Kathmandu. The draft amendment to the Nepal Rastra Bank Act-2058 BS has provided a legal basis for the expansion of financial access. <\/p>\n
The provision to make it mandatory to expand services in rural and remote areas is expected to provide easy access to credit, savings, insurance and payment services. <\/p>\n
The statistics of mobile payment users now have more than 30 million, which shows the potential of digital financial services. <\/p>\n
This will accelerate financial inclusion, but there is a need to go hand in hand with digital literacy programs in rural areas. <\/p>\n
Based on the number of mobile phones sold in Nepal and the number of SIM cards, there are more than 40 million mobile users. But the level of financial literacy is still weak. <\/p>\n
The Act envisages a virtual banking service. It will provide services through digital medium without physical branches. \u00a0Rural consumers will be able to avail banking services through mobile, cash transactions will decrease. <\/p>\n
Due to the lack of digital literacy along with financial literacy, consumers in Nepal are more likely to be cheated under the guise of virtual banking services. Virtual banking can revolutionize financial inclusion if financial literacy and cybersecurity are strengthened. <\/p>\n
The amendment draft has brought clarity on the appointment, qualifications and experience of the governor, deputy governor and directors of the central bank.\u00a0Provisions include strengthening the internal audit system, transparency in risk management and making supervision more effective. <\/p>\n
This is expected to curb irregularities in the banking sector and boost consumer confidence. Increasing regulatory capacity will ensure stability and transparency in the financial system. <\/p>\n
The amendment includes provisions to reduce cash transactions in the financial sector and encourage digital payments. The environmental impact on printing and transportation of paper currency will be minimized.\u00a0Provision has been made to give priority to the flow of investment in the productive sector. <\/p>\n
The modernization of the financial reporting system in line with international accounting standards will enhance consumer credibility and attract foreign investors.\u00a0Cooperation with international financial institutions will be facilitated. This will help make Nepal Rastra Bank transparent, accountable and internationally competitive.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The draft amendment to the Nepal Rastra Bank Act-2058 BS has provided a legal basis for the expansion of financial access. The provision to make it mandatory to expand services in rural and remote areas is expected to provide easy access to credit, savings, insurance and payment services. The statistics of mobile payment users […]<\/p>\n","protected":false},"author":5,"featured_media":229318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45117,45031,45159],"tags":[],"class_list":["post-288184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-finance-en","category-banner-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/288184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=288184"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/288184\/revisions"}],"predecessor-version":[{"id":288185,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/288184\/revisions\/288185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/229318"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=288184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=288184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=288184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}