Reform necessary in financial sector: Bhattarai

KATHMANDU, Aug 9: Nepal Rastra Bank (NRB) governor Bijay Nath Bhattarai Sunday warned stringent action against the management of banks and financial institutions having weak financial performance. He also said the central bank would restrict such financial institutions to collect deposits and issue loans to those financial institutions if they failed to improve their financial health. Bhattarai also vowed to go ahead with strong measures to minimize the existing malpractices seen in the financial sector.Speaking at an interaction with the newly elected office-bearers of Society of Economic Journalists of Nepal (SEJON) here on Sunday, Bhattarai said he would reactivate the Financial Reform Committee to bring about reforms in the sector."We will recall Binod Atrayaya, director of Nepal Bank Limited (NBL), to the central bank, to end conflict of interest at the NBL," Bhattarai said.
REPUBLICA