Nepal Rastra Bank Act needs to be amended to address new opportunities and challenges: Finance Secretary Upadhyay

The Finance Secretary, Dr. Ghanshyam Upadhyay, has stated that the amendment of the Nepal Rastra Bank Act is necessary to address the new opportunities and challenges that have arisen in the country’s financial sector.

Speaking at a meeting of the Finance Committee of the House of Representatives on Friday, Upadhyay said that the country’s overall economic reform is a high priority for the government, and that the good governance and reform of the financial sector are also a major priority.

He added that the Nepal Rastra Bank needs to be made a strong and effective regulatory body, and that the existing legal provisions need to be clarified and new provisions need to be added to address the new opportunities and challenges that have arisen in the financial sector.

The meeting discussed the bill to amend the Nepal Rastra Bank Act, 2058, and the Finance Secretary assured that the Ministry of Finance and the Nepal Rastra Bank would provide further clarification on the issues raised by the lawmakers in the future discussions.