NRB urges BIFs to contribute for economic development

Published On: November 11, 2019 02:00 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Nov 11: The Nepal Rastra Bank has warned of taking stern action against the bank and financial institutions if they fail to make contribution to the country's economic development. 

Governor of the NRB Dr Chiranjivi Nepal on Monday said that government will take necessary actions if any bank and financial institution attempt to operate itself as private industry. 

“Financial institutions are required to mobilise their capital for the economic prosperity of the country because the money received from the public is not a private asset anymore,” argued Nepal.

On the occasion, he reminded them of the government's decision to provide the troubled bank and financial institutions an opportunity to revive so that the money received from the people would not be ruined.

Addressing the inaugural ceremony of Sambriddhi Finance Company in the capital, Governor Nepal urged the financial institutions to strictly follow the policies and directives of the central bank.

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