Widening Banking and Insurance Services to Community is a priority in Nepal
Published: 11 December 2018
Dr. Chirajibi Nepal, Governor of Nepal Rastra Bank (Central Bank) stressed that the key priority for Finance Sector Development in Nepal is to reach out to those who are denied access to formal financial services in the community. As per available statistics, 90% of the citizens do not have insurance cover, and 40% of the populations are excluded from the formal financial services.
Governor of Nepal Central Bank was the guest of honour delivered the keynote speech at the recently concluded Tripartite Social Dialogue on Banking and Financial Sector Issues in Kathmandu, Nepal. Social dialogue was initiated by the Financial Institute Employees’ Union of Nepal [FIEUN] with the support of SASK Finland, and UNI Apro.
Dr. Chirajibi Nepal insisted that banks spend the minimum of 3% of the personnel budgets on capacity development of the employees, and welcomed the social dialogue organized by the FIEUN to discuss matters of mutual interest amongst all stakeholders as a watchdog of the industry.
A discussion paper was presented by Mr Nar Bahadur Thapa, Executive Director Nepal Rastra Bank (NRB) focusing on the areas of financial sector development-oriented policy reforms, for mergers between financial institutions for the stability of the industry and to improve the regulatory effectiveness on shadow banking activities of non-banking entities.
The dialogue outcomes affirmed the priority areas to widen financial inclusions with the support of the digital technological advancement to stimulate growth in the economy, with adequate upskilling and reskilling opportunities extended to the employees to reach out to those marginalized to increase financial literacy in the society.
The multi-stakeholder group consisted CEO’s of Commercial Banks, Principal officials of Nepal Bankers Association, Microfinance Bankers’ Association, regulatory and supervision officials from the NRB, trade union officials of the FIEUN affiliates and UNI NLC officials joined in to lively discussions to harness employee engagement to offer new customer experiences under a decent working conditions in the finance industry in Nepal.
Padam Raj Regmi President of the FIEUN moderated the dialogue process thanked all the sponsors and the participants for joining the social dialogue and contributing for the lively discussions.