Himalayan News Service

Kathmandu, January 14:

Nepal Development Bank Association (NDBA) has been formed with the objective of bringing coordination between development banks scattered across the nation. Speaking at a press meet organised in the capital today on the occasion, Bhim Prasad Neupane, president of NDBA said that the bank and financial company ordinance 2061 endorsed by the government has failed to address issues regarding the promotion of development banks.

Calling the ‘bank and financial company ordinance 2061’ undemocratic and authoritarian, Neupane said, though the government has tried to bring all financial organisations under a single umbrella, it has failed. “The government first issued licenses to these organisation to operate as banks and then objected to the use of the name, which has demoralised these institutions,” Neupane said.

The contribution of development banks in the current situation in the country is noteworthy. Instead of promoting the development banks which are working in rural parts of the country, the government is limiting their working areas, said Prem Nidhi Gyawali, member of the NDBA. The new working committee of NDBA includes Bhim Prasad Neupane, president, D B Bamjan, general secretary, C B Lama, treasurer and Prem Nidhi Gyawali, Bishwanath Kandel as members.