Finance Secretary Urges Broader Financial Access Beyond Bank Branches
Summary
Finance Secretary Dr. Ghanashyam Upadhyay has said that true financial access requires more than opening bank branches, calling for easier access to banking, insurance and stock market services. Lawmakers also urged immediate relocation of banks displaced during the armed conflict and better loan and financial literacy support.
Key Points
- Finance Secretary Dr. Ghanashyam Upadhyay told the Finance Committee that branch expansion alone does not guarantee real financial access.
- He said financial services should also cover insurance and shares, while excessive branches can raise costs for consumers.
- He noted that loan documentation is cumbersome and that the ministry is working to resolve microfinance issues within 45 days.
- Lawmakers said banks have reached all 753 local levels but have not delivered true financial access or adequate lending services.
