BFIs mull reducing working days to five a week
Mon, Nov 2, 2015 10:23 AM on External Media,
Banks and financial institutions (BFIs) have said unrest in Tarai districts and blockade imposed by India is hitting their daily operations.
Bankers that Republica talked to say unrest in Tarai districts and supply obstructions is not only punching a hole in the balance sheets of BFIs but also making it difficult for them to provide regular banking services to clients.
Considering the situation, BFIs are even mulling over reducing their office hours. Anil Keshary Shah, vice president of Nepal Bankers Association (NBA) told Republica that BFIs are now planning to provide banking services only for five working days in a week. "In this difficult situation, BFIs will no more be able to provide normal services. We are planning to bring down working days to five per week from six days a week," Shah said, adding, "The decision will be taken within couple of days if the situation does not improve."
Many BFIs have already suspended their extended business hours and holidays counters. "We are finding it very difficult to continue normal banking services due to shortage of diesel and petrol during load-shedding," Shah added.
Data centers of BFIs need uninterrupted power supply round the clock to run accounting software and provide services from their ATM terminals, among others.
Bankers also lament that the shortage of petroleum products has made it difficult for BFIs to move cash to and from banks' branches to Nepal Rastra Bank (NRB) and replenish cash in their ATMs. Most of the BFIs have pasted notice in their ATM terminals, stating that the 'service is unavailable during load-shedding in the absence of power back-up'.
"As the current situation is constraining the ability of clients to reach offices of BFIs, we are compelled to scale back our services," Shah, who is also the CEO of Mega Bank Ltd, told Republica.
Source: Republica
