Government Moves to Amend Bank Act to Allow Individuals with Warnings to Become Directors
Summary
The government is moving to amend the Banks and Financial Institutions Act so people who have only been warned or reprimanded can become directors of banks and financial institutions. Finance Minister Swarnim Wagle said the change is being handled through the Some Nepal Laws (Amendment) Bill and is intended to simplify the appointment process.
Key Points
- The government is amending the Banks and Financial Institutions Act to allow warned or reprimanded individuals to serve as directors.
- Finance Minister Swarnim Wagle said the change is being processed through the Some Nepal Laws (Amendment) Bill rather than a separate BAFIA bill.
- The Ministry of Finance has approved the proposal and sent it to the Ministry of Law.
- Wagle asked for at least 24 hours to further clarify and discuss the amendment with the committee.
