Finance Minister Wagle Urges Law Alignment to Fix Banking Conflict
Summary
Finance Minister Dr. Swarnim Wagle says rules disqualifying bank directors must be built into the Bank and Financial Institutions Act to prevent clashes with the Nepal Rastra Bank Act. The Finance Ministry is moving to amend Section 18 of BAFIA through the Some Nepal Laws Amendment Bill.
Key Points
- Finance Minister Dr. Swarnim Wagle wants disqualification rules for bank directors placed in BAFIA, not only in the Nepal Rastra Bank Act.
- The Finance Ministry plans to amend Section 18 of BAFIA through the Some Nepal Laws Amendment Bill.
- Lawmakers warned that minor regulatory reprimands could lead to unfair five-year bans on serving as directors.
- Officials say work is underway to align the two laws and remove the legal conflict.
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