BAFIA act returned to finance committee by parliament today

Bank and Financial Institution Act  (BAFIA) which was in the discussion process in parliament has now been returned to Finance committee. The meeting held by parliament on Tuesday (today) has proposed to return the BAFIA to Finance committee for necessary amendment. Huge dissatisfaction with the issues related to not fixing the tenure of Chairman and Bod members and conversion of promoter shares into ordinary shares with a time period of 7 years has led to a return of BAFIA to the committee. As per a source, the tenure of the BoD will be fixed, whereas the conversion of the promoter to public share will likely be set to 10 years. World Bank and Asian Development Bank had also pressurize to overturn the BAFAI act which was vigorously passed by the Finance committee. The Committee was formed by the BoD of some Banks, who were also the member of Parliament. Nepal Rastra Bank also had serious concern over the issue. Source: Nepalipaisa.com