Finance Minister Announces Policy Reforms in Financial Sector
Summary
Finance Minister Dr. Swarnim Wagle announced policy reforms in banking, insurance, securities, and cooperatives for fiscal year 2083/84, focusing on organization, technology, and production orientation.
Key Points
- Finance Minister Dr. Swarnim Wagle presented policy reforms for the financial sector in the 2083/84 fiscal budget.
- Amendments will be made to the Bank and Financial Institutions Act and the Banking Offenses and Punishment Act.
- New arrangements include mobilizing inactive funds, enhancing payment systems, and regulating payment aggregators.
- Insurance policies must include at least 20% reinsurance with Nepal Reinsurance Company, with foreign reinsurance for risk mitigation.
