Finance Minister Janardan Sharma has urged the entrepreneurs to give up the tendency of becoming more profitable even in times of crisis.
Speaking at the second annual general meeting of the Confederation of Banks and Financial Institutions Nepal (CBFIN), he said that there should be no more profit-making in times of crisis. Stating that some reduction can be made from 30 percent tax as demanded by banks and financial institutions, Minister Sharma said that banks should not be more profitable in times of crisis.
He said that the banking and financial sector has a significant contribution to the GDP of the country and stressed the need for the government, private sector, and others to help each other in times of crisis.
Stating that he has received reports of remittances coming from Korea, Japan, Israel, and other countries through informal channels, he urged the banks to open branches in those countries.
He expressed confidence that this would help in bringing in remittances through formal channels. The Finance Minister also said that the existing liquidity crunch would be resolved within a month.
