KATHMANDU: Chief Justice Anup Raj Sharma administered the oath of office and secrecy to newly appointed Nepal Rastra Bank Governor Yuba Raj Khatiwoda this

afternoon. The council of ministers on Friday had appointed Khatiwoda to the post for a five-year term.

Justices, high-ranking officials from Supreme Court

and NRB and media-persons

attended the oath taking

ceremony.

The CJ congratulated the incumbent governor and suggested him to coordinate with SC on complicated financial issues. “The present is an era of economic development so we have to work together to improve the economy of the country,” CJ Sharma added.

Sharma also suggested that the central bank should strictly monitor banking and financial institutions in the country as it has the duty to work as a regulatory authority. NRB as a regulatory authority should be more serious and sensitive to control financial crime as wrongdoers are cleverer than law enforcement agencies, he reasoned.

Sharma also maintained that he has found cases where private banking institutions have been disregarding the financial rules and regulations. “They have been found of following no proper procedures while auctioning the bank security,” Sharma said. “Even banks have not been giving notices to the property owners in regard to the auction process,” Sharma added.

Sharma, further, maintained that the apex court has been disposing cases related to financial disputes by launching campaign of settling financial disputes through setting up commercial benches. “We have launched campaigns and have been hearing cases through special panels.” We have achieved results that show that we are successful in settling the financial disputes, he claimed.

Meanwhile, Governor Khatiwoda praised the judiciary for positive results on financial judgment in recent years. He, however, suggested that since financial matters have technical aspects, deciding cases after knowing the financial matters thoroughly would be helpful

in providing prompt justice. Khatiwoda also admitted that fraudulent activities are rampant in financial institutions. But the existing law is not sufficient to control such activities, he lamented.