- Sunday, 12 January 2025
Kathmandu, March 16: The contribution of credit flow of the banks and financial institutions to the economic growth of the country has not been spectacular despite its volume is equivalent to the gross domestic product (GDP).
At the ‘RBBL Management Conference 2024’ held here today, speakers noted that the credit flow from banks and financial institutions should go to the productive sector in a way to contribute to the economic growth.
Revenue Secretary Dr Ram Prasad Ghimire said the country was facing big challenges of increasing production and productivity and creating employment. According to him, economic development could not take place as per the target set due to low spending in capital formation.
Secretary Ghimire said although revenue collection was satisfactory compared to the country’s GDP, more resources were needed to realize Nepal’s higher development needs.
He also underlined the need to transform the existing trade-based economy into a production-based economy. He stressed the need for the government to create an environment of trust for the private sector so that Nepal’s domestic production would increase and go competitive.
Also speaking on the occasion, Nepal Rastra Bank (NRB) Director Dr Prakash Kumar Shrestha said it was further difficult to understand government finances after the country moved to the federal structure.
A huge sum of money has been dumped in the government fund, he said, adding it has contributed to bring contraction in the market demand. He expressed concern over increasing negativity towards banks and financial institutions in recent times.
Director Shrestha claimed that the problem in the cooperative sector has affected the banks and financial institutions.
He went on saying that the private sector has not become optimistic despite gradual improvements, including positive liquidity situation, good foreign exchange reserves and lowering interest rates.
The economy has not witnessed anticipated reforms due to shrinking internal demand, short of workforce and fall in productivity, he added.
Former President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Bhawani Rana empathized on increasing investment in agriculture, tourism, herbs and hydropower sectors, calling for the government to bring private sector friendly policy environment.
Rana urged the government to hold adequate discussions with the private sector in determining plans in the next fiscal year’s budget.
Ex-banker Parshuram Kunwa said increasing competition has helped banking sector to nurture professionalism. He pointed out the need to think more about enhancing the quality of service to the customers.
Kunwar said good practices at home and abroad should be adopted in addressing challenges surfaced in the banking sector. He recommended the banks and financial institutions adopting information technology and expanding investment in the field of innovation.
Fin-tech expert Sanjeev Subba said cyber security challenges are increasing in the banking sector so investment should be mulled to avert such issues.
He pointed out the need to develop infrastructure for information technology in public service delivery.
According to the organizer Rastriya Banijya Bank, the conference has been organized to discuss the challenges facing the national economy and the banking sector among economists, banking experts and entrepreneurs and guide for sustainable banking development in the coming days.
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Army wins Koshi province cricket trophy
Belbari (Morang), March 16: The Tribhuvan Army Club (TAC) has won the title of Koshi Province T-20 Championship underway in Biratnagar. In today’s match, the Army Club defeated Karnali province by nine wickets.
Army has bagged a trophy with a cash prize of Rs 500,000. Similarly, runner-up Karnali Province received Rs 300,000.
The Army Club has reached the final for the third time this season. Earlier, Army Club had lost to Nepal Police in the Prime Minister’s Cup and Madhes Province in the KP Oli Cup.
Army won the toss and elected to field in the first edition of the Koshi Province Trophy. The Karnali Province scored 110 runs in 20 overs. Bipin Rawal and Captain Rabindra Shahi scored 27 and 21 runs respectively for the Koshi.
Karnali shared a 33-run partnership for the first wicket. Dinesh Adhikari scored 12 runs. Tritraj Das, Wasir Ahmed, Sahab Alam and Sumit Shrestha took two wickets each for Army. Army chased the target in 12.2 overs at the loss of one wicket.
Army’s openers Santosh Karki and Imran Sheikh shared a 25-run partnership. Tritaraj Das, who entered the field after Santosh was caught for 21 runs, ensured the victory in an aggressive style.
Sheikh scored an unbeaten 38 off 30 balls and Tritaraj scored 50 off 33 balls. Das, who scored his first half-century in the championship, hit two sixes and five fours. Army’s Das won the ‘Player of the Tournament’ and ‘Player of the Final’ awards in the championship.
Chief Minister of Koshi Province Kedar Karki handed over the prizes to the winning team.
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Three minors killed in fire
Taxar (Bhojpur), March 16: Three children were killed in a fire that broke out at Hatuwagadi rural municipality in Bhojpur district. Information Officer at the District Police Office, Bhojpur, Dal Kumar Rai, said that three children of a family were killed in the fire that took place at Hatuwagadhi rural municipality-7, Patlepani.
According to the district police, a girl and two boys died in the fire incident.
Information Officer Rai said that a team led by a police inspector has been mobilized in the spot after receiving information about the incident from the Area Police Office Ghoretar.
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19 houses gutted; 25 families displaced in Rangeli
Belbari (Morang), March 16: At least 19 houses were gutted in the fire that engulfed Santhal settlement at Babusahev tole of Rangeli-3.
Police Inspector Buddhi Chaulagain said the fire that broke out at around 2.30 pm today has been brought under control.
According to him, many houses have been destroyed in the fire. Goma Parajuli, deputy mayor of Rangeli Municipality, said 25 families of 19 households have been displaced by the fire.
Deputy Mayor Parajuli said the local government has already started providing relief to the displaced families. Firefighters, police, Armed Police Force and locals of Kanepokhari rural municipality, Rangeli, Belbari, Pathrishanishre and Sundarharaicha municipalities and Biratnagar Metropolitan City have been working to douse the fire after nearly three hours. Deputy Mayor Parajuli said the details of the damage caused by the incident are yet to be ascertained.
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PM announces to increase grants to martyrs memorial schools
Gandaki, March 16: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has said that the government would increase the grants to the schools established in memory of martyrs.
After an inspection visit to Martyrs Memorial Secondary School at Pokhara Metropolitan City-14 in Kaski on Saturday, the PM pledged to provide more grants to such schools from the upcoming fiscal year.
The PM said, “New models are being explored to run the country’s all five Martyrs Memorial Schools established under the leadership of Martyrs Memorial Foundation.”
The PM also assured to increase the grants to those schools from this fiscal year and expressed pleasure for the operation of such schools in an exemplary model.
On the occasion, the PM took stock of the school and its operation.
The PM also attended the concluding ceremony of Baahrakhari Gulf Competition in Pokhara on Saturday itself.
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Mayor Dahal seeks support from Nepal’s diplomatic missions for ‘Visit Bharatpur’
Kathmandu, March 16: Mayor of Bharatpur Metropolitan City Renu Dahal has urged Nepali ambassadors to different European countries for their support to make ‘Visit Bharatpur 2024’ a success. Currently, Mayor Dahal is in Europe for publicity campaign of Visit Bharatpur 2024.
During the separate meetings with Nepal’s ambassadors to France Sudheer Bhattarai, Gehendra Rajbhandari to Belgium and Sharmila Dhakal Parajuli to Spain on Saturday, Mayor Dahal urged for needed facilitations from the part of the ambassadors to make the tourism year a success.
During the meetings, the ambassadors pledged their support and cooperation for the tourism campaign and assured to facilitate the visits of European tourists in the city of Bharatpur.
Member Main Organizing Committee of Bharatpur Visit Year 2024 and businessman based in Belgium Lok Prasad Dahal told the RSS that Mayor Dahal attended various programmes in different cities in Belgium, Spain and France to extend invitation to the peoples there from the European countries.
Likewise, Mayor Dahal has also extended invitations to mayors of different European cities.
The Bharatpur Metropolitan City has planned to welcome 200,000 foreign tourists in this year.
Mayor Dahal also met with Nepali community in France on Saturday itself and urged them to visit Bharatpur.
On Sunday, Mayor Dahal is scheduled to address the Europe gathering of People’s Progressive Forum while she will meet Mayor of Barcelona on Monday.
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President Paudel calls for competitive, quality education
Lahan, March 16: President Ramchandra Paudel has urged for the use of available means and resources for producing competitive and quality education.
Inaugurating the Diamond Jubilee celebrations of Pashupati Adarsha Secondary School in Siraha on Saturday, the President also called for developing policy, curriculum and teaching style for the development of a civilized society along with knowledge, discipline and culture.
The government’s policy, budget and plan should be strengthening the spirit of nation building and national unity to impart timely education for making the nation economically prosperous, President Paudel added.
On the occasion, the President urged the schools at the local level to pay special attention for providing quality education in an accessible way as the trend for migrating to cities and foreign countries was on the rise for employment and education.
Likewise, President Paudel said that collective aspirations were needed for the protection and promotion of school sector.
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