The Banking, Finance and Insurance Institute of Nepal (BFIN) and the “India-Nepal Centre” of the PHD Chamber of Commerce and Industry (PHDCCI) jointly organized the second edition of the “Nepal BFSI Summit 2023” in Kathmandu on Friday.
The one-day event aimed at sharing the best practices in banking innovations and exploring areas of cooperation and collaboration in the financial sector, contributing to the economic relationship between India and Nepal.
In the face of economic challenges in Nepal, including issues such as liquidity, Balance of Payment (BoP), falling demands, declining export and import, low formal sector employment, high migration rates, and a lack of proactive policy measures, the daylong summit provided a crucial policy platform. The “Nepal BFSI Summit 2023” served as an opportunity to strategize economic recovery and boost economic growth in the region, with a focus on the role of the Banking, Finance, and Insurance (BFSI) sector as a force multiplier.
Finance Minister Dr. Prakash Sharan Mahat served as the Chief Guest at the event. Other notable speakers included Indian Ambassador to Nepal Naveen Srivastava, Governor of Nepal Rastra Bank Maha Prasad Adhikari, Member of National Planning Commission (NPC) Dr. Ram Kumar Phuyal and former Ambassador of India to Nepal Manjeev Singh Puri, who is also theChair of India-Nepal Centre.
Managing Director of BFIN Dr. Binod Atreya, Executive Director of PHDCCI Dr. Ranjeet Mehta, Former Governor of Central Bank of Bangladesh Dr. Atiur Rahman and Board Member of Nepal Rastra Bank Dr. Ravindra Pandey were also among the distinguished speakers in the event.
Key takeaways from the summit included the identification of areas to boost economic growth in Nepal and the South Asian region through BFSI sector collaboration, exploration of new avenues for financial sector innovations, discussion on issues related to Green Banking, Energy Financing, Energy Trade, and HR Management and Transformation Challenges in the BFSI sector. The summit aimed to further enhance India-Nepal bilateral cooperation in the BFSI sector.
The program witnessed wide-ranging participation from decision-makers in the government and industry, financial sector regulators, diplomats, and think tanks. The joint initiative by BFIN and PHDCCI India-Nepal Centre, the “Nepal BFSI Summit 2023,” emerged as a significant intervention to explore collaborative opportunities, share success stories, address challenges, and foster regional growth through the BFSI sector in Nepal and South Asia.
