Bill proposing amendments in NRB Act, 2058 takes a hypocritical stance; Enforcing more regulations on bankers while proposing relaxation for their own

The banking industry already had a cooling period for their top-level position holders, and with new amendments in BAFIA age limit is also being proposed. This may be in the favor of common good, but still, the notion of "Charity begins at home is not being implemented."

NRB is demanding prudence from the Banking Industry and that is in fact done in the favor of general citizens, but they must have over-looked the fact that they are also civil servants. The amendment bill proposes a cooling period of only 2 years for deputy governor, which was previously 3. Similarly, the previous provisions requiring the retiree to take the permission of NRB before taking a job somewhere else has been eliminated.

Some other amendments are:

The bill also proposes a restructuring of NRB into a federal structure. According to the previous policy, head office of the central bank should be situated in Kathmandu and NRB can open the branches, sub-branches, other offices and can appoint an agent or representative as per the requirement within or outside the nation. In the proposed amendments, the bill states that they have the right to commence office in any province. This law has been added in the function, duties, and powers of NRB.

Currently, the role of NRB is limited to banker, advisor and financial advisor to the Government, but under the federal structure, the bill proposes the extension of NRB's role to Banker and financial advisor to provincial governments and local levels too.

Similarly, in the sections regarding the removal of Governor, Deputy Governor and Directors, new points have been added.

The full bill can be viewed below: