तर्साउन बन्द गरौँ, चन्द्र ढकालको भन्दा धेरै सर्वसाधारणकै हो ग्लोबल आईएमई बैंक

केही सातादेखि ताप्लेजुङको पाथीभरा केबल कारको विपक्षमा आन्दोलन चलिरहेको छ।

केबल कारको पक्ष र विपक्ष अनि निजी क्षेत्रको लगानी, विकास र प्राकृतिक स्रोतको द्वन्द्वको बारेमा फेरि चर्चा गरौँला। तर यसपटक विरोधीहरूले पाथीभरा देवी दर्शन केबल कार प्रालिका अध्यक्ष चन्द्र ढकालको व्यक्तिगत विरोध गर्नेक्रममा ग्लोबल आइएमई बैंकलाई पनि जोडेको विषय भने झन् गम्भीर छ।

पढेलेखेका विद्वान् तथा अमेरिकी विश्वविद्यालयका प्राध्यापकलगायतले पनि चन्द्र ढकालको ग्लोबल आइएमई बैंक भन्दै सामाजिक सञ्जालमा दुष्प्रचार गरेको देखिन्छ। वास्तवमा नेपालका विद्वानहरूको तर्क बौद्धिकभन्दा राजनीतिक बढी हुने भएका कारण यस्ता विषयमा टिप्पणी नै नगर्दा पनि हुने हो। किनकि, यस्ता राजनीतिक विषयमा टिप्पणी गर्नु बेकारमा समय खेर फाल्नु हो।

तर, यस्ता मिथ्या प्रचारले सर्वसाधारणमा गलत बुझाइ बढ्ने र बैंक तथा वित्तीय संस्थाहरू धरासायी भएर बैंकिङ प्रणालीमा जोखिम पर्ने खतरा हुन्छ। पढेलेखेका तथा विदेशी विश्वविद्यालयमा प्राध्यापन गर्नेको बुझाइ त यति आलोकाँचो र उरन्ठेउलो छ भने यस्ता मिथ्या प्रचारले समाजमा गलत भाष्य कति सजिलै स्थापित हुँदो हो? सोहीकारण बैंक भनेको के हो र बैंक कसको भन्ने स्पष्ट हुन आवश्यक छ। 

वास्तवमा पछिल्ला वर्षहरूमा बैंक तथा वित्तीय संस्थाबारे बुझाइमा सामाजिक सञ्जालमार्फत प्रचार गरिने मिथ्या सूचना हाबी भएको देखिन्छ। हुन त यस्ता मिथ्याप्रचार रोक्नु तथा सही सूचना प्रवाह गर्नु नेपाल राष्ट्र बैंकको प्राथमिक कर्तव्य र दायित्व हो। तर यस्ता संवेदनशील विषयमा स्पष्ट पार्नु समाचार संस्था र समाचारकर्मीको पनि दायित्व हो। 

त्यसैले पहिला बुझौंँ, बैंक के हो? त्यसपछि एकछिनमा बैंक कसको भन्ने चर्चा गरौँला।

बैंक तथा वित्तीय संस्था भनेका वित्तीय मध्यस्तकर्ता हुन्। बैंक तथा वित्तीय संस्थाले विभिन्न व्यक्ति तथा संस्थाबाट निक्षेप संकलन गर्दछन्। र, निक्षेपकर्तालाई बचतमा प्रोत्साहन गर्न ब्याज दिन्छन्। 

त्यही निक्षेप बैंक तथा वित्तीय संस्थाले अन्य व्यक्ति तथा संस्थालाई लगानी गर्दछन्। अर्थात्, ऋण दिन्छन्। यसरी ऋण दिँदा ब्याज लिन्छन्। ऋण दिँदा लिएको ब्याज र निक्षेपकर्तालाई दिने ब्याजदरको अन्तर नै बैंक तथा वित्तीय संस्थाको मुख्य आम्दानी हो। र, ऋणमा लिने ब्याज र निक्षेपमा दिने ब्याजको अन्तर पनि नियामक निकाय राष्ट्र बैंकले नै तोकिदिएको हुन्छ।

हुन त अचेल बैंक तथा वित्तीय संस्थाको विकास तथा विस्तारका कारण उनीहरूको आम्दानीमा ब्याज मात्र होइन, अन्य विभिन्न आम्दानी पनि हुन्छन्। तर, आधारभूत रूपमा भने बैंक तथा वित्तीय संस्थाको काम निक्षेप संकलन गर्ने तथा त्यही निक्षेप लगानी गर्ने अर्थात् ऋण दिने अनि निक्षेप र ऋणको ब्याजदरको फरकको आम्दानी गर्ने नै हो।

राष्ट्र बैंकले संकलित निक्षेप कतिसम्म लगानी गर्ने र कति निक्षेपकर्ता फिर्ता लिन आएका बखत दिन बैंकसँग राख्ने भन्ने सीमा पनि तोकिदिएको छ। यसलाई ‘क्रेडिट टु डिपोजिट रेसियो’ (सीडी रेसियो) अर्थात् निक्षेप–कर्जा अनुपात भनिन्छ।

राष्ट्र बैंकले हाल सीडी रेसियो ९० प्रतिशत तोकिदिएको छ। तर, खुद तरलता निक्षेपको २० प्रतिशत हुनुपर्ने नियम भएकाले ८० प्रतिशत पनि भन्न सकिन्छ।अर्थात्, बैंक तथा वित्तीय संस्थामा १०० रूपैयाँ निक्षेप छ भने उसले ८० रूपैयाँसम्म ऋण दिन अर्थात् लगानी गर्न सक्छ र २० रूपैयाँ निक्षेपकर्ता माग्न आएका बखत फिर्ता दिन राखेको हुन्छ। यस्तो गर्नुको अर्थ सबै निक्षेपकर्ता एकैपटक आफनो बचत फिर्ता माग्न आउँदैनन् भन्ने अनुमान हो।

तर, सबै निक्षेपकर्ता एकैपटक आफ्नो बचत फिर्ता माग्न आए जस्तोसुकै ठूलो वा बलियो तथा विकसित अर्थतन्त्र भएको देशको बैंक तथा वित्तीय संस्था पनि समस्यामा पर्दछ। यस्तो अवस्थालाई ‘बैंक रन’ भन्ने गरिन्छ। र, बैंक रन भएको अवस्थामा राष्ट्र बैंक वा सरकार आफै बैंक तथा वित्तीय संस्थाको सुरक्षामा उभिनुपर्ने हुन्छ। 

नेपालका बैंकिङ क्षेत्रमा यस्तो स्थिति नआएको होइन। खराब अवस्थामा पुगेको तत्कालीन नेपाल बंगलादेश बैंकलाई बैंक रन हुन लागेका बेला राष्ट्र बैंकले हालका गभर्नर महाप्रसाद अधिकारीलाई खटाएर जोगाएको थियो।

तर दुःखको कुरा, तत्कालीन नेपाल बंगलादेश बैंकलाई बैंक रन हुनबाट जोगाएका अधिकारी नै गभर्नर भएका बेला नेपालमा फेरि एकपटक मिथ्या प्रचारले बैंक रन गराउनेसम्मको खतरा उत्पन्न भएको छ। 

किन त?
किनकि, पछिल्ला वर्षहरूमा बैंक तथा वित्तीय संस्थाहरूमा ऋणीहरू हाबी हुन थालेका छन्। हुन त नेपालका बैंक तथा वित्तीय संस्थामा ऋणीहरू हाबी भएको यो पहिलोपटक होइन। यसअघि पनि नेपालकै पहिलो बैंक नेपाल बैंक लिमिटेड तथा राष्ट्रिय वाणिज्य बैंकमा यसैगरी राजनीतिक शक्तिका आधारमा ऋणी हाबी भएकै कारण विश्व बैंकबाट ऋण लिएर ती बैंक मात्र सुधार गरिएको थिएन, राष्ट्र बैंकलाई समेत स्वायत्त र कानुनीरूपमा बलियो बनाइएको थियो।

विश्व बैंकबाट वित्तीय क्षेत्र सुधार कार्यक्रमअन्तर्गत नेपाल सरकारले ऋण लिएर तथा व्यवस्थापनमा नै विदेशी विशेषज्ञ निम्त्याएर सुधार गर्नुपर्ने स्थितिबाट आजसम्म आइपुग्दा नेपालका बैंक तथा वित्तीय संस्थाहरू बलियो, पारदर्शी तथा कडा नियमन तथा अनुगमनअन्तर्गत रहेका छन्।

तर, पछिल्ला केही वर्षदेखि नेपाल राष्ट्र बैंकलाई कमजोर बनाउने, बैंक तथा वित्तीय संस्थाहरूविरुद्ध मिथ्या प्रचार गर्नेजस्ता गतिविधि बढेका छन्। आफ्नो निजी स्वार्थको लागि समग्र बैंकिङ प्रणालीलाई जोखिमतर्फ धकेलिरहेका छन्। र, यस्ता गतिविधिमा संलग्नहरू धेरैजसो खराब ऋणी नै छन्। 

गैरकानुनी रूपमा मिथ्या प्रचार गरेर बैंकिङ प्रणालीमै जोखिम निम्त्याउने गरी कुनै बैंक विशेषको खाता बन्द गर्न, निक्षेप झिक्न, कर्जा लिएको भए नतिर्नसम्म उक्साउने गतिविधि अभियानकै रूपमा भइरहेका छन्।

यसो गर्दा बैंकका प्रमुख कार्यकारी अधिकृत (सीईओ) वा अध्यक्षलाई तारो बनाउने गरिएको छ। पाथीभरा देवी दर्शन केबल कार प्रालिको विरोध गर्ने क्रममा पनि व्यक्तिगतरूपमा यसका अध्यक्ष चन्द्र ढकालको बैंक भनेर ग्लोबल आईएमईलाई जोडिएको छ। भोलि पृथ्वीबहादुर पाँडेको बैंक नेपाल इन्भेस्टमेन्ट मेगा बैंक वा रोशन केसीको माछापुच्छ्रे बैंक वा पशुपति मुरारकाको कुमारी बैंक भनेर आक्रमण हुन सक्छ।

बैंक कसको? 
ग्लोबल आईएमई बैंक लिमिटेडको ०.५ प्रतिशत वा सोभन्दा धेरै सेयर स्वामित्व हुनेमा विभिन्न संस्था र व्यक्ति गरी २० सदस्य छन्।

बैंकको वार्षिक प्रतिवेदन २०८०/८१ अनुसार ग्लोबल आईएमई बैंकमा कर्मचारी सञ्चय कोषको सबैभन्दा धेरै सेयर स्वामित्व छ। कोषको १ करोड ७१ लाख ४१ हजार २५१ कित्ता अर्थात् ४.७४ प्रतिशत सेयर छ। 

त्यस्तै, आईएमई होल्डिङ्स प्रालिको २.७८ प्रतिशत अर्थात् १ करोड ३८ हजार २२७ कित्ता सेयर स्वामित्व छ भने आईएमई इन्भेस्टमेन्ट प्रालिको २.५१ प्रतिशत अर्थात् ९० लाख ५६ हजार ७५ कित्ता।

अर्थात्, आईएमई होल्डिङ्स र आईएमई इन्भेस्टमेन्ट सबै चन्द्र ढकालको एकलौटी मान्ने हो भने पनि ३६ अर्ब १२ करोड सेयर पुँजी भएको बैंकमा जम्मा ६ प्रतिशत हाराहारी मात्र उनको हो। बाँकी ९४ प्रतिशत विभिन्न संस्था तथा व्यक्तिको सेयर हो। जसमध्ये ४८.७६ प्रतिशत सर्वसाधारणको छ। त्यसैले ग्लोबल आईएमई बैंकलाई घाटा पुग्दा चन्द्र ढकाललाई भन्दा धेरै क्षति कर्मचारी सञ्चय कोषलगायत अरू धेरै संस्था तथा सर्वसाधारणलाई हुन्छ।

त्यति मात्र होइन, कुनै पनि बैंक तथा वित्तीय संस्था डुबेको खण्डमा त्यसको सम्पत्तिमा सबैभन्दा पहिलो हक निक्षेपकर्ताको हुन्छ र अन्तिम हक मात्र सेयर होल्डरको हुन्छ। ग्लोबल आईएमई बैंकसँग हाल ५ खर्ब ३० अर्ब रूपैयाँ निक्षेप छ भने ४ खर्ब १८ अर्ब रूपैयाँ कर्जा लगानी गरेको छ। ती सर्वसाधारण निक्षेपकर्ताको ५ खर्ब डुबाउन किन उक्साउँदैछन् अराजक तत्वहरू?

किनकि, मिथ्या सूचनाका कारण कथंकदाचित कुनै पनि बैंक तथा वित्तीय संस्था डुबेको अवस्थामा त्यसमा रहेका निक्षेपकर्ताको बचत डुब्ने हो। हालैका सहकारी घोटालाका प्रकरण होस् वा नेपाल विकास बैंक (२०६६) देखिका कुनै पनि वित्तीय संस्थाका प्रकरण होस्, अन्त्यमा मारमा पर्ने भनेका सर्वसाधारण बचतकर्ता नै हुन्।

विडम्बना, राष्ट्र बैंक पनि बचतकर्ताको सुरक्षाभन्दा पहुँचवाला ऋणीकै कुरा सुन्न बाध्य छ। त्यसो भन्दैमा राष्ट्र बैंकले बचतकर्ताको सुरक्षा नै नगरेको भने होइन। नेपाल विकास बैंकको काण्डपछि सरकारले निक्षेप सुरक्षण सुरु गरेको छ। सुरुमा २ लाखसम्मको निक्षेपको सुरक्षण गरेको सरकारले त्यसपछि बढाएर ५ लाखसम्मको निक्षेपको सुरक्षण गरेको छ। त्यसैले यदि कुनै पनि बैंक तथा वित्तीय संस्था डुबेको खण्डमा ५ लाखसम्मको बचत फिर्ता हुने ग्यारेन्टी छ। निक्षेपकर्ताको बचतको लागि बैंक तथा वित्तीय संस्थाहरू संरक्षक मात्र हुन् र उनीहरू आफ्नो भूमिकामा स्पष्ट छन्।  

त्यसैले आजको दिनमा बैंक तथा वित्तीय संस्थाका निक्षेप सुरक्षित छ। राष्ट्र बैंकको सुपरिवेक्षणमा बैंक तथा वित्तीय संस्थाहरूले निक्षेपकर्ताहरूको बचत सुरक्षित राखेका छन्। त्यसैले यदाकदा राष्ट्र बैंकमाथि पनि आक्रमण हुने गरेको पाइन्छ।

यसको अर्थ राष्ट्र बैंक वा बैंक तथा वित्तीय संस्थाका कमि कमजोरी छैनन् भन्न खोजेको होइन। तर, निक्षेपकर्ता डराइहाल्नुपर्ने स्थिति भने छैन।

बैंक किन तारोमा?
अर्थतन्त्र संकुचनमा गएपछि विशेषतः कोरोना महामारीपछिका वर्षहरूमा विभिन्न आन्दोलनको नाममा बैंक तथा वित्तीय संस्थाहरू तारोमा पर्ने गरेका छन्।

केही प्रभावशाली तथा पहुँचवाला ऋणीहरूको उक्साहटमा भीडले बैंक तथा वित्तीय संस्थाविरुद्ध विभिन्न आक्षेप लगाउने, मिथ्या प्रचार गर्ने तथा सामाजिक सञ्जालको माध्यमबाट बैंक तथा वित्तीय संस्थाविरुद्ध उक्साउने गर्ने गरेका छन्। कतिपय स्थानमा त कर्मचारीमाथि भौतिक आक्रमण पनि भएका छन्। यस्ता अराजक क्रियाकलापले बैंक तथा वित्तीय संस्थाहरूलाई पनि सहकारीको बाटोमा धकेल्न खोजेको हो कि भन्ने पनि देखिन्छ। 

गएका वर्षहरूमा एनआईसी एसिया बैंक, नेपाल इन्भेस्टमेन्ट मेगा बैंक, कुमारी बैंक, नबिल बैंकलगायतका बैंकका विभिन्न शाखाका कर्मचारीमाथि भौतिक आक्रमण पनि भएका छन्। 

सामाजिक सञ्जालमा ‘फलानो बैंक डुब्दै छ, बचत निकालौँ’ भन्ने जस्ता मिथ्या प्रचारमा पढेलेखेका तथा ठूलै ऋणीहरूले सर्वसाधारणलाई तर्साउने कार्य पनि बढिरहेको छ। पाथीभरा देवी दर्शन केबलकार प्रालिको विरोध गर्ने क्रममा ‘चन्द्र ढकालको बैंक डुब्दै छ’ भन्ने भाष्य पनि त्यसैको निरन्तरता मात्रै हो। 

तर, बैंक डुब्दा खास डुब्ने त अर्बौंका लगानीकर्ता तथा बैंकका बचतकर्ता हुन्। यसरी नेपालको बैंकिङ प्रणालीमाथि नै आक्रमण हुँदा राष्ट्र बैंक तथा सरकार नै सचेत हुनुपर्छ। यसका साथै नेपाल बैंकर्स एसोसिएसन तथा विकास बैंक, फाइनान्स कम्पनी अनि माइक्रोफाइनान्सहरू पनि सचेत हुनु आवश्यक छ। 

हुन त बैंक तथा वित्तीय संस्थाका सबै संघहरू अनि रेमिट्यान्स एसोसिएसनले पनि यसको विरोधमा वक्तव्य जारी गरिसकेका छन्। तर, यी संस्थाहरूले निक्षेपकर्ताको बचतको सुरक्षामा ध्यान दिई वित्तीय साक्षरतामा लगानी बढाउन आवश्यक छ। अन्यथा, वित्तीय अस्थिरता बढ्दै जाँदा प्रणालीगत जोखिम बढेर अर्थतन्त्र झन् चेपुवा पर्दछ र अर्थतन्त्र नै कोल्याप्स हुने खतरा बढ्छ।

(Published in nepalkhabar.com on February 11 -- https://nepalkhabar.com/opinion/226601-2025-2-11-9-43-54)

Nepal's banking industry leads the region in female representation but significant barriers remain in having more women in leadership roles: IFC Report

With 46 per cent female representation in its entry-level workforce, the banking industry in Nepal is ahead of other countries in South Asia in achieving gender parity. However, only 23 per cent of senior management roles are held by women, according to a new IFC report that examines gender diversity at six leading banks in Nepal.

The study—among the first of its kind in the region— identifies opportunities that can enable more women to advance to senior roles in the banking industry in South Asia.

This multi-country study, Women’s Advancement in Banking in Emerging South Asian Countries, focuses on commercial banks in Bangladesh, Nepal, and Sri Lanka, where women constitute 30 per cent of the banking sector’s workforce compared to the global average of 52 per cent, the report reads, underlining how several barriers—inequitable hiring, inadequate professional development, lack of fair evaluations, sociocultural constraints, and others—curtail women’s career growth prospects across the region.

“Diversity, equity, and inclusion are central to IFC’s work values," IFC country manager for Nepal, Bangladesh, and Bhutan Martin Holtmann said, adding that through nuanced, data-driven insights emerging from this new report, it is hoped to deepen the industry discourse around steps that need to be taken to improve the status of women in the banking workforce across South Asia.

In Nepal, women hold 42 per cent of all positions in surveyed commercial banks. Comparable figures for  Sri Lanka and Bangladesh are at 38 per cent and 18 per cent respectively. In senior management roles, women hold 23 per cent of executive positions in Nepali banks, compared to 20 per cent in Sri Lanka and 12 per cent in Bangladesh, the report adds.

Past studies have shown that commercial banks that have 15 per cent or more women in senior manager or higher roles, command up to 33 per cent higher return on equity than banks that do not. A growing body of evidence further links an increase in women’s representation in organizations to better performance on business metrics.

Accordingly, IFC's key findings and recommendations intended to help industry actors—executive managers in commercial banks, policymakers, industry bodies, and investors—direct their efforts to boost women’s representation in leadership in the banking industry.

The report recommends targeted efforts in four areas by banks and industry actors. These include establishing clear organisational commitments for gender diversity, the support system for women to reach leadership positions, policy changes to ensure workplace safety, and initiatives to support women's professional development and work-life balance.

“Nepal has a strong legal framework to promote women’s economic participation in the country. And these provisions are more comprehensive than other countries in South Asia,” said Holtmann. “While these progressive policies have allowed Nepal to be a leader in the region, more needs to be done to increase the number of women in leadership positions and to reach gender parity.”

IFC’s $56 million loan to Global IME Bank in February 2024 earmarked 25 per cent towards supporting women-owned small and medium enterprises (SMEs). Additionally, IFC investment in various banking and financial sector clients such as NMB Bank, Sanima Bank, and Siddhartha Bank  have been able to provide economic opportunities, and financial services to SMEs including those led by women.

Government, loan-sharking victims ink five-point deal, for the second time

The government and representatives of loan-sharking victims signed a five-point deal today evening - on April Fools Day - after the government pledged to form a high-level commission to investigate into the problems of predatory lending victims. As the government has no institutional memory, this is the second time, it reached the agreement with victims in six months. Hopefully this time the government will walk the talk, and the victims will not be fooled, again.

The next cabinet meeting will form a high-powered probe commission and then the agitating committee will call off its protest programmes, according to the agreement that further reads that the government will also expedite the process to amend the law to criminalise unscrupulous lending.

The government will also form a district-level coordination-facilitation committee under the coordination of chief district officers (CDOs) to address the complaints of loan-sharking, the another point of the agreement reads, adding that the committees will have police personnel, district government attorneys, heads of land revenue and survey offices, representatives of banks and financial institutions and representatives of loan-sharking victims as members. “The committees will assist and coordinate the works of the commission, collect complaints and grievances from victims, assist in gathering evidence and facilitate free legal aid and conduct awareness activities.”

Though Prime Minister Pushpa Kamal Dahal ‘Prachanda’ today morning pledged to set up a high-level probe commission to resolve the issues of loan shark victims, the victims are not convinced as most of the loan sharks are affiliated to the political parties.

Talking to victims at his official residence in Baluwatar today morning, the Prime Minister tried to assure the victims that the government is working on amendment of the law that provides a long-term solution to the predatory lending issues. “The government is committed to addressing the demands of victims of illegal money lending,” he added. “The government has also decided to amend the National Criminal Procedure (Code) Act to criminalise illegal money lending.”

The Prime Minister informed the victims that he had instructed the Home Ministry to address the issue. Home Minister Narayan Kaji Shrestha, who assumed his office yesterday, has also reiterated that the ministry is seriously concerned about resolving the problem.

Taking charge of the ministry yesterday, home minister Shrestha approved a file to form a high-level probe panel to solve the problems of usury victims. He has given the formation of a high-level inquiry commission the go-ahead to solve the problems of loan shark victims in accordance with the Commissions of Inquiry Act, 1969.

On Tuesday, the government has also formed a four-member talks-team led by the joint secretary at the Home Ministry Rudra Devi Sharma to initiate talks with the victims. Home Ministry undersecretary Dil Kumar Tamang, undersecretary at the Office of Prime Minister and Council of Ministers Uma Kanta Adhikari, and undersecretary at the Ministry of Law, Justice and Parliamentary Affairs Jang Bahadur Dangi are members of the talks-team.

Loan shark victims, who hail from various districts of Tarai Madhesh gathered in Mahottari of Bardibas and walked to Kathmandu to draw attention to their plight. They had arrived in the Capital on Sunday after walking for 11 days on foot. They had travelled to Kathmandu in September too. But the problem has not been solved, even after signing five-point agreement then, and they are forced to walk to Federal capital again to pressurise the government to get the justice.

The victims have been protesting with 9-point demands, including the formation of a high-level commission of inquiry, scrapping personal mortgaging contracts locally known as ‘Tamasuk’ system, making laws in favor of usury victims, suspending ongoing arrest warrants based on Tamsuk, investigating property of usurious moneylenders and returning the property captured illegally. Among other demands, the victims have requested the government to resolve their pending cases in court and provide them loans at lower interest rates, bring laws against unscrupulous lending, as they are still fearing that their land will be auctioned and they will be arrested before the government initiates any action.

The law
Section-3, sub-section-2 of the Commissions of Inquiry Act, 1969 provides that if it is necessary to form a commission to investigate a matter of public importance, the government of Nepal or the provincial governments can form a commission of inquiry consisting of one or more members. Similarly, according to Sub-section 2 of Section 3 of this Act, such commissions shall be chaired by a judge appointed by the Government of Nepal in the case where there is only a judge or other persons as well. The judicial council should be consulted while forming such a commission. This commission has the power to present a person before the commission and take a statement, to order a person to submit any document, to hear evidence and to extract any document or its copy from any government or public office or court as per the prevailing law.

Central bank removes cash margin in import

The central bank has removed the cash margin provision for imports, which the importers need to maintain against Letters of Credit (LCs), while importing goods.

As the foreign exchange (forex) reserve has been comfortable, the Nepal Rastra Bank (NRB) has removed the cash margin provision for imports, confirms a press note issued by the central bank today.

“All types of cash margin arrangements have been removed,” the circular reads, asking the banks and financial institutions (BFIs) concerned not to consider the cash margin. With the new rule, now businessmen do not have to keep any kind of cash margin for imports, which will encourage them for more imports.

The central bank had imposed cash margin of 50 per cent to 100 per cent on LC – for the import of around 300 goods, including automobiles – since last 1 year to tighten the imports after depleting forex reserve. Last month, the central bank has removed the provision of cash margin on the import of construction materials.

Earlier, traders were required to maintain a cash margin of only 5 per cent to 10 per cent of the value of goods, while importing goods but the central bank and the government tighten the imports raising the cash margin upto 50 per cent to 100 per cent to restrict imports that has sucked the forex reserve.

The private sector and International Monetary Fund (IMF) have been opposed to import restriction, as according to the data only import restriction has not pushed forex reserve up rather the government revenue – customs – dropped drastically. As result, the government lifted the seven-month-old ban on the import of ‘luxury goods’ last month to meet a condition of the IMF ahead of the formation of a new government.

The IMF has delayed the second installment of a $398.5 million loan approved for Nepal due to import restriction. The IMF – in In January 2022 – had approved the extended credit facility for Nepal. Of the total amount, Nepal received $ 110 million as the first installment. But IMF delayed the second installment, which is around $ 55 million.

According to the central bank records, the forex reserves reached Rs 1.292 trillion in the first five months of the current fiscal year. “The amount will be sufficient for Nepal to import goods and services for the next 8.7 months,” the central bank’s monthly macroeconomic report reads, adding that the remittance inflow has touched Rs 480 billion in the first five months of the current fiscal year. “Compared to the amount received in the same period of last fiscal year, this is an increase of 23 per cent. 

In US dollars terms, Nepal received $3.71 billion in five months, which is a 13.1 per cent growth from the dollar value of the amount received in the same period of the last fiscal year. The increase in remittance inflow has improved the forex reserve giving the central bank and the government confidence to ease imports.

After easing the import ban, the central bank should control the credit on imports using monetary tools as the dollar earning – that could help increase forex reserve – is limited to remittance due to poor exports and Covid-19-hit tourism industry.

Global IME Bank, BoK start joint operation as Global IME Bank

Global IME Bank and Bank of Kathmandu (BoK) today started the integrated operation as Global IME Bank.

Following the merger, the bank's capital fund totaled Rs57 billion, deposit reached Rs 410 billion and loans Rs 400 billion with assets of Rs 500 billion and a network of 1,100 branches, according to a press note issued by the bank.

With a total of 365 branch offices, 367 ATMs, 286 branchless banking services, 61 extended branch offices, and 3 contact offices located abroad, Global IME Bank has more than 4 million customers, the press note reads, adding that the board of directors of the merged bank will consist of five directors including chair Chandra Prasad Dhakal from erstwhile Global IME Bank and two directors from erstwhile Bank of Kathmandu. The chief executive officer (CEO) of Global IME Bank Ratnaraj Bajracharya will continue as the CEO of merged bank.

Inaugurating the programme, Prime Minister Pushpa Kamal Dahal ‘Prachanda’ reetariated the government main agenda as sustainable economic development and strengthening of the economy. “Understanding the need of the hour, we have decided to implement a balanced financial, industrial and monetary policy to make the economy dynamic and to objectively intensify cooperation and cooperation with the private sector to solve the problems seen in the economy,” he said, claiming that the country’s economy will accelerate, if the opportunities provided by the expansion and improvement of the banking sector can be properly utilised. Emphasising that the banking sector has a great role in making remittance transactions reliable and secure, the premier said that it is necessary for the banking sector to contribute not only to big projects but also in the areas of access to finance, financial literacy and self-employment by using the latest banking and financing products. “It would be easier to invest in big projects, if banks and other financial institutions merged and worked together but such mergers should boost financial efficiency and minimise unhealthy competition.”

On the occasion, chief secretary Shanker Das Bairagi said that the government is serious and will take effective steps in increasing their morale. “There have been positive indications in the country's economy lately,” he said, consoling the private sector not to fear. He also said that mergers will make it easier to raise resources for large projects and increase efficiency.

Likewise, central bank governor Maha Prasad Adhikari said that the merger process was pursued following increasing unhealthy competition and rising operating expenditures of financial institutions.

Urging the banks and financial institutions (BFIs) to focuse on self-regulation and invest in productive sector including small and medium enterprises (SMEs), he claimed that the merger policy will make the financial system more secure. “Due to increasing numbers of BFIs that led to the unhealthy competition, Nepal Rastra Bank (NRB) has adopted the merger and acquisition (M&A) strategy a decade ago.”

Though the NRB has brought merger bylaw in 2011 and revised it in 2012, the Monetary Policy of the fiscal year 2015-16 has encouraged mergers and acquisitions by increasing the paid-up capital of the BFIs. The Monetary Policy has increased the paid up capital of the commercial banks (Class A financial institutions) to Rs 8 billion, development banks (Class B financial institutions) to Rs 2.50 billion, and finance companies (Class C financial institutions) to Rs 800 million. 

Speaking on the occasion, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Shekhar Golchha asked the government and central bank to address three concerns to improve economy. “First, increase government spending; second make monetary policy restrictive but flexible too given the investment risks, and third, create an investment-friendly environment for private sector.”

“The economy will be strong only if the banks are strong,” he said, adding that the bigger banks after merger will also lead to bigger challenges. “To provide reasonable interest to the depositors and subsidised interest to the borrowers is also a huge challenge.”

Stating that BFIs are the backbone of the economy, Golchha said the profit of banks should also be seen, linking it with their investments.

Saying that reducing interest rates will boost the morale of industrialists and businessmen, Confederation of Nepalese Industries (CNI) president Vishnu Kumar Agrawal asked the government and central bank to decrease interest rate and ease liquidity. “Big banks should have bigger responsibility as well,” he said, urging the BFIs to lower the interest rate. “Encouraging to invest in productive sectors will not only contribute to national capital formation but also help government achieve revenue target.”

Informing about the merger, chair of the Global IME Bank Chandra Prasad Dhakal, on the occasion, said that the Global IME has merged and acquired a total of 21 BFIs to become the largest bank in the country. "This institution has been formed with the merger of five commercial banks and 10 development banks, apart from six financial institutions,” he informed, claiming the merged Global IME Bank as the first bank in terms of higest paid up capital. He also pointing out the risk involved as a big bank. “Being a big bank, there are risks and managerial challenges but we will be able to address them with our experience.”

Started his banking business from bringing remittances back home as a remitter, Dhakal said he will still gives high priority to remittance service. “We will give priority to bringing back money earned by the Nepalis in the Gulf and other countries.”

Private sector suspends protest programme following talks with government

The private sector that has been protesting against the increase in interest rates, suspended their protest after talks with newly appointed finance minister Bishnu Paudel today.

The private sector representatives from across the country held the discussion with finance minister, where central bank governor and secretaries at the Finance Ministry were also present.

"As we got positive response after the discussion, we have suspended our protest programmes," said one of the industrialists, after the talks.

During the discussion, the newly appointed finance minister Paudel asked for few days to address private sector's demands, though the industrialists, who were in discussion, claimed that they have suspended their protest with an agreement. "The government has vowed to address our demands," he claimed.

The private sector has been protesting against the government and Nepal Rastra Bank (NRB) for the past one month, asking to reduce interest rates and revise the 'Working Capital Loan Guidelines'.

Especially, the private sector representatives from Biratnagar, Birgunj, Bhairahawa and Nepalgunj have been asking for government intervention in reducing the interest rates as according to them the higher interest rates have been adversely impacting the investment. However, the government can neither reduce interest rates nor revise the 'Working Capital Loan Guidelines', as these both falls under the central bank, which is autonomous.

The central bank also cannot interfere much in the interest rate, as the market determines the interest rate, since last more than 4 decades. However, the private sector is forcing the government and central bank to fix interest rate in single digit, without presuming its adverse impact on themselves in future. "What will the private sector do, if government starts fixing price of each and every product," a banker asked, explaining that backtracking the open market operations will be a disaster for the private sector itself, legt alone the depositors' woes.

Since there is loanable fund crunch in the market, the banks and financial institutions (BFIs) are hiking the interest rates to attract the depositors. But hiking the interest rates has also not helped create new deposits, rather the deposits shifted from one institution to another only. The cheap fund during the Covid-19 has become expensive as the BFIs are drained out currently.

After the formation of a new government led by the Maoist Centre chair Pushpa Kamal Dahal 'Prachanda', the private sector met with both newly appointed Prime Minister Dahal and finance minister Poudel and sought government interference. In response, both of them committed to listen to the private sectors’ plea, though the situation is not in their hands. The government has not taken a full shape and most likely this government could not last long due to 'unnatural alliance' among the royalists ultra rightest and republican ultra leftist, apart from a couple of new political parties, which are yet to decide, where do they stand.

Central bank slashes interest rate gap to pull interest rate down

The central bank has – through the first quarter review of Monetary Policy – slashed the spread rate (difference between lending and borrowing rates) of commercial and development banks to pull the interest rates down.

According to the first quarter review of Monetary Policy for the current fiscal year, the commercial banks spread rate will come down to 4 per cent from the current 4.4 per cent, whereas the spread rate of the development banks has been brought down to 4.6 per cent from current 5 per cent. The central bank also said that it will monitor the premium regularly to not let the lending rate to go up.

Though, the central bank dismissed that it has reduced the spread – to pull down the interest rate due to pressure from the private sector, the private sector itself is, however, not satisfied. The private sector has protested against the central bank and banks and financial institutions (BFIs) alleging them of pushing the interest rates up making the cost of doing business dearer.

But executive director of the central bank’s Research Department Dr Prakash Shrestha said that the downward revision of spread has been according to the central bank policy to bring spread rate slowly down, which is expected to bring the interest rate on loans down.

Though, the private sector is not satisfied saying that the interest rate is still higher, the banks and financial institutions are going to lose a huge portion of their profits due to sqeeze in spread. Some 14 commercial banks will feel the heat of the spread rate reduction as some of the commercial banks already have less then 4 per cent spread rate. A banker, without wanting to be named, said that the commercial banks will lose some Rs 10 billion in the profits due to lower spread rate. According to the unaudited reports of first quarter, NIC Asia Bank has 4.39 per cent spread rate, whereas Citizens Bank International has 3.53 per cent spread rake, making an average of 4.01 per cent spread rate of the total 26 commercial banks. 

The private sector’s another concern working capital loan guidance will be addressed, based on the suggestions received. “It has been operational, and will be addressed as and when the suggestions we receive,” Shrestha added.

The central bank, unveiling the first quarter review of the Monetary Policy 2022- 23, also reads that the BFIs, which are unable to provide loans in the designated areas due to liquidity crunch can calculate the shortfall from mid-December 2023 on basis of mid- June 2023. “The fine imposed on BFIs will be reviewed based on the liquidity risk, if the specified loan-deposit ratio is not reached,” it reads, adding that investments made by BFIs in the bonds issued by public limited companies related to the agricultural sector in the secondary market will also be allowed to be counted within the specified limits so that the BFIs has to invest minimum loans in that sector. “The microfinance financial institutions will, however, have to publish the base rate on monthly basis from mid-January.”

The central bank has also given continuity to the major policy of the Monetary Policy as the pressures on price and external sector stability still remain. Likewise, the Monetary Policy has maintained the targets and projections.

Banks not decreasing interest rates

The commercial banks decided that they will not decrease interest rates for next one month due to the current ‘tight’ situation in the financial market and soaring inflation.

Nepal Bankers’ Association’s (NBA) meeting today decided not to raise the interest rates for the next month starting from November 17.

There has been a huge cry from the private sector as the banks hiked the interest rates to contain the but still the interest rate and the inflation doesnot match. The depositors are getting 7 per cent  on their deposits whereas the inflation is above 8.5 per cent. But the private sector is blaming the central bank for supporting the Banks and Financial Institutions (BFIs) ensuring them a huge profits by letting them increase the interest rates. The private sector has also come to street to protest against the interest rates hike, which they have postponed – for the time being – citing the elections to the House of Representatives and provincial assemblies scheduled for November20.

Since mid-September, the banks have increased their interest rates on fixed deposits by 10 percentage points to 12.13 per cent, while the interest rates on savings accounts is only 7.13 per cent per annum on an average. However, the lending rate has gone up to 18 per cent, blame the private sector that funnels the borrowing to imports. But when the bank rates were low also, the inflation was more than the bank deposit rates, hurting not only the savers but also the economy.

However, increasing interest rate failed to create new deposits. But the slowdown in the economy has pushed nonperforming loans (NPL) and the cases of bad debts are also increasing, which are serious concerns. 

Global IME Bank, Bank of Kathmandu sign final pact to merge

Global IME Bank and Bank of Kathmandu (BoK) today signed a final memorandum of understanding for a merger.

Global IME Bank chairman Chandra Prasad Dhakal and BoK chairman Prakash Shrestha signed the final memorandum of understanding (MoU) for the merger amidst a programme in Kathmandu today.

After signing ceremony, Dhakal said large banks are need of the hour to invest in big infrastructure projects. Likewise, Shrestha said that big and capable banks are needed for economic transformation.

After the merger, the bank will become the largest commercial bank in Nepal with a total capital of Rs 57 billion, according to a press note issued by the banks. “The merged bank’s paid-up capital will reach Rs 35.77 billion with a total deposits of Rs 400 billion and loans of Rs 379 billion.”

Earlier, the board of directors (BoD) of both the banks had approved the share swap ratio of 1:1, based on the evaluation report of movable and immovable assets, liabilities and transactions received from the appraiser for the purpose of merger between the two banks. 

According to the press note, the name of the merged bank will be Global IME BoK, and the bank will consist of seven board of directors – five five from Global IME Bank including its chairman Dhakal. There will be two board of directors on behalf of Bank of Kathmandu. “The incumbent chief executive officer (CEO) of Global IME Bank Ratnaraj Bajracharya will remain as the chief executive officer of the merged bank. 

After the merger, Global IME BoK will have 385 branch offices, 367 ATM counters, 275 branchless banking services, 61 extended branch offices and 3 foreign contact offices, the press note reads, adding that the merged entity will have more than 4 million customers.

Share transactions to be suspended only for 15 days

After the investors’ pressure, the regulatory authority of the capital market has decided to shorten the duration of suspension of share transactions of companies in the process of merger and acquisition (M&A) to only 15 days.

The Securities Board of Nepal (Sebon) today issued a directive clearly mentioning that the share transactions will be suspended for a maximum of 15 working days for the completion of the M&A process that include re-registration of securities, dematerialisation and listing of securities.

The directives has formed a unified policy for all companies listed in the secondary market with the new directives, though there was a policy for trading suspension only for banks and financial institutions (BFIs) earlier.

Enforcing the directive from today, Sebon has maintained that the share transaction will be suspended for a maximum of 15 working days after the unified entity starts joint business transaction.

Investors have been suffering as they had to wait for a longer period of time for buying and selling of shares – especially the BFIs shares – that are in M&A process. As the Sebon scrapped the provision to hold share transactions of the companies, which enter the process for M&A, the new rule will give some respite to the investors, who were unable to purchase and sell their stakes for a long time until the unification process completed.

The regulator has given 15 days also for re-registration, reconciliation, dematerialisation and listing of the shares for post unification.

Earlier, the central bank has authorised Sebon to decide on the suspension of share trading of BFIs opting for M&A. Amending the Regulation for Merger and Acquisition of Banks and Financial Institutions 2073 last month – according to the announcement in the Monetary Policy for the current fiscal year – the central bank has given the right to decide on the suspension of share trading to Sebon. 

The central bank has become flexible after increasing complaints that the suspension of share trading in the secondary market for a long time during M&A adversely affected the investors.

Three American economists grab Nobel prize

The US economist-trio including former Federal Reserve chair Ben Bernanke won this year's Nobel Economics Prize.

The three US economists – former Federal Reserve chair Ben Bernanke, Douglas Diamond and Philip Dybvig – were awarded the Nobel Prize in economics today for their work on banks and financial crises. According to the Royal Swedish Academy of Sciences, the trio won the award for their research on how regulating banks and propping up failing lenders with public cash can stave off an even deeper economic crisis, such as the Great Depression of the 1930s.

They are also lauded for laying the foundation of how world powers now tackle global crises like the recent pandemic or the Great Recession of 2008. 

“The actions taken by central banks and financial regulators around the world in confronting two recent major crises – the Great Recession and the economic downturn that was generated by the Covid-19 pandemic – were in large part motivated by the laureates’ research," the Swedish Academy said in announcing this year's prize winners. 

Governments around the world bailed out banks in 2008 and 2009, generating a torrent of criticism as ordinary consumers suffered with many losing their homes even as banks, a key culprit of the crisis, were saved. But society on the whole benefited, the laureates' research suggests.

"Even though these bailouts have problems, ... they could actually be good for society," Diamond, a University of Chicago professor, told a news conference with the Swedish Academy, arguing that preventing the collapse of investment bank Lehman Brothers would have made the crisis less severe. "It probably would have been better, if Lehman Brothers had not collapsed unexpectedly," Diamond said. “Had they found a way, I think the world would have had less of a severe crisis."

Bernanke, who led the US central bank during the 2008 global financial crisis, received the award for his research on the Great Depression. His work showed that bank runs were a decisive reason the crisis became so severe and entrenched. Ironically Bernanke was the chair of the US Federal Reserve at the time of Lehman's collapse in 2008, which became one of the main catalysts of the world's biggest financial turmoil since the 1930s. Bernanke, who was in charge of the Fed from 2006 to 2014, played a key role in managing fallout during that period.

Bernanke, now a fellow at the Brooking Institution, argued at the time that there was no legal way to save Lehman so the next best thing was to let it fail and use the government's financial resources to prevent wider systemic failures. Part of that response, including ultra low interest rates and massive central bank asset buys are being reversed now as inflation is at its highest level in around a half a century in many parts of the world.

Diamond and Dybvig’s research showed that banks help resolve tensions between borrowers and savers, whose goals can diverge. Borrowers want to know they won’t have to repay their debts too soon, while savers desire quick access to funds in case of an emergency. While this intermediary role is important, it also makes lenders vulnerable to runs if rumors about their financial position start to circulate, Diamond and Dybvig found.

Bernanke is now a distinguished senior fellow at the Brookings Institution, a high-profile think tank. Diamond is a professor at the University of Chicago, while Dybvig is at Washington University in St Louis. The three economists will receive an equal share of the 10 million Swedish crown ($885,370) prize money. 

The economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel. It was established by Sweden's central bank and first awarded in 1969, its full and formal name being the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The majority of previous laureates have been from the United States.

Sebon mulls over licensing a new stock exchange

The government is planning to give licence to a new stock exchange before the election.

The Securities Board of Nepal (Sebon) has approved the amendment to the Securities Market Operation Regulations 2007 last week and sent it to the Finance Ministry for ‘further processes’. The ministry will then present it to the cabinet for final approval. The government is in haste to give licence to a new stock exchange as the election is nearing, and many smell huge money behind it.

The amendment to the Securities Markets Regulations 2007 has increased the paid-up capital by 6 times to Rs 3 billion from the existing Rs 50 million, the board confirmed, adding that other institutional investors, except the banks and financial institutions (BFIs), can also invest in the new exchange. At present, only banks, financial institutions, securities traders and listed organisations can invest in shares of the stock exchange. “Any private and public limited company can invest in the new stock exchange company that will be a complete private entity,” the amendment reads.

Likewise, the investor can hold up to 15 per cent of the shares in the new stock exchange, unlike the current rule of 10 per cent, according to the amendment. Investors can hold up to 15 per cent stakes in banks and financial institutions, and also insurance company. “Thus, the board has followed the banking and insurance regulator,” justified the board. However, an individual investor cannot invest.

There are two schools of thought on necessity new stock exchange; for a small market like Nepal. One claims that there is no need of another stock exchange, and the other claims that private stock exchange can make the current Nepal Stock Exchange (Nepse) more competitive.

Some business groups are lobbying for a new stock exchange, whereas the government has long been planning, without success, to divest its stakes in Nepse and make it a complete private entity. And providing licence for a new stock exchange before election also raises eye brows. Today, addressing a programme in Kathmandu, CPN Maoist (Centre) chair Puspa Kamal Dahal ‘Prachanda’ said that his party needs money to win election, and the capitalists has money.

“That’s why the controversial Janardan Sharma has been reappointed as finance minister for the second time, giving a clearance from the parliamentary probe committee after the CCTV scam on the night of budget,” informed a source at the Finance Ministry. “The purpose of giving clearance to Sharma and reappointment as finance minister will be seen in the days to come,” the source added.

The board, however, cites an expanding volume of the stock trading recently, and stakeholders demand to give license to a new stock exchange.

Currently, there is only one stock exchange, Nepal Stock Exchange (Nepse), where securities like stocks and bonds are traded. The Nepal Stock Exchange (Nepse) – also the front line regulator of securities trading in the country – has 58.66 per cent stake of the government, 14.60 er cent stake of Nepal Rastra Bank (NRB), 10 per cent stake of Employees Provident Fund (EPF), and 6.14 per cent of Rastriya Banijya Bank (RBB).

घट्दै बिमा कम्पनी

बैंक तथा वित्तीय संस्थाको मर्जरको लहर पच्छयाउँदै बिमा कम्पनीहरु पनि मर्जरमा जान थालेका छन् । हिमालयन जनरल इन्स्योरेन्स कम्पनी र एभरेष्ट इन्स्योरेन्स कम्पनीबीच मर्जर भएर आइतबारबाट औपचारिक रुपमा एकीकृत कारोबार सुरु भएको छ । 

नेपाली बिमाको इतिहासमा पहिलोपटक दुई वटा बिमा कम्पनीहरु मर्जर भएर एकीकृत कारोबार सुरु गरेसँगै नेपाली बजारमा बिमा कम्पनीहरूको संख्या घट्ने भएको छ । हिमालयन जनरल इन्स्योरेन्स र एभरेष्ट इन्स्योरेन्स कम्पनीबीच मर्जर प्रक्रिया पूरा गरेर बिमा समितिले मर्जर स्वीकृति दिएसँगै आइतबारबाट एकीकृत कारोबार शुभारम्भ भएको हो । एकीकृत कारोबारको शुभारम्भ बिमा समितिका अध्यक्ष सूर्यप्रसाद सिलवालले औपचारिक रुपमा गर्दै बिमा कम्पनीहरुमा अस्वस्थ प्रतिष्पर्धा तथा अहिले कायम रहेको बिमा कम्पनीको पुँजीले बढ्दै गएको दायित्व वहन गर्न नसक्ने भएकाले बिमा कम्पनीको मर्जर जरुरी भएको बताए । उनले बिमा कम्पनीले पोलिसी बेच्ने तर पोलिसी अनुसार दायित्व वहन गर्न नसक्दा सिंगो बिमाको बजार बदनाम भएको तथा बिमा कम्पनीप्रतिको विश्वसनियतामा कमी भएकोले बिमा क्षेत्रमा धेरै सुधार गर्नुपर्ने आवश्यकता रहेको जिकिर गरे । नेपालमा कतिवटा बिमा कम्पनीहरु चाहिन्छ भनेर हालसम्म अध्ययन नै नभएको भन्दै उनले अब बिमा समितिले अध्ययन गर्ने बताए । 

अध्यक्ष सिलवालले सरकारले नै बिमा नबुझेको आरोप पनि लगाए । उनले सरकार र सरकारले गरेका अहिलेसम्मको लगानीको बिमा नभएको भन्दै चालू आर्थिक वर्षको बजेटमा बजेटको विषयमा धेरै कुराहरु समावेश भएर आएको र राष्ट्रिय बिमा नीति समेत मन्त्रालयमा ड्राफ्ट बनाएर दिएको बताए । 

कार्यक्रममा हिमालयन इन्स्योरेन्सका प्रमुख कार्यकारी अधिकृत विजयबहादुर साहले बिमा कम्पनीहरुले पुँजी वृद्धि गरेर मर्जरमा जाँदा बिमालाई सुधार र उचाइ बढाउने दाबी गरे । हिमालयन र एभरेष्ट दुवै कम्पनीको गत असार २ गते सम्पन्न विशेष साधारणसभाबाट मर्जरसम्बन्धी सम्पूर्ण प्रक्रिया पारित भएका थिए । बिमा समितिले यी दुवै कम्पनीको मर्जरलाई गत असार ८ गते अन्तिम स्वीकृति प्रदान गरेको थियो । दुई संस्थाको मर्जर हुने अन्तिम दिनसम्म कायम रहने सम्पूर्ण सम्पत्ति र दायित्वहरु नयाँ बन्ने संस्था हिमालयन एभरेष्ट इन्स्योरेन्सले स्वीकार्ने गरी गत असार २३ गते स्वीकृति प्राप्त भएको थियो । दुवै बिमा कम्पनीबीच गत वैशाख २२ गते मर्जरमा जाने प्रारम्भिक सम्झौतामा हस्ताक्षर भएको थियो । मर्जरपछि कम्पनीको चुक्ता पुँजी २ अर्ब ४२ करोड ८१ लाख रुपैयाँ पुगेको छ । 

बिमा समितिबाट क समयमा भटाभर छुट लगायत विभिन्न सेवा सुविधा पाउने आशले कम्पनीहरुले अन्तिम मर्जरको लागि सम्झौता गरेका छन् । जसका कारण पुनर्बिमा कम्पनी बाहेक ३९ वटा बिमा कम्पनीहरुमध्ये १९ वटा कम्पनी मर्जरमा जाने भएका छन् । असार महिनामा निर्जीवन बिमाका १० वटा र जीवन बिमाका ९ वटा कम्पनीले मर्जरमा जान प्रारम्भिक समझदारीपत्रमा हस्ताक्षर गरिसकेका छन् । 

मर्जरमा जाने तयारी गरेका निर्जीवन बिमा कम्पनीमा एभरेष्ट, प्रिमियर, सगरमाथा, लुम्बिनी जनरल, सिद्धार्थ, जनरल र सानिमा जनरल इन्स्योरेन्स तथा प्रभु र अजोड इन्स्योरेन्समध्ये सिद्धार्थ इन्स्योरेन्स र प्रिमियर इन्स्योरेन्सबीच मर्जरमा जाने सहमति भइसकेको छ । मर्जपछि सिद्धार्थ प्रिमियर इन्स्योरेन्सको नामबाट एकीकृत कारोबार गर्ने गरी दुई कम्पनीबीच सहमति भएको छ । सानिमा जनरल र जनरल इन्स्योरेन्सबीच सानिमा जनरल इन्स्योरेन्सको नाम रहने गरी मर्जर सम्झौता भएको छ । सगरमाथा इन्स्योरेन्स र लुम्बिनी जनरल इन्स्योरेन्स पनि १०० बराबर ८० को स्वाप रेसियोमा मर्जरमा जाने भएका छन् । त्यस्तै, प्रभु र अजोड इन्स्योरेन्सले मर्जरमा जानको लागि सम्झौता गरेका छन् । 

यस्तै, जीवन बिमातर्फ ९ वटा कम्पनीले मर्जरमा जानको प्रारम्भिक समझदारी गरिसकेका छन् । जसमा प्रभु र महालक्ष्मी लाइफ, सूर्या र ज्योति लाइफ, रिलायन्स र सानिमा लाइफसहित प्राइम, गुराँस र यूनियन लाइफले एक आपसमा मर्जरमा जानको लागि पहिलो चरणमा सम्झौता गरेका हुन् । 

कम्पनीहरु मर्जरमा जानुको कारण समितिले चुक्ता पुँजीमा गरेको वृद्धि नै हो । बिमा समितिले निर्जीवन बिमा कम्पनीको न्यूनतम पुँजी साढे २ अर्ब रुपैयाँ र जीवन बिमा कम्पनीको न्यूनतम चुक्ता पुँजी ५ अर्ब पु¥याउने व्यवस्था गरेको छ । जसको लागि पहिलो प्राथमिकतामा मर्जर नै थियो । यद्यपि पुँजी पु¥याउनकै लागि गरिएको मर्जरपछि बन्ने अधिकांश कम्पनीहरुको चुक्ता पुँजी भने पुगेको छैन । बिमा समितिले तोकिएको पुँजी पु¥याउनको लागि कम्पनीहरुलाई आगामी चैतसम्मको समय दिएको छ । उक्त समयभित्रमा मर्जरमा गएका कम्पनीहरुले हकप्रद तथा बोनस सेयरमार्फत न्यूनतम पुँजी पु¥याउन सक्ने छन् । 

तर, बिमा कम्पनीको मर्जर सम्झौताले उनीहरुको सेयर कारोबार बन्द भएको छ । जसका कारण सेयर लगानीकर्ताको १ खर्ब २४ अर्ब २४ करोड ९१ लाख बन्धक भएको छ । बिमा कम्पनी मर्जरमा गएसँगै लगानीकर्ताको सम्पत्ति बन्धक बनाइनु उचित नहुने नेपाल उद्योग वाणिज्य महासंघको पुँजीबजार फोरमका सभापति अम्बिका प्रसाद पौडेल बताउँछन् । तर, नेपाल धितोपत्र बोर्ड (सेबोन)का अध्यक्ष रमेशकुमार हमाल भने मर्जरमा जाने कम्पनीहरुको दोस्रो बजार कारोबार निश्चित अवधिका लागि रोक्का हुनुपर्ने बताउँछन् ।

आइतबार हिमालयन जनरल र एभरेष्ट इन्स्योरेन्सबीचको मर्जरपछि बनेको हिमालयन एभरेष्ट इन्स्योरेन्सको एकीकृत कारोबार शुभारम्भ समारोहलाई सम्बोधन गर्दै अध्यक्ष हमालले मर्जर प्रयोजनका लागि हुने कारोबार रोक्का गरिने सेयरधनीको हितमै हुने दाबी गरे । कारोबार लामो समय नराकियोस् भनेर धितोपत्र बोर्ड र हालै गठित टास्क फोर्सले काम गरिरहेको उल्लेख गर्दै हमालले यस विषयमा चाँडै केही सहज व्यवस्था आउने पनि बताए । 

CorporatePay transaction crosses Rs 100 billion

 CorporatePay system has been able to process landmark transactions of more than Rs 100 Billion during the current fiscal year.

The system has been in operations as a business payments platform, since a year again, for the institutional customers of the member bank and financial institutions (BFIs) with specific focus on small and mid-size enterprises and institutions, claims the company. “The acceptance of the CorporatePay system has considerably increased, as it is now available from more than 48 BFIs with almost 3,600 institutional customers of the BFIs have been using the system for their business payments,” it adds.

जोखिम लगानीकर्ताको, फाइदा सरकारलाई

 बैक तथा वित्तीय संस्थाको आर्थिक वर्ष २०७७-०७८को अपरिष्कृत वित्तीय विवरणअनुसार गत आवमा बैकहरुले ९०.८८ अर्ब रुपैयाँ सञ्चालन नाफा कमाएका छन् । जसमा सरकारलाई तिर्ने विभिन्न प्रत्यक्ष करलगायत काटेर ६३.३७ अर्ब खुद मुनाफा छ । तर, उक्त नाफाबाट लाभांशको रूपमा लगानीकर्तालाई करिब ४८.५८ अर्ब वितरित भयो । त्यसमध्ये पनि करिब ४१.२५ अर्ब बोनस सेयर रहेको छ भने नगद लाभांश भनिएको ७.३३ अर्बबाट लाभांश कर कटाउँदा लगानीकर्ताले करिब ४.९ अर्बमात्र पाए ।

यसरी तथ्यांक हेर्दा बैंक तथा वित्तीय संस्थामा जोखिम मोलेर लगानी गर्ने प्रबद्र्धक तथा साधारण सेयरधनीले भन्दा सरकारले बढी प्रतिफल पाउने गरेको पाइन्छ ।

तर, बजारमा भने बैंक तथा वित्तीय संस्थाले धेरै नाफा कमाए । महामारीमा पनि बैंकहरुले कसरी नाफा कमाए भन्ने इष्र्यामिश्रित आश्चर्यका प्रश्नहरु सबै बैंक तथा वित्तीय संस्थाहरुमाथि उठिरहन्छ । जसका कारण नाफा कमाउनु नै अपराध हो कि भनेझैं मान्यता स्थापित गर्न खोजिएको देखिएको एक बैंकरले कारोबारलाई बताए । ‘नाफा नगरे कसरी सरकारलाई कर बुझाउने अनि जोखिम मोलेर लगानी गर्ने ? लगानीकर्तालाई के दिने ?’ उनी प्रश्न गर्दछन् ।

तर, के बैंक तथा वित्तीय संस्थामा प्रबद्र्धकदेखि साधारण सेयरधनी लगानीकर्ताले बैंक तथा वित्तीय संस्थामा जोखिम मोलेर लगानी गरेबापत अचाक्ली नै प्रतिफल पाएका छन् त ?

मानौं, कुनै बैंकले १०० रुपैयाँ कुल नाफा कमायो, उसले पहिला त्यो नाफाबाट १० रुपैयाँ कर्मचारीलाई बोनस छुट्याउँछ । त्यसपछि बाँकी ९० रुपैयाँमा सरकारलाई ३० प्रतिशत कर बुझाउँछ, जसमा २७ रुपैयाँ हाराहारी जान्छ । त्यसपछि १०० रुपैयाँ कुल नाफामा ६३ रुपैयाँ चानचुन बाँकी रहन्छ । त्यो ६३ रुपैयाँबाट एक प्रतिशत सामाजिक उत्तरदायित्वका लागि छुट्याएपछि बाँकी ६२.२७ नाफा सिद्धान्ततः लगानीकर्ताको हो । तर, व्यवहारमा भने नेपाल राष्ट्र बैंकले तोेकेका अन्य नियामकीय तथा प्रुडेन्सियल बैंकिङको लागी चाहिने विविध रकम फेरि त्यो करिब ६३ रुपैयाँबाट छुट्याउनुपर्छ । त्यसपछि मात्रै लगानीकर्ताले जोखिम मोलेर गरेको आफ्नो लगानीकोे प्रतिफल पाउँछन् । सरकारले पाउने अझ लाभांश कर तथा ब्याजकरलगायतको अप्रत्यक्ष करको हिसाब गर्दा जोखिम जति लगानीकर्तालाई तथा फाइदा जति सरकारलाई हुने व्यवसायलाई नेपालमा बैंकिङ भनिन्छ ।

किनकि, बाँड्न मिल्ने प्रतिफलबाट पनि बैंक तथा वित्तीय संस्थाको जोखिम कम गर्न एवं अन्य नियामकीय व्यवस्थाअन्तर्गत नाफाबाट केही रकम अझै छुट्याउनुपर्छ । जुन रकम बैंक तथा वित्तीय संस्थालाई बलियो तथा जोखिमरहित बनाउन हो । तर, पछिल्लो दुई वर्षमा राष्ट्र बैंकले नगद लाभांशलाई दुरुत्साहन गरेपछि बोनस सेयरको नाममा नाफा पुँजीकृत हुँदै गएको छ । एकातिर नाफामा नै संकुचन आउनु अर्कोतिर राष्ट्र बैंकले व्यवस्था गरेअनुरुप बोनस सेयर थपेर पुँजीकृत गर्दै जानुपर्ने बाध्यताले पनि बैंक तथा वित्तीय संस्थालाई आफ्नो व्यवसाय विस्तार गर्न दबाब बढेको छ ।

पछिल्लो वर्ष बैंक तथा वित्तीय संस्थाले आक्रामक कर्जा विस्तार गर्नुमा बोनस सेयर पुँजीकृत गर्नुपर्ने बाध्यता तथा अन्य क्षेत्र सुस्ताएका कारण बैंक तथा वित्तीय संस्थासँग लगानीयोग्य तरलता बढी भएर हो । नेपाल बैंकर्स संघका निवर्तमान अध्यक्ष भुवन दाहालका अनुसार गत आवमा कर्जा विस्तार हुनुमा बजारमा अत्यधिक लगानीयोग्य तरलता रहेको हो । तर, लगानी बढे पनि हरेक वर्ष बैंक तथा वित्तीय संस्थाका लगानीकर्ताले पाउने प्रतिफल भने घट्दै गइरहेको उनको भनाइ छ ।

Central bank bars BFIs from auctioning collateral for up to six months

 The central bank has directed the bank and financial institutions (BFIs) not to auction the collateral of borrowers, if the loan amount remains overdue for six months only.

Revising the unified directives today, Nepal Rastra Bank (NRB) has revised the provision to give respite to the borrowers, who have been adversely affected by the Covid-19 pandemic. Currently, most of the BFIs have been taking into auction the debtors’ property even, when the payment is delayed by just a month.

The central bank has also intervened in the financial market earlier this year, after many BFIs hav been found threatening the borrowers to make public their profiles in daily newspapers or blacklist them as loan defaulters due to delayed payment. According to the new provision, the BFIs can initiate auction, only if the loans fall in ‘doubtful’ category.

The central bank, through revised unified directives, has also revised the list of businesses highly affected by the pandemic. The list of highly affected business by the pandemic now includes private and residential schools, higher secondary schools, colleges and universities, vocational training institutes, preschool and child care. Similarly, land transport, beauty parlors, cosmetic surgery and related businesses, consultancies and health centers, and fitness centers are also categorised as highly affected businesses due to pandemic. Earlier, those businesses were listed under the medium-affected group.

NRB injects additional Rs 20 billion in the financial market

As the financial system is drained out of cash, the central bank today injected an additional Rs 20 billion in the system to ease a growing loanable fund crunch.

The central bank issued a repo worth Rs 20 billion amount through the bidding process for the next two weeks. Last week too, the central bank had injected Rs 30 billion through the monetary instrument.

The banking system is currently under pressure to manage loanable fund. The banks attribute the crunch of loanable fund crunch to the central bank's new rule of credit-deposit (CD) ratio implemented through monetary policy. Through the monetary policy, Nepal Rastra Bank (NRB) has implemented the CD ration with a ceiling from 90 per cent from earlier limit of 85 per cent, but scraped the provision of credit to core-capital plus deposit (CCD) ratio, which had given a room to the financial institutions to lend.

Bankers, however, are of the view that the change in policy has tightened the liquidity from the financial system, through the central bank disagree.

According to bankers, banks now have only Rs 25 billion in loanable funds. The banks have also started increasing interest rates to attract the deposit. The loanable fund crunch has also increased interbank transactions pushing the interbank rate to over 5 per cent from below one per cent in the past few months.

Banks push equity market to a new high

 Fuelled by the banking index, the Nepal Stock Exchange (Nepse) index posted another record high of 2,440.87 points to close the day’s trading. The second trading day of the week, the Nepse index gained 16.04 points to close the trading at 2,440.87 points, according to the Nepse.

The day witnessed almost Rs. 9 billion worth of securities trading where almost all the sectors ended in green zone. Trading sector led the market with the sub-index rallying by 3.14 per cent, whereas others’ and banking sub-indices also saw shot up by 1.63 per cent and 1.39 per cent. Likewise, non-life insurance and mutual fund sub-indices gained but microfinance and hotels sectors lost as they dropped by 1.21 per cent and 1.18 per cent, respectively.

Some 19,285,504 shares traded hands via 72,773 transactions with the trading of 208 scrips being traded today. While the float index gained 1.11 points and closed at 166.49.38, the Sensitive index lost 0.24 points to close the market at 451.82 points.

As always, shares of Nepal Life Insurance continued to lead the list of active stocks. Over Rs 603 million worth of the life insurance shares changed hands, followed by Nabil Bank, NCC Bank and NIC Asia Bank with turnovers of Rs 331 million, Rs 313 million and Rs 297 million. 

Likewise, Citizen Investment Trust (CIT) shot up by 10 per cent for a second straight day, followed by Gurans Laghubitta, Prabhu Life Insurance, Mountain Energy Nepal, National Hydropower Company and Himal Power Partner also rallied more than 9 per cent each. Gurkhas Finance, Rastriya Beema Company, NRN Infrastructure and Development and Nepal Bank are also some of the key gainers.

The Nepse index that has been breaking records and creating new highs almost every day since last couple of months, opened at 2,447.01 but ultimately closed at 2,440.87 points.

Central bank blamed for micromanaging BFIs

 Bank promoters complained the central bank for micromanaging the banks and financial institutions (BFIs).

In a meeting with finance minister Bishnu Prasad Paudel today, the office bearers of Confederation of Banks and Financial Institutions Nepal (CBFIN) complained against the central bank for micromanaging the BFIs. They also blamed the central bank for its undesired intervention in fixing banking service charge and inter-bank service fee.

The umbrella organisation of the chairpersons and directors of BFIs in the country also demanded the government to facilitate Non-Resident Nepalis (NRNs) to bring in funds through banking channels, to provide easy access to small and medium enterprises (SMEs) to get subsidised loans and to allow banks to conduct brokerage business. They also demanded the finance minister to facilitate in reducing corporate tax for banks from 30 per cent to 25 per cent and providing flexibility in spread rate for the financial institutions looking for merger and acquisition.

It’s not the first time, the Finance Ministry has been provoked to step in the central bank’s shoe. Earlier, the then finance minister Dr Yuba Raj Khatiwada was blamed for stepping into the shoes of the central bank. Khatiwada was also blamed for acting as central bank governor rather than finance minister. He tried to fix the interest rate during the interest rate war some three years ago, overtaking the jurisdiction of the central bank. But this time around the banks’ promoters are seeking Finance Ministry intervention in the functioning of autonomous central bank.

Banks to remain closed for five days during Dashain

 The commercial banks have decided to close their branches for five days during the Dashain vacation, according to the Nepal Bankers Association (NBA).

All the branches of all 27 commercial banks will remain closed from October 23 to October 27, the NBA decided, adding that they decided to remain closed owing to the Covid-19 pandemic. Earlier, some branches of the commercial banks used to remain open even during the festival vacation. But this year the banks have decided to close the branches – due to coronavirus spread – and promote digital services. “The customers are advised to opt for online banking in the times of a pandemic,” the NBA said.