Finance Ministry Secretary Dr. Ghanshyam Upadhyay States Financial Sector Governance and Reform are High Priorities

 Kathmandu. Secretary of the Ministry of Finance, Dr. Ghanshyam Upadhyay, has stated that financial sector governance and reform are high priorities for the government for the overall economic improvement of the country. 

He said this while participating in the preliminary discussion on the bill to amend the 'Nepal Rastra Bank Act, 2058' in the meeting of the Finance Committee under the House of Representatives held on Friday.

Secretary Upadhyay mentioned that the act needs to be amended to address the opportunities and challenges brought about by the new governance structure adopted by the country and the development in the field of information technology since 2058 BS. He pointed out the need to add more clarity and new provisions to the existing legal framework to advance Nepal Rastra Bank as a strong and effective regulatory body.

Speaking about the strengthening of the financial sector, Secretary Upadhyay said, 'Overall economic reform is the government's priority, and within that, financial sector governance and reform are also major priorities.'

He further added, 'It is necessary to clarify some provisions and include some new provisions in the act to develop the Rastra Bank as a more capable and effective regulatory institution to address the new governance structure that came after 2058, the rapid development of information technology, and the new opportunities and challenges seen in the financial sector.'

Secretary Upadhyay also expressed the commitment of the Ministry of Finance and Nepal Rastra Bank to further clarify in the upcoming discussions regarding the amendment proposals presented and the queries raised by the MPs in the meeting.