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Nepal plans new banking sector strategy

Nepal Rastra Bank has started preparing a draft of financial sector development strategy to further promote financial inclusion, modernise payment and settlement system, improve debt recovery environment, adopt best practices for accounting and auditing, and strengthen regulatory and supervisory structure. The central bank is preparing the strategy based on a request made by the ministry of finance. Head of the financial sector management division at the ministry of finance Krishna Prasad Devkota said the document is expected to be ready within mid-July, based on which various reforms will be introduced in the banking sector. The strategy, which is expected to be in force for five years from the date of its launch, consists of seven pillars – financial sector development, financial access and inclusion, financial sector stability, financial infrastructure, governance, enabling environment and capacity development. The main objective of the strategy is to have a competitive, efficient, stable and inclusive financial sector that contributes to broad based economic growth and ensures parallel growth of the insurance sector, cooperatives, capital market and non-banking financial institutions.

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