Laxmi Capital News
NRB Adopts Strict Supervision of BFIs

May 25:Nepal Rastra Bank (NRB) has decided to supervise the activities of all banksand financial institutions (BFI) strictly, to ensure whether the BFIs arefollowing its directives or not.

Thecentral bank issued the Nepal Rastra Bank Monitoring and Supervision Bylaws,2074 on Wednesday, May 23, to tighten the screw on the BFIs.

Accordingto the bank, it issued the bylaws to inspect, regulate, and take action againstBFIs stating that the BFIs have not been following the directives issued by thecentral bank time and again.

As perthe laws, the central bank will take action against those banks not followingthe directives of its inspection units. Action will be taken based on thereport of the inspection teams both offsite and onsite.

Similarly,based on the report of surveillance and inspection, BFIs will also be given achance for improvement.

Source:NewBusinessAge,25th May 2018

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