New governor vows to crack down on fraud

- POST REPORT, Kathmandu
New governor vows to crack down on fraud

Mar 22, 2015-

Newly appointed Nepal Rastra Bank (NRB) Governor Chiranjibi Nepal on Sunday said the central bank would give priority to joining hands with the private sector, good governance and financial access to marginalised people.

Assuming office at NRB headquarters, Baluwatar, Nepal said the central bank under his leadership would not let off anyone involved in financial fraud. “Good governance in the financial sector is a must to enhance the private sector’s confidence,” said Nepal.

In recent years, many financial institutions have gotten into trouble due to bad governance practices by their top officials. A total of 14 financial institutions have been declared crisis-ridden so far.

Stating that an estimated 60 percent of the people, mainly from the marginalised group and rural areas, had no access to financial services, Nepal said he would focus on expanding access to them. He added that NRB would also give priority to bringing financial transactions into the formal channel.

NRB will also work to create better coordination with the government. “As the monetary policy helps to attain the goal of fiscal policies, NRB will strengthen cooperation with other government agencies.”

Usually, the central bank introduces the monetary policy after the government presents the budget so that its goals can be better achieved.

Speaking at Nepal’s inauguration ceremony, Deputy Governor Gopal Kafle said that he would fully cooperate with the new governor although they were contenders for the central bank’s top post. Kafle was one of the three nominees for the governor’s post.

Similarly, Deputy Governor Maha Prasad Adhikari, who was also one of the three contestants for the post, said the central bank team should work together to control financial fraud.

Trader union leaders asked the new governor to be cautious against the bad influences of vested interest groups. They also urged him to generously fulfil the long-standing demands of NRB employees.

Published: 23-03-2015 09:02

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