution Act (BAFIA), reducing tenure of board directors and chief executive officers (CEOs) of bank and financial institutions (BFIs) to four years.

Nepal to build Fast Track itself

Published On: November 21, 2016 01:30 AM NPT By: Sagar Ghimire

KATHMANDU, Nov 21: The Ministry of Physical Infrastructure and Transport has decided to terminate all agreements and contracts that the government has signed with the Indian consortium led by Infrastructure Leasing and Financial Services (IL&FS) regarding the development of Kathmandu-Tarai Fast Track project.

Nepse in free fall as market observes excessive selling pressure

Published On: November 20, 2016 02:51 PM NPT By: Sagar Ghimire

UPDATE: The Nepse benchmark index plunged 58.46 points, or 3.53 percent, to close at 1,599.62 points. The market remained volatile thorough out the trading day as panicked investors, with no apparent reasons, scrambled to offload their shares.

Proposal tabled at Cabinet to scrap KTM-Terai Fast Track deal with Indian consortium

Published On: November 20, 2016 12:19 PM NPT By: Sagar Ghimire

KATHMANDU, Nov 20: The Ministry of Physical Infrastructure and Transport has forwarded a proposal to the Cabinet to scrap the agreement earlier reached with Indian consortium IL &FS and the Detailed Project Report (DPR) it prepared for the development of the Kathmandu-Terai Fast Track.

Uncertainty over fate of demonetized Indian notes fuels illegal exchange

Published On: November 19, 2016 12:30 AM NPT By: Sagar Ghimire

KATHMANDU, Nov 19: When India Prime Minister Narendra Modi withdrew the legal tender of Indian 500 and 1,000 rupee banknotes on November 8, it was meant to curb 'black money' and corruption, but the move itself has ironically created a new black market -- illegal exchange of those notes held in Nepal.

NRB may seek proof of earning for exchange

Published On: November 12, 2016 12:00 AM NPT By: Sagar Ghimire

KATHMANDU, Nov 12: Nepal Rastra Bank (NRB) officials have said that they may ask people having 1,000 and 500 Indian rupee bills to furnish proof of the exchange that they had if it decides to provide exchange facility for people holding Indian currency legally.

NRB making efforts to return demonetized Indian banknotes

Published On: November 10, 2016 12:25 AM NPT By: Sagar Ghimire

KATHMANDU, Nov 9: Nepal Rastra Bank (NRB) has said that it was in touch with the Reserve Bank of India (RBI) for management of 1,000 and 500 Indian rupee bills in circulation in Nepal.