House endorses Banks and Financial Institutions Bill

KATHMANDU: The Parliament meeting on Tuesday endorsed the Banks and Financial Institutions Bill (BAFI Bill) with majority votes.

Earlier, Deputy Prime Minister and Minster for Finance Krishna Bahadur Mahara had tabled the bill in the Parliament seeking the approval.

Responding to the queries of lawmakers, Minister Mahara said that the bill was tabled in a bid to make the banking activities transparent and of international standards.

He added that with the endorsement of the bill, the national economy would be improved and the risk seen in the banking transactions would be controlled.

The bill has the provision of qualification and the tenure of the board members of the financial institutions.

Earlier, lawmakers Prem Suwal, Subodh Pokharel and Chudamani BK Jangali had sought clarification from Minister Mahara in this regard.

The next meeting of the Parliament has scheduled for 1:00 pm on Friday, January 13.