Finance Committee Directs Government to Amend Penalties for Bank Officials
Summary
The House of Representatives’ Finance Committee has directed the government to amend penalty provisions affecting directors, officials and employees of banks and financial institutions. The committee says the current rules could unfairly make employees ineligible even for minor warnings or admonitions under Nepal’s banking laws.
Key Points
- The Finance Committee has told the government to amend penalty provisions in the Nepal Rastra Bank Act and Banks and Financial Institutions Act.
- The committee says the current warning or admonition penalty can unfairly affect the eligibility of bank directors, officials and employees.
- The Nepal Bankers' Association asked for the provision to be removed in writing.
- Chairman Dr. Krishnahari Budhathoki has asked the secretariat to prepare the committee report for the bill amendment.
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