Government to form separate body to monitor, regulate non-banking financial institutions
Summary
The Nepal government plans to establish a specialized regulatory body to monitor non-banking financial institutions like Employees Provident Fund, Citizen’s Investment Trust, and Social Security Fund to enhance economic development and ensure an inclusive fiscal system.
Key Points
- The government will form a specialized regulatory body for non-banking financial institutions including Employees Provident Fund, Citizen’s Investment Trust, and Social Security Fund.
- A five-year strategy approved by the Council of Ministers aims to create an institutional mechanism from fiscal year 2082/83 BS to 2086/87 BS.
- The strategy targets economic development through an efficient, robust, and inclusive fiscal system in Nepal.
- The scope of social security schemes will be expanded to include more employees, unorganized sector workers, and foreign migrant workers.
