Finance Minister Janardan Sharma has discussed with the bankers on the necessary policies, programs, and budget for the coming fiscal year 079-80. He has discussed with stakeholders of banks, financial institutions, and the insurance sector to get necessary suggestions.
Finance Minister Sharma informed bankers that he was thinking of creating a microfinance fund in the budget. “I am thinking of setting up a microfinance fund. But the government does not want to add burden on the public by paying high-interest rates, “he said.” I am thinking of bringing in funds so that the general public can get loans from microfinance at concessional interest rates. ” “There is a problem in keeping the money in the bank, there is a problem in withdrawing it,” said Minister Sharma. “So my study has shown that a lot of money is stuck at home.”
He said that stuck money in the system was a matter of concern and urged all banks and financial institutions to conduct their activities in a transparent manner.
Former Vice-Chairman of the Planning Commission Min Bahadur Shrestha, who participated in the discussion, said that foreign direct investment and foreign investment in shares should be attracted. He opined that the government has invested heavily in agricultural insurance but has not been able to return it. He also suggested improving the economy by controlling hyper-funds, cryptocurrencies, and interest rates. Former Governor Dipendra Bahadur Chhetri said that agricultural credit has been invested in the areas where industries and agricultural commodities are imported and should be made accessible to real farmers. He said that he had heard rumors of a banknote ban to solve the liquidity problem, adding that its management would be challenging.
During the discussion, Banker Anil Shah suggested that new arrangements should be made for the re-employment of workers going for foreign employment to increase remittances. “The government can keep a record of the number of workers going for foreign employment as they are already sure about the salary and benefits they will get,” he said. Remittances must be remitted from the banking system to a certain percentage of the earnings of such workers, ‘he said. He said that everyone should be worried about doing so.
Pawan Golyan, president of the Confederation of Banks and Financial Institutions Nepal, said that the provision of depositing or withdrawing up to Rs 1.5 million in the name of women without any condition would help in women’s empowerment. Similarly, other representatives of banks and the insurance sector present at the discussion suggested that bancassurance should be implemented, insurance funds should be set up, support centers should be set up to facilitate banking services in the provinces, development banks, and other institutions should focus on small investments and create an environment for commercial banks to invest only in big projects. Given
