Kathmandu. Kathmandu: Nepal Rastra Bank (NRB) has formulated various policies for financial inclusion and protection of customer interest through its monetary policy for the upcoming fiscal year.
Nepal Rastra Bank (NRB) Governor Bishwanath Poudel unveiled the monetary policy today. According to the monetary policy, banks, financial institutions and other financial service providers will be facilitated in obtaining customer identification (KYC) details through national identity cards. Rastra Bank has said that after the customer updates the details in any one of the banks, the development of the infrastructure that the necessary agencies can get through electronic means will also be facilitated.
Similarly, ‘Nepal Rastra Bank with Borrowers’ program will be launched with the objective of being in constant dialogue with the borrowers in rural areas. Nepal Rastra Bank (NRB) has decided to coordinate with the concerned agencies of the Government of Nepal to address the risks arising out of unwanted activities seen by banks and financial institutions while regularising their loans and recovering them as part of the existing legal process.
Similarly, in view of the significant number of inactive accounts in banks and financial institutions, an action plan will be prepared and implemented to reduce inactive accounts keeping in view the risk created by the high number of accounts remaining inactive and the tendency of other people to operate the accounts (money mule).
Rastra Bank’s policy is to issue ‘Financial Customer Protection Guidance’ and directives on financial market conduct to protect financial customers.
