Access to banking service at all local levels by coming mid-January: Finance Minister

Finance Minister Yuba Raj Khatiwada on Monday assured of expanding banking service to all local levels by mid-January 2020. "All local levels of the county should enjoy banking service. Remaining 17 local levels will be connected to the service by mid-January, 2020," he said while addressing an inaugural programme of a branch office of Abhiyan Laghubitta Bittiya Sanstha Limited at Panauti municipality-4 in the district.

He also stressed the need for banks, micro finances and other financial institutions to provide with quality service instead of focusing on quantity. "The government is effortful in merging financial institutions. A mechanism will be built to provide financial service at local and state levels. Likewise, formulation of laws, including Banks and Financial Institutions Act (BAFIA) in line with the federal setup, insurance act and an amendment to the security board act is underway. Following this, financial system will see many changes."

The government was working to generate job opportunities for approximately 1.1 million people below poverty line within the next three years, he said. No dual tax system has been imposed at local, state and federal levels, he clarified. On the occasion, Abhiyan Laghubittiya Sanstha's chairperson Baburam Thapa said the Sanstha, which has its branches in different 16 areas in 10 districts as of now, has aimed at expanding its services in 60 areas of 43 districts in the next five years.