March 16: Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the…
March 16: Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the…
Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic…
March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the…
March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products.…
March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has…
March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism…
March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public…
March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic…
March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking…
March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second…
Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in…
The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on…
March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online…
March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security.…
March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other…
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According to him, economic development could not take place as per the target 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 become competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking on the occasion, Nepal Rastra Bank (NRB) Director Dr Prakash Kumar Shrestha said it has become difficult to understand the government’s finances after the country adopted the federal structure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A huge sum of money has been dumped in the state coffers, 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director Shrestha claimed that the problem in the cooperative sector has affected the banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the private sector has not become optimistic despite gradual improvements, including positive liquidity situation, good foreign exchange reserves and lowering interest rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy has not witnessed anticipated reforms due to shrinking internal demand, shortfall of workforce and fall in productivity, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former President of the 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rana urged the government to hold adequate discussions with the private sector in determining plans in the next fiscal year's budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ex-banker Parshuram Kunwar 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 to adopt information technology and expand investment in the field of innovation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Fin-tech expert Sanjeev Subba said cyber security challenges are increasing in the banking sector so investment should be mulled to avert such issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pointed out the need to develop infrastructure for information technology in public service delivery. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the organizer Rastriya Banijya Bank, the conference was organized to discuss among economists, banking experts and entrepreneurs about the challenges faced by the national economy and the banking sector and guide for sustainable banking development in the coming days. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20218', 'image' => '20240317111151_Banks - Copy.jpg', 'article_date' => '2024-03-17 11:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20490', 'article_category_id' => '1', 'title' => 'Curb Lending to Unproductive Sector, says Governor Adhikari', 'sub_title' => '', 'summary' => 'Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 17: Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 'RBBL Management Conference 2024' organized by Rastriya Banijya Bank, Governor Adhikari underscored the importance of aligning banking activities with national interests and fostering production growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Governor Adhikari also shed light on the importance of regulatory bodies providing sectoral loans to incentivize investment in productive sectors. He emphasized the banking sector's responsibility in warding off threats from various sectors and stressed the significance of integrity and accountability in banking operations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding long-term and sustainable investment in green infrastructure, Governor Adhikari emphasized its priority for Nepal, urging banks and financial institutions to prioritize such investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari noted that the contributions made by banks and financial institutions have played a significant role in driving the country's economic expansion. Furthermore, Governor Adhikari urged banks to exercise vigilance in the face of natural disasters and crises when making investment decisions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Assessing the financial performance of RBBL, Governor Adhikari acknowledged the bank's resilience and competitiveness in the market despite significant fluctuations in past years. He emphasized that, as a government-owned financial institution, RBBL is currently financially robust. </span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20217', 'image' => '20240317070340_collage (51).jpg', 'article_date' => '2024-03-17 07:02:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '20489', 'article_category_id' => '1', 'title' => 'Govt Forms Taskforce to Study Problems of Microfinance Sector ', 'sub_title' => '', 'summary' => 'March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Barshaman Pun on Friday constituted the seven-member committee under the leadership of deputy governor of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee comprises the central bank's executive director to look after microfinance sector and joint secretary and under-secretary looking after the financial sector at the Ministry of Finance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Punaram (Maniram) Gyawali, Kshetra Bahadur Moktan and Luja Rai representing the microfinance victims struggle committee are also the members of the taskforce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Revenue Secretary Dr Ram Prasad Ghimire informed that the name of the taskforce coordinator will be decided by the Nepal Rastra Bank from among the two deputy governors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been directed to submit a report within 60 days after determining the problems of the microfinance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting on the report of the taskforce, necessary policy and legal reforms will be made for the regulation of microfinance institutions, the Ministry of Finance said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Friday, the government had reached a six-point agreement with the agitating microfinance victims. Point 5 of the agreement states that a taskforce would be formed to identify the problems of the sector and provide solutions. With the signing of the agreement, the agitating parties have withdrawn all the protest programmes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Microfinance Victims' Struggle Committee has been arguing that the borrowers have been facing problems in repaying loans due the earthquake, economic blockade and Covid-19 pandemic. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20216', 'image' => '20240316111149_cooperative-new.jpg', 'article_date' => '2024-03-16 11:11:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20488', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices ', 'sub_title' => '', 'summary' => 'March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. The price of petrol has been decreased by Re 1 per litre and the price of diesel by Rs 2 per litre with effect from last midnight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Accordingly, the NOC has set the market price of petrol at Rs 168.50 per litre for the first category, Rs 170 for the second category and Rs 171 per litre for the third category. Likewise, the price of diesel and kerosene has been fixed at Rs 155.50 per litre for the first category, Rs 157 for the second class and Rs 158 per litre for the third category, said Manoj Thakur, the spokesperson of the NOC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first category includes Charali, Biratnagar, Janakpur, Amlekhganj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj while the second category includes Surkhet and Dang while Kathmandu, Pokhara and Dipayal fall under the third category. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustment has been made based on a new purchase price received from Indian Oil Corporation (IOC) that supplies the fuel to the NOC. The purchase price of petrol and diesel received from IOC has decreased by Rs 1.22 and Rs 2.06 per litre respectively. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20215', 'image' => '20240316105907_petroo - Copy.jpg', 'article_date' => '2024-03-16 10:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20486', 'article_category_id' => '1', 'title' => 'UN Official Calls for Strong Partnerships to Close Energy Access Gaps ', 'sub_title' => '', 'summary' => 'March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Damilola Ogunbiyi, the special representative of the UN secretary-general for Sustainable Energy for All, addressed the Transforming Energy Access Forum 2024 in Kigali, Rwanda's capital, Wednesday, saying the power of partnerships between the private and public sectors holds the key to bridging energy access gaps and attaining SDG7. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SDG7, established by the UN General Assembly in 2015, is one of 17 Sustainable Development Goals aiming to "ensure access to affordable, reliable, sustainable, and modern energy for all" by 2030. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Ogunbiyi highlighted the significance of prioritizing decentralized renewable energy, emphasizing local investment, supporting local manufacturing, advocating for universal energy accessibility, and underscoring the critical role of powering healthcare. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the event, Rwandan Minister of Infrastructure Jimmy Gasore emphasized Kigali's commitment to achieving 100 percent energy access by 2024. "Rwanda is committed to achieving energy access for all, putting in place various energy access initiatives and adopting renewable energy resources are key to achieving SDG7," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The forum, running through Thursday, is dedicated to advancing an inclusive clean energy transition in sub-Saharan Africa, South Asia, and the Indo-Pacific region. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The event aims to address the challenges outlined in the UN's SDG midpoint review, emphasizing the need for accelerated progress in achieving SDG7, organizers said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Topics explored at the forum include energy storage, mini-grid market enablement, innovative finance mechanisms, sustainable cooling, and ensuring inclusivity in clean-energy innovation. – Xinhua/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20214', 'image' => '20240315031302_hydro.jpg', 'article_date' => '2024-03-15 15:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20485', 'article_category_id' => '1', 'title' => 'Preparations to Declare Pokhara as 'Tourism Capital' in Final Phase', 'sub_title' => '', 'summary' => 'March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital. The declaration ceremony is scheduled for March 17 and will be graced by the presence of Prime Minister Pushpa Kamal Dahal, the state-owned RSS reported. According to Kuman Singh Gurung, secretary at the Ministry of Industry, Tourism, Forest, and Environment of Gandaki Province, the announcement event will be jointly organized by the Gandaki Province government and Pokhara Metropolitan City.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">A procession featuring diverse cultural elements will kick off from Basundhara Park before the official announcement. The declaration ceremony is set to take place at Barahighat, situated on the banks of Fewa Lake.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Furthermore, Pokhara will receive its official designation as the tourism capital with the unveiling of the tourism capital marker, stated spokesperson Gurung. Additionally, a committee, headed by the Mayor of Pokhara Metropolitan City, has been established to ensure the declaration ceremony is held in a grand manner.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20213', 'image' => '20240315030036_20220327062910_lakeside (1).jpg', 'article_date' => '2024-03-15 14:58:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20487', 'article_category_id' => '1', 'title' => 'Police Intensify 'Safety Pin Campaign' to Control Sexual Harassment ', 'sub_title' => '', 'summary' => 'March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office has been deploying plain-cloth police personnel as part of the campaign in order to bring those involved in sexual harassment and theft cases under the ambit of law to control such cases after it started receiving huge number of such complaints. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight teams have been carrying out surveillance at different places of Kathmandu Valley and the campaign has been giving positive result, said the Valley Police Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 1,800 people were brought under control in the current fiscal year under the campaign. Of them, cases were filed against 178 people while more than 1,600 people were released asking them not to repeat such offences, added Chief of the Kathmandu Valley Police Office, Additional Inspector General, Deepak Thapa. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned, the police had launched the campaign from 2074 BS and it is underway by approving the action plan from 2077 BS. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20212', 'image' => '20240315031612_blank eight by six.jpg', 'article_date' => '2024-03-15 15:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20484', 'article_category_id' => '1', 'title' => 'Strife Among Powerful Nations Poses Challenges before Small States: CoAS Sharma ', 'sub_title' => '', 'summary' => 'March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the high level national security training organized jointly by the Defense Ministry and Nepali Army at Army Command and Staff College on Wednesday, CoAS Sharma said that common concept and understanding and coordination is needed for it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"By analyzing and studying the national and international atmospheres, it is imperative to formulate and implement policy for protecting national interest," he said, adding that the direct and indirect strife among powerful states has posed challenges before small states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the context of Nepal, the army chief said that the challenges faced by the country are geopolitical sensitivity, open border and interest of powerful states. Even the religious and communal conflict and covert activities of some separatist groups are affecting national security, he reminded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CoAS Sharma further said that various aspects of traditional and modern security concerns along with socioeconomic and development landscapes should be studied well by all agencies so that national policy and laws would enforced effectively. The national security policy and strategy need change as per the changing global security scenario, he shared his view. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Defense Secretary Kiran Raj Sharma said multi sectoral dialogue, coordination and cooperation are needed to strengthen national security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ninth edition of the high level training has participation of 30 persons from diverse sectors including ministries, constitutional bodies, university, CSO, media, Nepalese Army, Nepal Police, Armed Police Force, and the National Investigation Department. It will last for two weeks. A total of 173 persons have been trained so far since 2072 BS. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20211', 'image' => '20240314123855_RSS.jpg', 'article_date' => '2024-03-14 12:38:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20483', 'article_category_id' => '1', 'title' => 'Viber Officially Registered in Nepal', 'sub_title' => '', 'summary' => 'March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.<br /> The ‘Directives on the Operation of Social Networking 2023’, passed by the Cabinet on November 9, 2023, makes it mandatory for social media sites such as Facebook, X (formerly Twitter), TikTok and YouTube, among others, to open their liaison offices in Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The government said the measure was introduced in light of an increasing number of people complaining that the absence of the companies’ representatives in Nepal made it difficult for the authorities to address their users’ concerns and even to remove objectionable content from the platforms. The directives include a 19-point not-to-do list for the users of platforms like Facebook, X, TikTok, YouTube and Instagram.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Communication and Information Technology, Viber has been registered in Nepal after completing the prescribed process according to the directives approved by the Cabinet. "Viber has been issued the registration certificate," said a senior official at the ministry, "Linked-In has also applied for the registration."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Interestingly, the Asia Internet Coalition (AIC) on Tuesday, had urged the Nepal government to implement a moratorium on the registration of social media platforms in Nepal until the Social Media Bill is finalized. Sending a letter to the Minister of Communication and Information Technology on March 12, the AIC has stated the proposed legislation, in its present form, poses significant challenges that, if not addressed comprehensively, will render both the Directive and Social Media Bill unworkable and could undermine the potential growth of Nepal's digital economy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20210', 'image' => '20240314121916_article.jpg', 'article_date' => '2024-03-14 12:18:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20482', 'article_category_id' => '1', 'title' => 'NAC Issues Second Notice for $1.01 Billion Loans amid Lender Disinterest', 'sub_title' => '', 'summary' => 'March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time. In its second notice published on Wednesday, NAC is soliciting institutions to provide loans totaling $1.01 billion (Rs 135 billion).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The debt-ridden national flag carrier, on January 23, had issued its initial notice for a loan, primarily for the repayment of its existing outstanding debts. Following a lack of interest from any entities within the initial 45-day window, the corporation has now released a second notice. This notice sets a new deadline of April 11, 2024, in hopes of securing a lending partner.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The expression of interest is open to domestic and foreign government institutions as well as non-governmental financial institutions. According to the proposal, Nepal Airlines is seeking Rs 55 billion (equivalent to $415 million) for managing its existing loans or for swapping its current debts with credit obtained from international lenders. Additionally, the airline is seeking Rs 75 billion (approximately $565 million) for the procurement of new aircraft and Rs 5 billion (around $38 million) for setting up hangars.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The carrier stated in the proposal that the loan would be on a normal fixed interest rate with a repayment period of 25 years subject to extension in mutual understanding.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20209', 'image' => '20240314104735_naccccc.jpg', 'article_date' => '2024-03-14 10:46:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20481', 'article_category_id' => '1', 'title' => '17 Banks Lower their Interest Rates for Chaitra', 'sub_title' => '', 'summary' => 'Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On average, the interest rates of banks have decreased by 0.5042 percentage points. The highest average interest rate offered by banks, previously at 7.75 percentage points for individual fixed deposits in Falgun, has now dropped to 7.25 percentage points for Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Conversely, the interest rates for institutional fixed deposits offered by banks have seen an increase. The maximum average interest rate for banks' institutional fixed deposits, previously at 5.74 percentage points in Falgun, has risen by 0.26 percentage points to reach 6 percentage points in Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the month of Chaitra, NIC Asia Bank has offered the highest interest rate of 8.54 percent on individual fixed deposits, up from 8 percent in Falgun. Similarly, the bank has also elevated its interest rate on institutional fixed deposits to 7.54 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Everest Bank and NMB Bank have notably reduced their interest rates the most compared to Falgun. Both banks have decreased their maximum interest rates on individual fixed deposits by 1.5 percentage points and on institutional fixed deposits by 0.5 percentage points.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhu Bank and Global IME Bank have maintained their interest rates from the previous month on individual fixed deposits, offering a steady 7.5 percent. However, the maximum interest rate on institutional fixed deposits from these banks has increased by 1 percentage point.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank offers the lowest interest rates among the commercial banks. It provides a maximum interest rate of 5.661 percent on individual fixed deposits and a maximum rate of 4.01 percent on institutional fixed deposits.</span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20208', 'image' => '20240313080848_Banks - Copy.jpg', 'article_date' => '2024-03-13 20:07:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20480', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Minimal Decline', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">March 13: The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Throughout the trading session, a total of 310 stocks were traded via 73,506 transactions, resulting in a turnover of Rs 4.24 billion from 10,889,634 shares traded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Shivam Cements Limited (SHIVM) led in transaction volume, with a turnover of Rs 25 crores. Among individual stocks, Wean Nepal Laghubitta Bittiya Sanstha (WNLB) experienced the highest gain of 9.99%, closing at Rs 1051 per share, while Upper Tamakoshi Hydropower Limited (UPPER) suffered the largest loss, dropping by 10% to Rs 183.60 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Regarding sub-indices, six indices including Development Index, Finance Index, Life Insurance, Microfinance Index, Mutual Fund, and Others Index ended positively, while the remaining indices closed in the negative territory.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20207', 'image' => '20240313034201_collage (12).jpg', 'article_date' => '2024-03-13 15:40:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '20479', 'article_category_id' => '1', 'title' => 'Police Unable to Trace Rs 1 Million Siphoned by Hacker from Bank Accounts', 'sub_title' => '', 'summary' => 'March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shivanandan Mehta of Inaruwa, Sunsari was in disbelief to learn that his account number 01001117001327 maintained at Sanima Bank's Inruwa branch was debited by Rs 900,000 in the morning of January 24.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the same day, Rs 110,000 was withdrawn from Lumbini Bank’s account number 01711600063202000001 in the name of his mother Rusni Devi Mehta. The hacker withdrew the amount through Connect IPS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rs 900,000 withdrawn from Sivanandan's account was sent to Parameshwar Thapa Chhetri’s account in NIC Asia Bank, Buddhachowk branch. It seems that the money from the mother's account was sent to an account in Siddharth Bank Limited and withdrawn several times. According to Mehta, the amount was stolen by hacking his email and password.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mehta says that the hacker managed to withdraw funds from the account due to the negligence of NIC Asia Bank and Sanima Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After receiving an alert on his mobile phone that the money had been withdrawn from the account, he contacted the bank and informed that the account was hacked and the money was stolen, but the bank was not interested in taking immediate action, Mehta told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“I went to the concerned bank within 5 minutes after receiving the money transfer alert from the bank on my mobile and informed them, but they were not interested. If the bank had immediately suspended the account of the unauthorized person, he could not have withdrawn the money,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As soon as NIC Asia Bank said that the account could not be closed, Mehta called the office of Connect IPS and asked them to freeze the money, but after the office said that the money had already been transferred and they could not do anything.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials of Sanima Bank in Koshi Province claim that as soon as the victim gave the information, the bank tried to freeze the amount. However, the attempt was not successful as the hacker had already withdrawn the money.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The amount was withdrawn from the hacker’s account before we got the information,” said the official, “There was nothing we could do.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The police could not catch him</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After the hacker stole a large amount of money, Mehta also filed a complaint at the District Police Office, Sunsari. The police registered a complaint. However, the hacker has not been caught yet. According to Mehta, the police are investigating the case.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Senior Superintendent of Police (SSP) Dan Bahadur Karki says that it is difficult to catch the culprits of such incidents immediately. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have started an investigation after receiving the complaint," said SSP Karki in a conversation with New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Karki says that in recent times, maintaining weak passwords and keeping all the details in the mobile phone makes it easier for hackers to access the account details of people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The victim, Mehta, has appealed from Nepal Rastra Bank to the Ministry of Home Affairs. After the hacker suddenly swindled the large amount of his hard-earned money, he appealed to Singh Darbar for justice. Even though he pleaded to the home ministry, finance ministry and prime minister's office inside the Singh Darbar take initiative to bring back the money, no one listened, says Mehta adding that he submitted an application to Nepal Rastra Bank, Baluwatar on January 29.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal Rastra Bank says that they have tightened monitoring and investigation due to the increase in such incidents in recent days. The central bank has formed a separate unit to investigate such incidents. Executive Director of Nepal Rastra Bank Dr. Prakash Kumar Shrestha said that fraud cases have started to increase with the increase in digital transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Such incidents have increased due to the use of weak passwords and misuse of OTP (One Time Password). We are sensitive about it," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said that Rashtra Bank is moving towards strengthening the overall banking security system by increasing financial literacy to meet the challenges.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20206', 'image' => '20240313031110_banknotes.jpg', 'article_date' => '2024-03-13 15:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20478', 'article_category_id' => '1', 'title' => 'Draft Bill on IT and Cyber Security Seeks Use of Innovative Technology ', 'sub_title' => '', 'summary' => 'March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. It has stated that artificial intelligence, machine learning, block chain, and IoT should be used in a transparent, accountable, safe and respectful manner. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the draft bill, the Ministry of Communications and Information Technology has sought feedback on the bill within two weeks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes the Government of Nepal to set up a centre for excellence for research and development of the new technologies such as AI, machine learning and block chain. Issues such as electronic records, data, originator of records, invocation of law of contract for electronic transaction, digital signature, public service delivery via electronic medium, technical audit of IT, vetting, operation, regulation and management of domain name, registration of IT industry and business, information/data safety and privacy, digital harassment, collection of personal details, establishment of cyber security centre, data centre and cloud, are included in the bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Critical IT infrastructures, cyber monitoring of critical IT infrastructures, cyber security audit and auditor for it, activities banned on cyber space, crime and punishment, use of digital forensic, and establishment of IT tribunal are other topics in the draft bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the data safety, none is allowed to disrupt harmonious relations among federal units, nationality or national unity, dignity, national security, sovereignty, territorial integrity by means of electronic system. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes banning cyber bulling, cyber harassment, production and distribution of indecent content, and cyber scam. Theft of data and code is punishable, as per the proposed bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the draft bill, the government would not collect personal data unless required by the law. In case of the need to collect personal information, he/she would be informed mandatorily before it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the bill, every government body and public corporation is asked to run its own website to provide service and share information. The development/design of website to be operated by these bodies should be similar and meet standard set by the Ministry of Communications and Information Technology. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, any individual or office willing to register np domain needs to get it registered at the department, submitting necessary fee. The domain name needs to be renewed every two years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Individuals or companies willing to provide cyber security service are also required to get license. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The draft bill is available at https://api.giwms.gov.np/storage/22/posts/1710050856_14.pdf. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20205', 'image' => '20240313023133_cybersecurity-freepik.jpg', 'article_date' => '2024-03-13 14:30:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20477', 'article_category_id' => '1', 'title' => 'NIA Tightens the Screws on Investment of Insurance Companies', 'sub_title' => '', 'summary' => 'March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NIA had revised the investment guidelines only three months ago to ease the investment in these sectors but made a u-turn recently and revised the directive to tighten the investment in those areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The authority has instructed the insurance companies to submit additional details for approval of investment in tourism and airline sectors, education and health, agriculture, cable car and real estate business. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the instructions of the NIA, the insurance companies need to submit due diligence and feasibility study report for investment in tourism and airline sector, due diligence report for agriculture sector, 10-year business plan for cable car and feasibility study report for real estate sector. Companies can invest in these areas only after the approval from the insurance authority.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Earlier in December, the NIA had revised the investment guidelines and expanded the area and scope of investment for insurance companies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the new guidelines, the insurance companies require prior approval from the NIA to invest in private equity and venture capital funds in infrastructure and productive sectors such as real estate business and water resources, agriculture, tourism, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the pre-approval of the NIA is also required to invest in areas other than those specified in the directive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rajuraman Paudel, executive director of the authority, said that the directives have been revised to further manage the investments in the areas opened by the guidelines. He says that this will protect the investment of insurance companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, insurance companies are allowed to invest in a dozen areas determined by the authority. However, the investment of companies is focused on term deposits of banks and financial institutions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NIA’s data, as of mid-January of the current fiscal year, life insurance companies have invested a total of Rs 635 billion, non-life insurance companies Rs 62.32 billion, micro life insurance Rs 1.49 billion, non-life micro insurance Rs 1.41 billion and reinsurance companies Rs 35.74 billion. More than 60 percent of the total investment of the insurance companies is in fixed deposits of banks and financial institutions. After fixed deposits, they have invested in shares of companies listed in the secondary market of securities, government bonds, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After insurance companies complained that they were not able to diversify their investments, the then Insurance Board (currently Nepal Insurance Authority) revised the investment guidelines five years ago, paving the way for companies to invest in infrastructure and productive sectors including real estate business and water resources, agriculture, tourism, in addition to fixed deposits and shares. However, even after five years of the changes in the guidelines, companies have not been able to invest in new areas.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20204', 'image' => '20240313011018_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-03-13 13:09:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20491', 'article_category_id' => '1', 'title' => 'Experts Urge Banks and Financial Institutions to Invest in Productive Sector ', 'sub_title' => '', 'summary' => 'March 16: Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the expectations.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: </span><span style="font-family:"Segoe UI","sans-serif"">Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the expectations.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the 'RBBL Management Conference 2024' held in the capital on Saturday, experts 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 become competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking on the occasion, Nepal Rastra Bank (NRB) Director Dr Prakash Kumar Shrestha said it has become difficult to understand the government’s finances after the country adopted the federal structure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A huge sum of money has been dumped in the state coffers, 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director Shrestha claimed that the problem in the cooperative sector has affected the banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the private sector has not become optimistic despite gradual improvements, including positive liquidity situation, good foreign exchange reserves and lowering interest rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy has not witnessed anticipated reforms due to shrinking internal demand, shortfall of workforce and fall in productivity, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former President of the 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rana urged the government to hold adequate discussions with the private sector in determining plans in the next fiscal year's budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ex-banker Parshuram Kunwar 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 to adopt information technology and expand investment in the field of innovation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Fin-tech expert Sanjeev Subba said cyber security challenges are increasing in the banking sector so investment should be mulled to avert such issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pointed out the need to develop infrastructure for information technology in public service delivery. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the organizer Rastriya Banijya Bank, the conference was organized to discuss among economists, banking experts and entrepreneurs about the challenges faced by the national economy and the banking sector and guide for sustainable banking development in the coming days. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20218', 'image' => '20240317111151_Banks - Copy.jpg', 'article_date' => '2024-03-17 11:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20490', 'article_category_id' => '1', 'title' => 'Curb Lending to Unproductive Sector, says Governor Adhikari', 'sub_title' => '', 'summary' => 'Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 17: Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 'RBBL Management Conference 2024' organized by Rastriya Banijya Bank, Governor Adhikari underscored the importance of aligning banking activities with national interests and fostering production growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Governor Adhikari also shed light on the importance of regulatory bodies providing sectoral loans to incentivize investment in productive sectors. He emphasized the banking sector's responsibility in warding off threats from various sectors and stressed the significance of integrity and accountability in banking operations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding long-term and sustainable investment in green infrastructure, Governor Adhikari emphasized its priority for Nepal, urging banks and financial institutions to prioritize such investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari noted that the contributions made by banks and financial institutions have played a significant role in driving the country's economic expansion. Furthermore, Governor Adhikari urged banks to exercise vigilance in the face of natural disasters and crises when making investment decisions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Assessing the financial performance of RBBL, Governor Adhikari acknowledged the bank's resilience and competitiveness in the market despite significant fluctuations in past years. He emphasized that, as a government-owned financial institution, RBBL is currently financially robust. </span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20217', 'image' => '20240317070340_collage (51).jpg', 'article_date' => '2024-03-17 07:02:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '20489', 'article_category_id' => '1', 'title' => 'Govt Forms Taskforce to Study Problems of Microfinance Sector ', 'sub_title' => '', 'summary' => 'March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Barshaman Pun on Friday constituted the seven-member committee under the leadership of deputy governor of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee comprises the central bank's executive director to look after microfinance sector and joint secretary and under-secretary looking after the financial sector at the Ministry of Finance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Punaram (Maniram) Gyawali, Kshetra Bahadur Moktan and Luja Rai representing the microfinance victims struggle committee are also the members of the taskforce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Revenue Secretary Dr Ram Prasad Ghimire informed that the name of the taskforce coordinator will be decided by the Nepal Rastra Bank from among the two deputy governors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been directed to submit a report within 60 days after determining the problems of the microfinance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting on the report of the taskforce, necessary policy and legal reforms will be made for the regulation of microfinance institutions, the Ministry of Finance said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Friday, the government had reached a six-point agreement with the agitating microfinance victims. Point 5 of the agreement states that a taskforce would be formed to identify the problems of the sector and provide solutions. With the signing of the agreement, the agitating parties have withdrawn all the protest programmes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Microfinance Victims' Struggle Committee has been arguing that the borrowers have been facing problems in repaying loans due the earthquake, economic blockade and Covid-19 pandemic. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20216', 'image' => '20240316111149_cooperative-new.jpg', 'article_date' => '2024-03-16 11:11:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20488', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices ', 'sub_title' => '', 'summary' => 'March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. The price of petrol has been decreased by Re 1 per litre and the price of diesel by Rs 2 per litre with effect from last midnight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Accordingly, the NOC has set the market price of petrol at Rs 168.50 per litre for the first category, Rs 170 for the second category and Rs 171 per litre for the third category. Likewise, the price of diesel and kerosene has been fixed at Rs 155.50 per litre for the first category, Rs 157 for the second class and Rs 158 per litre for the third category, said Manoj Thakur, the spokesperson of the NOC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first category includes Charali, Biratnagar, Janakpur, Amlekhganj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj while the second category includes Surkhet and Dang while Kathmandu, Pokhara and Dipayal fall under the third category. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustment has been made based on a new purchase price received from Indian Oil Corporation (IOC) that supplies the fuel to the NOC. The purchase price of petrol and diesel received from IOC has decreased by Rs 1.22 and Rs 2.06 per litre respectively. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20215', 'image' => '20240316105907_petroo - Copy.jpg', 'article_date' => '2024-03-16 10:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20486', 'article_category_id' => '1', 'title' => 'UN Official Calls for Strong Partnerships to Close Energy Access Gaps ', 'sub_title' => '', 'summary' => 'March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Damilola Ogunbiyi, the special representative of the UN secretary-general for Sustainable Energy for All, addressed the Transforming Energy Access Forum 2024 in Kigali, Rwanda's capital, Wednesday, saying the power of partnerships between the private and public sectors holds the key to bridging energy access gaps and attaining SDG7. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SDG7, established by the UN General Assembly in 2015, is one of 17 Sustainable Development Goals aiming to "ensure access to affordable, reliable, sustainable, and modern energy for all" by 2030. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Ogunbiyi highlighted the significance of prioritizing decentralized renewable energy, emphasizing local investment, supporting local manufacturing, advocating for universal energy accessibility, and underscoring the critical role of powering healthcare. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the event, Rwandan Minister of Infrastructure Jimmy Gasore emphasized Kigali's commitment to achieving 100 percent energy access by 2024. "Rwanda is committed to achieving energy access for all, putting in place various energy access initiatives and adopting renewable energy resources are key to achieving SDG7," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The forum, running through Thursday, is dedicated to advancing an inclusive clean energy transition in sub-Saharan Africa, South Asia, and the Indo-Pacific region. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The event aims to address the challenges outlined in the UN's SDG midpoint review, emphasizing the need for accelerated progress in achieving SDG7, organizers said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Topics explored at the forum include energy storage, mini-grid market enablement, innovative finance mechanisms, sustainable cooling, and ensuring inclusivity in clean-energy innovation. – Xinhua/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20214', 'image' => '20240315031302_hydro.jpg', 'article_date' => '2024-03-15 15:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20485', 'article_category_id' => '1', 'title' => 'Preparations to Declare Pokhara as 'Tourism Capital' in Final Phase', 'sub_title' => '', 'summary' => 'March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital. The declaration ceremony is scheduled for March 17 and will be graced by the presence of Prime Minister Pushpa Kamal Dahal, the state-owned RSS reported. According to Kuman Singh Gurung, secretary at the Ministry of Industry, Tourism, Forest, and Environment of Gandaki Province, the announcement event will be jointly organized by the Gandaki Province government and Pokhara Metropolitan City.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">A procession featuring diverse cultural elements will kick off from Basundhara Park before the official announcement. The declaration ceremony is set to take place at Barahighat, situated on the banks of Fewa Lake.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Furthermore, Pokhara will receive its official designation as the tourism capital with the unveiling of the tourism capital marker, stated spokesperson Gurung. Additionally, a committee, headed by the Mayor of Pokhara Metropolitan City, has been established to ensure the declaration ceremony is held in a grand manner.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20213', 'image' => '20240315030036_20220327062910_lakeside (1).jpg', 'article_date' => '2024-03-15 14:58:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20487', 'article_category_id' => '1', 'title' => 'Police Intensify 'Safety Pin Campaign' to Control Sexual Harassment ', 'sub_title' => '', 'summary' => 'March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office has been deploying plain-cloth police personnel as part of the campaign in order to bring those involved in sexual harassment and theft cases under the ambit of law to control such cases after it started receiving huge number of such complaints. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight teams have been carrying out surveillance at different places of Kathmandu Valley and the campaign has been giving positive result, said the Valley Police Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 1,800 people were brought under control in the current fiscal year under the campaign. Of them, cases were filed against 178 people while more than 1,600 people were released asking them not to repeat such offences, added Chief of the Kathmandu Valley Police Office, Additional Inspector General, Deepak Thapa. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned, the police had launched the campaign from 2074 BS and it is underway by approving the action plan from 2077 BS. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20212', 'image' => '20240315031612_blank eight by six.jpg', 'article_date' => '2024-03-15 15:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20484', 'article_category_id' => '1', 'title' => 'Strife Among Powerful Nations Poses Challenges before Small States: CoAS Sharma ', 'sub_title' => '', 'summary' => 'March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the high level national security training organized jointly by the Defense Ministry and Nepali Army at Army Command and Staff College on Wednesday, CoAS Sharma said that common concept and understanding and coordination is needed for it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"By analyzing and studying the national and international atmospheres, it is imperative to formulate and implement policy for protecting national interest," he said, adding that the direct and indirect strife among powerful states has posed challenges before small states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the context of Nepal, the army chief said that the challenges faced by the country are geopolitical sensitivity, open border and interest of powerful states. Even the religious and communal conflict and covert activities of some separatist groups are affecting national security, he reminded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CoAS Sharma further said that various aspects of traditional and modern security concerns along with socioeconomic and development landscapes should be studied well by all agencies so that national policy and laws would enforced effectively. The national security policy and strategy need change as per the changing global security scenario, he shared his view. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Defense Secretary Kiran Raj Sharma said multi sectoral dialogue, coordination and cooperation are needed to strengthen national security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ninth edition of the high level training has participation of 30 persons from diverse sectors including ministries, constitutional bodies, university, CSO, media, Nepalese Army, Nepal Police, Armed Police Force, and the National Investigation Department. It will last for two weeks. A total of 173 persons have been trained so far since 2072 BS. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20211', 'image' => '20240314123855_RSS.jpg', 'article_date' => '2024-03-14 12:38:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20483', 'article_category_id' => '1', 'title' => 'Viber Officially Registered in Nepal', 'sub_title' => '', 'summary' => 'March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.<br /> The ‘Directives on the Operation of Social Networking 2023’, passed by the Cabinet on November 9, 2023, makes it mandatory for social media sites such as Facebook, X (formerly Twitter), TikTok and YouTube, among others, to open their liaison offices in Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The government said the measure was introduced in light of an increasing number of people complaining that the absence of the companies’ representatives in Nepal made it difficult for the authorities to address their users’ concerns and even to remove objectionable content from the platforms. The directives include a 19-point not-to-do list for the users of platforms like Facebook, X, TikTok, YouTube and Instagram.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Communication and Information Technology, Viber has been registered in Nepal after completing the prescribed process according to the directives approved by the Cabinet. "Viber has been issued the registration certificate," said a senior official at the ministry, "Linked-In has also applied for the registration."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Interestingly, the Asia Internet Coalition (AIC) on Tuesday, had urged the Nepal government to implement a moratorium on the registration of social media platforms in Nepal until the Social Media Bill is finalized. Sending a letter to the Minister of Communication and Information Technology on March 12, the AIC has stated the proposed legislation, in its present form, poses significant challenges that, if not addressed comprehensively, will render both the Directive and Social Media Bill unworkable and could undermine the potential growth of Nepal's digital economy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20210', 'image' => '20240314121916_article.jpg', 'article_date' => '2024-03-14 12:18:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20482', 'article_category_id' => '1', 'title' => 'NAC Issues Second Notice for $1.01 Billion Loans amid Lender Disinterest', 'sub_title' => '', 'summary' => 'March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time. In its second notice published on Wednesday, NAC is soliciting institutions to provide loans totaling $1.01 billion (Rs 135 billion).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The debt-ridden national flag carrier, on January 23, had issued its initial notice for a loan, primarily for the repayment of its existing outstanding debts. Following a lack of interest from any entities within the initial 45-day window, the corporation has now released a second notice. This notice sets a new deadline of April 11, 2024, in hopes of securing a lending partner.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The expression of interest is open to domestic and foreign government institutions as well as non-governmental financial institutions. According to the proposal, Nepal Airlines is seeking Rs 55 billion (equivalent to $415 million) for managing its existing loans or for swapping its current debts with credit obtained from international lenders. Additionally, the airline is seeking Rs 75 billion (approximately $565 million) for the procurement of new aircraft and Rs 5 billion (around $38 million) for setting up hangars.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The carrier stated in the proposal that the loan would be on a normal fixed interest rate with a repayment period of 25 years subject to extension in mutual understanding.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20209', 'image' => '20240314104735_naccccc.jpg', 'article_date' => '2024-03-14 10:46:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20481', 'article_category_id' => '1', 'title' => '17 Banks Lower their Interest Rates for Chaitra', 'sub_title' => '', 'summary' => 'Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On average, the interest rates of banks have decreased by 0.5042 percentage points. The highest average interest rate offered by banks, previously at 7.75 percentage points for individual fixed deposits in Falgun, has now dropped to 7.25 percentage points for Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Conversely, the interest rates for institutional fixed deposits offered by banks have seen an increase. The maximum average interest rate for banks' institutional fixed deposits, previously at 5.74 percentage points in Falgun, has risen by 0.26 percentage points to reach 6 percentage points in Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the month of Chaitra, NIC Asia Bank has offered the highest interest rate of 8.54 percent on individual fixed deposits, up from 8 percent in Falgun. Similarly, the bank has also elevated its interest rate on institutional fixed deposits to 7.54 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Everest Bank and NMB Bank have notably reduced their interest rates the most compared to Falgun. Both banks have decreased their maximum interest rates on individual fixed deposits by 1.5 percentage points and on institutional fixed deposits by 0.5 percentage points.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhu Bank and Global IME Bank have maintained their interest rates from the previous month on individual fixed deposits, offering a steady 7.5 percent. However, the maximum interest rate on institutional fixed deposits from these banks has increased by 1 percentage point.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank offers the lowest interest rates among the commercial banks. It provides a maximum interest rate of 5.661 percent on individual fixed deposits and a maximum rate of 4.01 percent on institutional fixed deposits.</span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20208', 'image' => '20240313080848_Banks - Copy.jpg', 'article_date' => '2024-03-13 20:07:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20480', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Minimal Decline', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">March 13: The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Throughout the trading session, a total of 310 stocks were traded via 73,506 transactions, resulting in a turnover of Rs 4.24 billion from 10,889,634 shares traded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Shivam Cements Limited (SHIVM) led in transaction volume, with a turnover of Rs 25 crores. Among individual stocks, Wean Nepal Laghubitta Bittiya Sanstha (WNLB) experienced the highest gain of 9.99%, closing at Rs 1051 per share, while Upper Tamakoshi Hydropower Limited (UPPER) suffered the largest loss, dropping by 10% to Rs 183.60 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Regarding sub-indices, six indices including Development Index, Finance Index, Life Insurance, Microfinance Index, Mutual Fund, and Others Index ended positively, while the remaining indices closed in the negative territory.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20207', 'image' => '20240313034201_collage (12).jpg', 'article_date' => '2024-03-13 15:40:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '20479', 'article_category_id' => '1', 'title' => 'Police Unable to Trace Rs 1 Million Siphoned by Hacker from Bank Accounts', 'sub_title' => '', 'summary' => 'March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shivanandan Mehta of Inaruwa, Sunsari was in disbelief to learn that his account number 01001117001327 maintained at Sanima Bank's Inruwa branch was debited by Rs 900,000 in the morning of January 24.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the same day, Rs 110,000 was withdrawn from Lumbini Bank’s account number 01711600063202000001 in the name of his mother Rusni Devi Mehta. The hacker withdrew the amount through Connect IPS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rs 900,000 withdrawn from Sivanandan's account was sent to Parameshwar Thapa Chhetri’s account in NIC Asia Bank, Buddhachowk branch. It seems that the money from the mother's account was sent to an account in Siddharth Bank Limited and withdrawn several times. According to Mehta, the amount was stolen by hacking his email and password.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mehta says that the hacker managed to withdraw funds from the account due to the negligence of NIC Asia Bank and Sanima Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After receiving an alert on his mobile phone that the money had been withdrawn from the account, he contacted the bank and informed that the account was hacked and the money was stolen, but the bank was not interested in taking immediate action, Mehta told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“I went to the concerned bank within 5 minutes after receiving the money transfer alert from the bank on my mobile and informed them, but they were not interested. If the bank had immediately suspended the account of the unauthorized person, he could not have withdrawn the money,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As soon as NIC Asia Bank said that the account could not be closed, Mehta called the office of Connect IPS and asked them to freeze the money, but after the office said that the money had already been transferred and they could not do anything.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials of Sanima Bank in Koshi Province claim that as soon as the victim gave the information, the bank tried to freeze the amount. However, the attempt was not successful as the hacker had already withdrawn the money.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The amount was withdrawn from the hacker’s account before we got the information,” said the official, “There was nothing we could do.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The police could not catch him</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After the hacker stole a large amount of money, Mehta also filed a complaint at the District Police Office, Sunsari. The police registered a complaint. However, the hacker has not been caught yet. According to Mehta, the police are investigating the case.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Senior Superintendent of Police (SSP) Dan Bahadur Karki says that it is difficult to catch the culprits of such incidents immediately. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have started an investigation after receiving the complaint," said SSP Karki in a conversation with New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Karki says that in recent times, maintaining weak passwords and keeping all the details in the mobile phone makes it easier for hackers to access the account details of people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The victim, Mehta, has appealed from Nepal Rastra Bank to the Ministry of Home Affairs. After the hacker suddenly swindled the large amount of his hard-earned money, he appealed to Singh Darbar for justice. Even though he pleaded to the home ministry, finance ministry and prime minister's office inside the Singh Darbar take initiative to bring back the money, no one listened, says Mehta adding that he submitted an application to Nepal Rastra Bank, Baluwatar on January 29.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal Rastra Bank says that they have tightened monitoring and investigation due to the increase in such incidents in recent days. The central bank has formed a separate unit to investigate such incidents. Executive Director of Nepal Rastra Bank Dr. Prakash Kumar Shrestha said that fraud cases have started to increase with the increase in digital transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Such incidents have increased due to the use of weak passwords and misuse of OTP (One Time Password). We are sensitive about it," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said that Rashtra Bank is moving towards strengthening the overall banking security system by increasing financial literacy to meet the challenges.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20206', 'image' => '20240313031110_banknotes.jpg', 'article_date' => '2024-03-13 15:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20478', 'article_category_id' => '1', 'title' => 'Draft Bill on IT and Cyber Security Seeks Use of Innovative Technology ', 'sub_title' => '', 'summary' => 'March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. It has stated that artificial intelligence, machine learning, block chain, and IoT should be used in a transparent, accountable, safe and respectful manner. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the draft bill, the Ministry of Communications and Information Technology has sought feedback on the bill within two weeks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes the Government of Nepal to set up a centre for excellence for research and development of the new technologies such as AI, machine learning and block chain. Issues such as electronic records, data, originator of records, invocation of law of contract for electronic transaction, digital signature, public service delivery via electronic medium, technical audit of IT, vetting, operation, regulation and management of domain name, registration of IT industry and business, information/data safety and privacy, digital harassment, collection of personal details, establishment of cyber security centre, data centre and cloud, are included in the bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Critical IT infrastructures, cyber monitoring of critical IT infrastructures, cyber security audit and auditor for it, activities banned on cyber space, crime and punishment, use of digital forensic, and establishment of IT tribunal are other topics in the draft bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the data safety, none is allowed to disrupt harmonious relations among federal units, nationality or national unity, dignity, national security, sovereignty, territorial integrity by means of electronic system. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes banning cyber bulling, cyber harassment, production and distribution of indecent content, and cyber scam. Theft of data and code is punishable, as per the proposed bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the draft bill, the government would not collect personal data unless required by the law. In case of the need to collect personal information, he/she would be informed mandatorily before it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the bill, every government body and public corporation is asked to run its own website to provide service and share information. The development/design of website to be operated by these bodies should be similar and meet standard set by the Ministry of Communications and Information Technology. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, any individual or office willing to register np domain needs to get it registered at the department, submitting necessary fee. The domain name needs to be renewed every two years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Individuals or companies willing to provide cyber security service are also required to get license. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The draft bill is available at https://api.giwms.gov.np/storage/22/posts/1710050856_14.pdf. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20205', 'image' => '20240313023133_cybersecurity-freepik.jpg', 'article_date' => '2024-03-13 14:30:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20477', 'article_category_id' => '1', 'title' => 'NIA Tightens the Screws on Investment of Insurance Companies', 'sub_title' => '', 'summary' => 'March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NIA had revised the investment guidelines only three months ago to ease the investment in these sectors but made a u-turn recently and revised the directive to tighten the investment in those areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The authority has instructed the insurance companies to submit additional details for approval of investment in tourism and airline sectors, education and health, agriculture, cable car and real estate business. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the instructions of the NIA, the insurance companies need to submit due diligence and feasibility study report for investment in tourism and airline sector, due diligence report for agriculture sector, 10-year business plan for cable car and feasibility study report for real estate sector. Companies can invest in these areas only after the approval from the insurance authority.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Earlier in December, the NIA had revised the investment guidelines and expanded the area and scope of investment for insurance companies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the new guidelines, the insurance companies require prior approval from the NIA to invest in private equity and venture capital funds in infrastructure and productive sectors such as real estate business and water resources, agriculture, tourism, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the pre-approval of the NIA is also required to invest in areas other than those specified in the directive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rajuraman Paudel, executive director of the authority, said that the directives have been revised to further manage the investments in the areas opened by the guidelines. He says that this will protect the investment of insurance companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, insurance companies are allowed to invest in a dozen areas determined by the authority. However, the investment of companies is focused on term deposits of banks and financial institutions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NIA’s data, as of mid-January of the current fiscal year, life insurance companies have invested a total of Rs 635 billion, non-life insurance companies Rs 62.32 billion, micro life insurance Rs 1.49 billion, non-life micro insurance Rs 1.41 billion and reinsurance companies Rs 35.74 billion. More than 60 percent of the total investment of the insurance companies is in fixed deposits of banks and financial institutions. After fixed deposits, they have invested in shares of companies listed in the secondary market of securities, government bonds, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After insurance companies complained that they were not able to diversify their investments, the then Insurance Board (currently Nepal Insurance Authority) revised the investment guidelines five years ago, paving the way for companies to invest in infrastructure and productive sectors including real estate business and water resources, agriculture, tourism, in addition to fixed deposits and shares. However, even after five years of the changes in the guidelines, companies have not been able to invest in new areas.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20204', 'image' => '20240313011018_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-03-13 13:09:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20491', 'article_category_id' => '1', 'title' => 'Experts Urge Banks and Financial Institutions to Invest in Productive Sector ', 'sub_title' => '', 'summary' => 'March 16: Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the expectations.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: </span><span style="font-family:"Segoe UI","sans-serif"">Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the expectations.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the 'RBBL Management Conference 2024' held in the capital on Saturday, experts 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 become competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking on the occasion, Nepal Rastra Bank (NRB) Director Dr Prakash Kumar Shrestha said it has become difficult to understand the government’s finances after the country adopted the federal structure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A huge sum of money has been dumped in the state coffers, 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director Shrestha claimed that the problem in the cooperative sector has affected the banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the private sector has not become optimistic despite gradual improvements, including positive liquidity situation, good foreign exchange reserves and lowering interest rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy has not witnessed anticipated reforms due to shrinking internal demand, shortfall of workforce and fall in productivity, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former President of the 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rana urged the government to hold adequate discussions with the private sector in determining plans in the next fiscal year's budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ex-banker Parshuram Kunwar 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 to adopt information technology and expand investment in the field of innovation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Fin-tech expert Sanjeev Subba said cyber security challenges are increasing in the banking sector so investment should be mulled to avert such issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pointed out the need to develop infrastructure for information technology in public service delivery. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the organizer Rastriya Banijya Bank, the conference was organized to discuss among economists, banking experts and entrepreneurs about the challenges faced by the national economy and the banking sector and guide for sustainable banking development in the coming days. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20218', 'image' => '20240317111151_Banks - Copy.jpg', 'article_date' => '2024-03-17 11:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20490', 'article_category_id' => '1', 'title' => 'Curb Lending to Unproductive Sector, says Governor Adhikari', 'sub_title' => '', 'summary' => 'Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 17: Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 'RBBL Management Conference 2024' organized by Rastriya Banijya Bank, Governor Adhikari underscored the importance of aligning banking activities with national interests and fostering production growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Governor Adhikari also shed light on the importance of regulatory bodies providing sectoral loans to incentivize investment in productive sectors. He emphasized the banking sector's responsibility in warding off threats from various sectors and stressed the significance of integrity and accountability in banking operations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding long-term and sustainable investment in green infrastructure, Governor Adhikari emphasized its priority for Nepal, urging banks and financial institutions to prioritize such investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari noted that the contributions made by banks and financial institutions have played a significant role in driving the country's economic expansion. Furthermore, Governor Adhikari urged banks to exercise vigilance in the face of natural disasters and crises when making investment decisions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Assessing the financial performance of RBBL, Governor Adhikari acknowledged the bank's resilience and competitiveness in the market despite significant fluctuations in past years. He emphasized that, as a government-owned financial institution, RBBL is currently financially robust. </span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20217', 'image' => '20240317070340_collage (51).jpg', 'article_date' => '2024-03-17 07:02:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '20489', 'article_category_id' => '1', 'title' => 'Govt Forms Taskforce to Study Problems of Microfinance Sector ', 'sub_title' => '', 'summary' => 'March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Barshaman Pun on Friday constituted the seven-member committee under the leadership of deputy governor of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee comprises the central bank's executive director to look after microfinance sector and joint secretary and under-secretary looking after the financial sector at the Ministry of Finance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Punaram (Maniram) Gyawali, Kshetra Bahadur Moktan and Luja Rai representing the microfinance victims struggle committee are also the members of the taskforce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Revenue Secretary Dr Ram Prasad Ghimire informed that the name of the taskforce coordinator will be decided by the Nepal Rastra Bank from among the two deputy governors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been directed to submit a report within 60 days after determining the problems of the microfinance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting on the report of the taskforce, necessary policy and legal reforms will be made for the regulation of microfinance institutions, the Ministry of Finance said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Friday, the government had reached a six-point agreement with the agitating microfinance victims. Point 5 of the agreement states that a taskforce would be formed to identify the problems of the sector and provide solutions. With the signing of the agreement, the agitating parties have withdrawn all the protest programmes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Microfinance Victims' Struggle Committee has been arguing that the borrowers have been facing problems in repaying loans due the earthquake, economic blockade and Covid-19 pandemic. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20216', 'image' => '20240316111149_cooperative-new.jpg', 'article_date' => '2024-03-16 11:11:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20488', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices ', 'sub_title' => '', 'summary' => 'March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. The price of petrol has been decreased by Re 1 per litre and the price of diesel by Rs 2 per litre with effect from last midnight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Accordingly, the NOC has set the market price of petrol at Rs 168.50 per litre for the first category, Rs 170 for the second category and Rs 171 per litre for the third category. Likewise, the price of diesel and kerosene has been fixed at Rs 155.50 per litre for the first category, Rs 157 for the second class and Rs 158 per litre for the third category, said Manoj Thakur, the spokesperson of the NOC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first category includes Charali, Biratnagar, Janakpur, Amlekhganj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj while the second category includes Surkhet and Dang while Kathmandu, Pokhara and Dipayal fall under the third category. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustment has been made based on a new purchase price received from Indian Oil Corporation (IOC) that supplies the fuel to the NOC. The purchase price of petrol and diesel received from IOC has decreased by Rs 1.22 and Rs 2.06 per litre respectively. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20215', 'image' => '20240316105907_petroo - Copy.jpg', 'article_date' => '2024-03-16 10:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20486', 'article_category_id' => '1', 'title' => 'UN Official Calls for Strong Partnerships to Close Energy Access Gaps ', 'sub_title' => '', 'summary' => 'March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Damilola Ogunbiyi, the special representative of the UN secretary-general for Sustainable Energy for All, addressed the Transforming Energy Access Forum 2024 in Kigali, Rwanda's capital, Wednesday, saying the power of partnerships between the private and public sectors holds the key to bridging energy access gaps and attaining SDG7. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SDG7, established by the UN General Assembly in 2015, is one of 17 Sustainable Development Goals aiming to "ensure access to affordable, reliable, sustainable, and modern energy for all" by 2030. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Ogunbiyi highlighted the significance of prioritizing decentralized renewable energy, emphasizing local investment, supporting local manufacturing, advocating for universal energy accessibility, and underscoring the critical role of powering healthcare. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the event, Rwandan Minister of Infrastructure Jimmy Gasore emphasized Kigali's commitment to achieving 100 percent energy access by 2024. "Rwanda is committed to achieving energy access for all, putting in place various energy access initiatives and adopting renewable energy resources are key to achieving SDG7," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The forum, running through Thursday, is dedicated to advancing an inclusive clean energy transition in sub-Saharan Africa, South Asia, and the Indo-Pacific region. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The event aims to address the challenges outlined in the UN's SDG midpoint review, emphasizing the need for accelerated progress in achieving SDG7, organizers said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Topics explored at the forum include energy storage, mini-grid market enablement, innovative finance mechanisms, sustainable cooling, and ensuring inclusivity in clean-energy innovation. – Xinhua/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20214', 'image' => '20240315031302_hydro.jpg', 'article_date' => '2024-03-15 15:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20485', 'article_category_id' => '1', 'title' => 'Preparations to Declare Pokhara as 'Tourism Capital' in Final Phase', 'sub_title' => '', 'summary' => 'March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital. The declaration ceremony is scheduled for March 17 and will be graced by the presence of Prime Minister Pushpa Kamal Dahal, the state-owned RSS reported. According to Kuman Singh Gurung, secretary at the Ministry of Industry, Tourism, Forest, and Environment of Gandaki Province, the announcement event will be jointly organized by the Gandaki Province government and Pokhara Metropolitan City.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">A procession featuring diverse cultural elements will kick off from Basundhara Park before the official announcement. The declaration ceremony is set to take place at Barahighat, situated on the banks of Fewa Lake.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Furthermore, Pokhara will receive its official designation as the tourism capital with the unveiling of the tourism capital marker, stated spokesperson Gurung. Additionally, a committee, headed by the Mayor of Pokhara Metropolitan City, has been established to ensure the declaration ceremony is held in a grand manner.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20213', 'image' => '20240315030036_20220327062910_lakeside (1).jpg', 'article_date' => '2024-03-15 14:58:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20487', 'article_category_id' => '1', 'title' => 'Police Intensify 'Safety Pin Campaign' to Control Sexual Harassment ', 'sub_title' => '', 'summary' => 'March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office has been deploying plain-cloth police personnel as part of the campaign in order to bring those involved in sexual harassment and theft cases under the ambit of law to control such cases after it started receiving huge number of such complaints. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight teams have been carrying out surveillance at different places of Kathmandu Valley and the campaign has been giving positive result, said the Valley Police Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 1,800 people were brought under control in the current fiscal year under the campaign. Of them, cases were filed against 178 people while more than 1,600 people were released asking them not to repeat such offences, added Chief of the Kathmandu Valley Police Office, Additional Inspector General, Deepak Thapa. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned, the police had launched the campaign from 2074 BS and it is underway by approving the action plan from 2077 BS. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20212', 'image' => '20240315031612_blank eight by six.jpg', 'article_date' => '2024-03-15 15:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20484', 'article_category_id' => '1', 'title' => 'Strife Among Powerful Nations Poses Challenges before Small States: CoAS Sharma ', 'sub_title' => '', 'summary' => 'March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the high level national security training organized jointly by the Defense Ministry and Nepali Army at Army Command and Staff College on Wednesday, CoAS Sharma said that common concept and understanding and coordination is needed for it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"By analyzing and studying the national and international atmospheres, it is imperative to formulate and implement policy for protecting national interest," he said, adding that the direct and indirect strife among powerful states has posed challenges before small states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the context of Nepal, the army chief said that the challenges faced by the country are geopolitical sensitivity, open border and interest of powerful states. Even the religious and communal conflict and covert activities of some separatist groups are affecting national security, he reminded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CoAS Sharma further said that various aspects of traditional and modern security concerns along with socioeconomic and development landscapes should be studied well by all agencies so that national policy and laws would enforced effectively. The national security policy and strategy need change as per the changing global security scenario, he shared his view. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Defense Secretary Kiran Raj Sharma said multi sectoral dialogue, coordination and cooperation are needed to strengthen national security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ninth edition of the high level training has participation of 30 persons from diverse sectors including ministries, constitutional bodies, university, CSO, media, Nepalese Army, Nepal Police, Armed Police Force, and the National Investigation Department. It will last for two weeks. A total of 173 persons have been trained so far since 2072 BS. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20211', 'image' => '20240314123855_RSS.jpg', 'article_date' => '2024-03-14 12:38:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20483', 'article_category_id' => '1', 'title' => 'Viber Officially Registered in Nepal', 'sub_title' => '', 'summary' => 'March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.<br /> The ‘Directives on the Operation of Social Networking 2023’, passed by the Cabinet on November 9, 2023, makes it mandatory for social media sites such as Facebook, X (formerly Twitter), TikTok and YouTube, among others, to open their liaison offices in Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The government said the measure was introduced in light of an increasing number of people complaining that the absence of the companies’ representatives in Nepal made it difficult for the authorities to address their users’ concerns and even to remove objectionable content from the platforms. The directives include a 19-point not-to-do list for the users of platforms like Facebook, X, TikTok, YouTube and Instagram.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Communication and Information Technology, Viber has been registered in Nepal after completing the prescribed process according to the directives approved by the Cabinet. "Viber has been issued the registration certificate," said a senior official at the ministry, "Linked-In has also applied for the registration."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Interestingly, the Asia Internet Coalition (AIC) on Tuesday, had urged the Nepal government to implement a moratorium on the registration of social media platforms in Nepal until the Social Media Bill is finalized. Sending a letter to the Minister of Communication and Information Technology on March 12, the AIC has stated the proposed legislation, in its present form, poses significant challenges that, if not addressed comprehensively, will render both the Directive and Social Media Bill unworkable and could undermine the potential growth of Nepal's digital economy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20210', 'image' => '20240314121916_article.jpg', 'article_date' => '2024-03-14 12:18:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20482', 'article_category_id' => '1', 'title' => 'NAC Issues Second Notice for $1.01 Billion Loans amid Lender Disinterest', 'sub_title' => '', 'summary' => 'March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time. In its second notice published on Wednesday, NAC is soliciting institutions to provide loans totaling $1.01 billion (Rs 135 billion).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The debt-ridden national flag carrier, on January 23, had issued its initial notice for a loan, primarily for the repayment of its existing outstanding debts. Following a lack of interest from any entities within the initial 45-day window, the corporation has now released a second notice. This notice sets a new deadline of April 11, 2024, in hopes of securing a lending partner.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The expression of interest is open to domestic and foreign government institutions as well as non-governmental financial institutions. According to the proposal, Nepal Airlines is seeking Rs 55 billion (equivalent to $415 million) for managing its existing loans or for swapping its current debts with credit obtained from international lenders. Additionally, the airline is seeking Rs 75 billion (approximately $565 million) for the procurement of new aircraft and Rs 5 billion (around $38 million) for setting up hangars.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The carrier stated in the proposal that the loan would be on a normal fixed interest rate with a repayment period of 25 years subject to extension in mutual understanding.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20209', 'image' => '20240314104735_naccccc.jpg', 'article_date' => '2024-03-14 10:46:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20481', 'article_category_id' => '1', 'title' => '17 Banks Lower their Interest Rates for Chaitra', 'sub_title' => '', 'summary' => 'Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On average, the interest rates of banks have decreased by 0.5042 percentage points. The highest average interest rate offered by banks, previously at 7.75 percentage points for individual fixed deposits in Falgun, has now dropped to 7.25 percentage points for Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Conversely, the interest rates for institutional fixed deposits offered by banks have seen an increase. The maximum average interest rate for banks' institutional fixed deposits, previously at 5.74 percentage points in Falgun, has risen by 0.26 percentage points to reach 6 percentage points in Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the month of Chaitra, NIC Asia Bank has offered the highest interest rate of 8.54 percent on individual fixed deposits, up from 8 percent in Falgun. Similarly, the bank has also elevated its interest rate on institutional fixed deposits to 7.54 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Everest Bank and NMB Bank have notably reduced their interest rates the most compared to Falgun. Both banks have decreased their maximum interest rates on individual fixed deposits by 1.5 percentage points and on institutional fixed deposits by 0.5 percentage points.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhu Bank and Global IME Bank have maintained their interest rates from the previous month on individual fixed deposits, offering a steady 7.5 percent. However, the maximum interest rate on institutional fixed deposits from these banks has increased by 1 percentage point.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank offers the lowest interest rates among the commercial banks. It provides a maximum interest rate of 5.661 percent on individual fixed deposits and a maximum rate of 4.01 percent on institutional fixed deposits.</span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20208', 'image' => '20240313080848_Banks - Copy.jpg', 'article_date' => '2024-03-13 20:07:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20480', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Minimal Decline', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">March 13: The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Throughout the trading session, a total of 310 stocks were traded via 73,506 transactions, resulting in a turnover of Rs 4.24 billion from 10,889,634 shares traded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Shivam Cements Limited (SHIVM) led in transaction volume, with a turnover of Rs 25 crores. Among individual stocks, Wean Nepal Laghubitta Bittiya Sanstha (WNLB) experienced the highest gain of 9.99%, closing at Rs 1051 per share, while Upper Tamakoshi Hydropower Limited (UPPER) suffered the largest loss, dropping by 10% to Rs 183.60 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Regarding sub-indices, six indices including Development Index, Finance Index, Life Insurance, Microfinance Index, Mutual Fund, and Others Index ended positively, while the remaining indices closed in the negative territory.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20207', 'image' => '20240313034201_collage (12).jpg', 'article_date' => '2024-03-13 15:40:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '20479', 'article_category_id' => '1', 'title' => 'Police Unable to Trace Rs 1 Million Siphoned by Hacker from Bank Accounts', 'sub_title' => '', 'summary' => 'March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shivanandan Mehta of Inaruwa, Sunsari was in disbelief to learn that his account number 01001117001327 maintained at Sanima Bank's Inruwa branch was debited by Rs 900,000 in the morning of January 24.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the same day, Rs 110,000 was withdrawn from Lumbini Bank’s account number 01711600063202000001 in the name of his mother Rusni Devi Mehta. The hacker withdrew the amount through Connect IPS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rs 900,000 withdrawn from Sivanandan's account was sent to Parameshwar Thapa Chhetri’s account in NIC Asia Bank, Buddhachowk branch. It seems that the money from the mother's account was sent to an account in Siddharth Bank Limited and withdrawn several times. According to Mehta, the amount was stolen by hacking his email and password.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mehta says that the hacker managed to withdraw funds from the account due to the negligence of NIC Asia Bank and Sanima Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After receiving an alert on his mobile phone that the money had been withdrawn from the account, he contacted the bank and informed that the account was hacked and the money was stolen, but the bank was not interested in taking immediate action, Mehta told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“I went to the concerned bank within 5 minutes after receiving the money transfer alert from the bank on my mobile and informed them, but they were not interested. If the bank had immediately suspended the account of the unauthorized person, he could not have withdrawn the money,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As soon as NIC Asia Bank said that the account could not be closed, Mehta called the office of Connect IPS and asked them to freeze the money, but after the office said that the money had already been transferred and they could not do anything.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials of Sanima Bank in Koshi Province claim that as soon as the victim gave the information, the bank tried to freeze the amount. However, the attempt was not successful as the hacker had already withdrawn the money.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The amount was withdrawn from the hacker’s account before we got the information,” said the official, “There was nothing we could do.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The police could not catch him</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After the hacker stole a large amount of money, Mehta also filed a complaint at the District Police Office, Sunsari. The police registered a complaint. However, the hacker has not been caught yet. According to Mehta, the police are investigating the case.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Senior Superintendent of Police (SSP) Dan Bahadur Karki says that it is difficult to catch the culprits of such incidents immediately. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have started an investigation after receiving the complaint," said SSP Karki in a conversation with New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Karki says that in recent times, maintaining weak passwords and keeping all the details in the mobile phone makes it easier for hackers to access the account details of people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The victim, Mehta, has appealed from Nepal Rastra Bank to the Ministry of Home Affairs. After the hacker suddenly swindled the large amount of his hard-earned money, he appealed to Singh Darbar for justice. Even though he pleaded to the home ministry, finance ministry and prime minister's office inside the Singh Darbar take initiative to bring back the money, no one listened, says Mehta adding that he submitted an application to Nepal Rastra Bank, Baluwatar on January 29.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal Rastra Bank says that they have tightened monitoring and investigation due to the increase in such incidents in recent days. The central bank has formed a separate unit to investigate such incidents. Executive Director of Nepal Rastra Bank Dr. Prakash Kumar Shrestha said that fraud cases have started to increase with the increase in digital transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Such incidents have increased due to the use of weak passwords and misuse of OTP (One Time Password). We are sensitive about it," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said that Rashtra Bank is moving towards strengthening the overall banking security system by increasing financial literacy to meet the challenges.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20206', 'image' => '20240313031110_banknotes.jpg', 'article_date' => '2024-03-13 15:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20478', 'article_category_id' => '1', 'title' => 'Draft Bill on IT and Cyber Security Seeks Use of Innovative Technology ', 'sub_title' => '', 'summary' => 'March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. It has stated that artificial intelligence, machine learning, block chain, and IoT should be used in a transparent, accountable, safe and respectful manner. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the draft bill, the Ministry of Communications and Information Technology has sought feedback on the bill within two weeks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes the Government of Nepal to set up a centre for excellence for research and development of the new technologies such as AI, machine learning and block chain. Issues such as electronic records, data, originator of records, invocation of law of contract for electronic transaction, digital signature, public service delivery via electronic medium, technical audit of IT, vetting, operation, regulation and management of domain name, registration of IT industry and business, information/data safety and privacy, digital harassment, collection of personal details, establishment of cyber security centre, data centre and cloud, are included in the bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Critical IT infrastructures, cyber monitoring of critical IT infrastructures, cyber security audit and auditor for it, activities banned on cyber space, crime and punishment, use of digital forensic, and establishment of IT tribunal are other topics in the draft bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the data safety, none is allowed to disrupt harmonious relations among federal units, nationality or national unity, dignity, national security, sovereignty, territorial integrity by means of electronic system. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes banning cyber bulling, cyber harassment, production and distribution of indecent content, and cyber scam. Theft of data and code is punishable, as per the proposed bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the draft bill, the government would not collect personal data unless required by the law. In case of the need to collect personal information, he/she would be informed mandatorily before it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the bill, every government body and public corporation is asked to run its own website to provide service and share information. The development/design of website to be operated by these bodies should be similar and meet standard set by the Ministry of Communications and Information Technology. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, any individual or office willing to register np domain needs to get it registered at the department, submitting necessary fee. The domain name needs to be renewed every two years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Individuals or companies willing to provide cyber security service are also required to get license. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The draft bill is available at https://api.giwms.gov.np/storage/22/posts/1710050856_14.pdf. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20205', 'image' => '20240313023133_cybersecurity-freepik.jpg', 'article_date' => '2024-03-13 14:30:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20477', 'article_category_id' => '1', 'title' => 'NIA Tightens the Screws on Investment of Insurance Companies', 'sub_title' => '', 'summary' => 'March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NIA had revised the investment guidelines only three months ago to ease the investment in these sectors but made a u-turn recently and revised the directive to tighten the investment in those areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The authority has instructed the insurance companies to submit additional details for approval of investment in tourism and airline sectors, education and health, agriculture, cable car and real estate business. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the instructions of the NIA, the insurance companies need to submit due diligence and feasibility study report for investment in tourism and airline sector, due diligence report for agriculture sector, 10-year business plan for cable car and feasibility study report for real estate sector. Companies can invest in these areas only after the approval from the insurance authority.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Earlier in December, the NIA had revised the investment guidelines and expanded the area and scope of investment for insurance companies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the new guidelines, the insurance companies require prior approval from the NIA to invest in private equity and venture capital funds in infrastructure and productive sectors such as real estate business and water resources, agriculture, tourism, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the pre-approval of the NIA is also required to invest in areas other than those specified in the directive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rajuraman Paudel, executive director of the authority, said that the directives have been revised to further manage the investments in the areas opened by the guidelines. He says that this will protect the investment of insurance companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, insurance companies are allowed to invest in a dozen areas determined by the authority. However, the investment of companies is focused on term deposits of banks and financial institutions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NIA’s data, as of mid-January of the current fiscal year, life insurance companies have invested a total of Rs 635 billion, non-life insurance companies Rs 62.32 billion, micro life insurance Rs 1.49 billion, non-life micro insurance Rs 1.41 billion and reinsurance companies Rs 35.74 billion. More than 60 percent of the total investment of the insurance companies is in fixed deposits of banks and financial institutions. After fixed deposits, they have invested in shares of companies listed in the secondary market of securities, government bonds, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After insurance companies complained that they were not able to diversify their investments, the then Insurance Board (currently Nepal Insurance Authority) revised the investment guidelines five years ago, paving the way for companies to invest in infrastructure and productive sectors including real estate business and water resources, agriculture, tourism, in addition to fixed deposits and shares. However, even after five years of the changes in the guidelines, companies have not been able to invest in new areas.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20204', 'image' => '20240313011018_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-03-13 13:09:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '20491', 'article_category_id' => '1', 'title' => 'Experts Urge Banks and Financial Institutions to Invest in Productive Sector ', 'sub_title' => '', 'summary' => 'March 16: Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the expectations.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: </span><span style="font-family:"Segoe UI","sans-serif"">Experts say that the credit flow from banks and financial institutions is almost equivalent to Nepal's gross domestic product (GDP), but its contribution to the country's economic growth has not met the expectations.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the 'RBBL Management Conference 2024' held in the capital on Saturday, experts 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 become competitive. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also speaking on the occasion, Nepal Rastra Bank (NRB) Director Dr Prakash Kumar Shrestha said it has become difficult to understand the government’s finances after the country adopted the federal structure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A huge sum of money has been dumped in the state coffers, 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Director Shrestha claimed that the problem in the cooperative sector has affected the banks and financial institutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He added that the private sector has not become optimistic despite gradual improvements, including positive liquidity situation, good foreign exchange reserves and lowering interest rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The economy has not witnessed anticipated reforms due to shrinking internal demand, shortfall of workforce and fall in productivity, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former President of the 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rana urged the government to hold adequate discussions with the private sector in determining plans in the next fiscal year's budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ex-banker Parshuram Kunwar 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. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">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 to adopt information technology and expand investment in the field of innovation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Fin-tech expert Sanjeev Subba said cyber security challenges are increasing in the banking sector so investment should be mulled to avert such issues. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He pointed out the need to develop infrastructure for information technology in public service delivery. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the organizer Rastriya Banijya Bank, the conference was organized to discuss among economists, banking experts and entrepreneurs about the challenges faced by the national economy and the banking sector and guide for sustainable banking development in the coming days. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20218', 'image' => '20240317111151_Banks - Copy.jpg', 'article_date' => '2024-03-17 11:10:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '20490', 'article_category_id' => '1', 'title' => 'Curb Lending to Unproductive Sector, says Governor Adhikari', 'sub_title' => '', 'summary' => 'Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">March 17: Governor of Nepal Rastra Bank, Maha Prasad Adhikari, emphasized the crucial role of the banking and financial sector in driving investment towards productive sectors to bolster the nation's economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari highlighted that monetary and financial policies have been tailored to support sectors that contribute to productive investment and economic expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Speaking at the 'RBBL Management Conference 2024' organized by Rastriya Banijya Bank, Governor Adhikari underscored the importance of aligning banking activities with national interests and fostering production growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Governor Adhikari also shed light on the importance of regulatory bodies providing sectoral loans to incentivize investment in productive sectors. He emphasized the banking sector's responsibility in warding off threats from various sectors and stressed the significance of integrity and accountability in banking operations.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding long-term and sustainable investment in green infrastructure, Governor Adhikari emphasized its priority for Nepal, urging banks and financial institutions to prioritize such investments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Adhikari noted that the contributions made by banks and financial institutions have played a significant role in driving the country's economic expansion. Furthermore, Governor Adhikari urged banks to exercise vigilance in the face of natural disasters and crises when making investment decisions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Assessing the financial performance of RBBL, Governor Adhikari acknowledged the bank's resilience and competitiveness in the market despite significant fluctuations in past years. He emphasized that, as a government-owned financial institution, RBBL is currently financially robust. </span></span></p> ', 'published' => true, 'created' => '2024-03-17', 'modified' => '2024-03-17', 'keywords' => '', 'description' => '', 'sortorder' => '20217', 'image' => '20240317070340_collage (51).jpg', 'article_date' => '2024-03-17 07:02:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '20489', 'article_category_id' => '1', 'title' => 'Govt Forms Taskforce to Study Problems of Microfinance Sector ', 'sub_title' => '', 'summary' => 'March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Finance Minister Barshaman Pun on Friday constituted the seven-member committee under the leadership of deputy governor of the Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The committee comprises the central bank's executive director to look after microfinance sector and joint secretary and under-secretary looking after the financial sector at the Ministry of Finance. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Punaram (Maniram) Gyawali, Kshetra Bahadur Moktan and Luja Rai representing the microfinance victims struggle committee are also the members of the taskforce. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Revenue Secretary Dr Ram Prasad Ghimire informed that the name of the taskforce coordinator will be decided by the Nepal Rastra Bank from among the two deputy governors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been directed to submit a report within 60 days after determining the problems of the microfinance sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Acting on the report of the taskforce, necessary policy and legal reforms will be made for the regulation of microfinance institutions, the Ministry of Finance said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On Friday, the government had reached a six-point agreement with the agitating microfinance victims. Point 5 of the agreement states that a taskforce would be formed to identify the problems of the sector and provide solutions. With the signing of the agreement, the agitating parties have withdrawn all the protest programmes. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Microfinance Victims' Struggle Committee has been arguing that the borrowers have been facing problems in repaying loans due the earthquake, economic blockade and Covid-19 pandemic. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20216', 'image' => '20240316111149_cooperative-new.jpg', 'article_date' => '2024-03-16 11:11:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '20488', 'article_category_id' => '1', 'title' => 'NOC Slashes Fuel Prices ', 'sub_title' => '', 'summary' => 'March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 16: Nepal Oil Corporation (NOC) has reduced the prices of petroleum products. The price of petrol has been decreased by Re 1 per litre and the price of diesel by Rs 2 per litre with effect from last midnight. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Accordingly, the NOC has set the market price of petrol at Rs 168.50 per litre for the first category, Rs 170 for the second category and Rs 171 per litre for the third category. Likewise, the price of diesel and kerosene has been fixed at Rs 155.50 per litre for the first category, Rs 157 for the second class and Rs 158 per litre for the third category, said Manoj Thakur, the spokesperson of the NOC. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first category includes Charali, Biratnagar, Janakpur, Amlekhganj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj while the second category includes Surkhet and Dang while Kathmandu, Pokhara and Dipayal fall under the third category. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustment has been made based on a new purchase price received from Indian Oil Corporation (IOC) that supplies the fuel to the NOC. The purchase price of petrol and diesel received from IOC has decreased by Rs 1.22 and Rs 2.06 per litre respectively. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-16', 'modified' => '2024-03-16', 'keywords' => '', 'description' => '', 'sortorder' => '20215', 'image' => '20240316105907_petroo - Copy.jpg', 'article_date' => '2024-03-16 10:58:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '20486', 'article_category_id' => '1', 'title' => 'UN Official Calls for Strong Partnerships to Close Energy Access Gaps ', 'sub_title' => '', 'summary' => 'March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: Closing energy access gaps to achieve Sustainable Development Goal 7 (SDG7) requires strong collaborations and partnerships, a United Nations official has said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Damilola Ogunbiyi, the special representative of the UN secretary-general for Sustainable Energy for All, addressed the Transforming Energy Access Forum 2024 in Kigali, Rwanda's capital, Wednesday, saying the power of partnerships between the private and public sectors holds the key to bridging energy access gaps and attaining SDG7. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">SDG7, established by the UN General Assembly in 2015, is one of 17 Sustainable Development Goals aiming to "ensure access to affordable, reliable, sustainable, and modern energy for all" by 2030. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Ogunbiyi highlighted the significance of prioritizing decentralized renewable energy, emphasizing local investment, supporting local manufacturing, advocating for universal energy accessibility, and underscoring the critical role of powering healthcare. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at the event, Rwandan Minister of Infrastructure Jimmy Gasore emphasized Kigali's commitment to achieving 100 percent energy access by 2024. "Rwanda is committed to achieving energy access for all, putting in place various energy access initiatives and adopting renewable energy resources are key to achieving SDG7," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The forum, running through Thursday, is dedicated to advancing an inclusive clean energy transition in sub-Saharan Africa, South Asia, and the Indo-Pacific region. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The event aims to address the challenges outlined in the UN's SDG midpoint review, emphasizing the need for accelerated progress in achieving SDG7, organizers said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Topics explored at the forum include energy storage, mini-grid market enablement, innovative finance mechanisms, sustainable cooling, and ensuring inclusivity in clean-energy innovation. – Xinhua/RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20214', 'image' => '20240315031302_hydro.jpg', 'article_date' => '2024-03-15 15:12:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '20485', 'article_category_id' => '1', 'title' => 'Preparations to Declare Pokhara as 'Tourism Capital' in Final Phase', 'sub_title' => '', 'summary' => 'March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">March 15: The provincial government is gearing up to designate Pokhara as the nation's tourism capital. The declaration ceremony is scheduled for March 17 and will be graced by the presence of Prime Minister Pushpa Kamal Dahal, the state-owned RSS reported. According to Kuman Singh Gurung, secretary at the Ministry of Industry, Tourism, Forest, and Environment of Gandaki Province, the announcement event will be jointly organized by the Gandaki Province government and Pokhara Metropolitan City.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">A procession featuring diverse cultural elements will kick off from Basundhara Park before the official announcement. The declaration ceremony is set to take place at Barahighat, situated on the banks of Fewa Lake.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt">Furthermore, Pokhara will receive its official designation as the tourism capital with the unveiling of the tourism capital marker, stated spokesperson Gurung. Additionally, a committee, headed by the Mayor of Pokhara Metropolitan City, has been established to ensure the declaration ceremony is held in a grand manner.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20213', 'image' => '20240315030036_20220327062910_lakeside (1).jpg', 'article_date' => '2024-03-15 14:58:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '20487', 'article_category_id' => '1', 'title' => 'Police Intensify 'Safety Pin Campaign' to Control Sexual Harassment ', 'sub_title' => '', 'summary' => 'March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 15: The Kathmandu Valley Police Office has intensified the 'Safety Pin Campaign' to control sexual harassment on women and children as well as theft cases in public places, offices and public vehicles. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office has been deploying plain-cloth police personnel as part of the campaign in order to bring those involved in sexual harassment and theft cases under the ambit of law to control such cases after it started receiving huge number of such complaints. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Eight teams have been carrying out surveillance at different places of Kathmandu Valley and the campaign has been giving positive result, said the Valley Police Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 1,800 people were brought under control in the current fiscal year under the campaign. Of them, cases were filed against 178 people while more than 1,600 people were released asking them not to repeat such offences, added Chief of the Kathmandu Valley Police Office, Additional Inspector General, Deepak Thapa. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He mentioned, the police had launched the campaign from 2074 BS and it is underway by approving the action plan from 2077 BS. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2024-03-15', 'modified' => '2024-03-15', 'keywords' => '', 'description' => '', 'sortorder' => '20212', 'image' => '20240315031612_blank eight by six.jpg', 'article_date' => '2024-03-15 15:13:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '20484', 'article_category_id' => '1', 'title' => 'Strife Among Powerful Nations Poses Challenges before Small States: CoAS Sharma ', 'sub_title' => '', 'summary' => 'March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">March 13: Chief of Army Staffs (CoAS) Prabhu Ram Sharma has underlined the need of common initiative and commitment for Nepal's sovereignty, independence, territorial integrity, nationality, dignity, border security and economic prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Inaugurating the high level national security training organized jointly by the Defense Ministry and Nepali Army at Army Command and Staff College on Wednesday, CoAS Sharma said that common concept and understanding and coordination is needed for it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"By analyzing and studying the national and international atmospheres, it is imperative to formulate and implement policy for protecting national interest," he said, adding that the direct and indirect strife among powerful states has posed challenges before small states. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the context of Nepal, the army chief said that the challenges faced by the country are geopolitical sensitivity, open border and interest of powerful states. Even the religious and communal conflict and covert activities of some separatist groups are affecting national security, he reminded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">CoAS Sharma further said that various aspects of traditional and modern security concerns along with socioeconomic and development landscapes should be studied well by all agencies so that national policy and laws would enforced effectively. The national security policy and strategy need change as per the changing global security scenario, he shared his view. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, Defense Secretary Kiran Raj Sharma said multi sectoral dialogue, coordination and cooperation are needed to strengthen national security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ninth edition of the high level training has participation of 30 persons from diverse sectors including ministries, constitutional bodies, university, CSO, media, Nepalese Army, Nepal Police, Armed Police Force, and the National Investigation Department. It will last for two weeks. A total of 173 persons have been trained so far since 2072 BS. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20211', 'image' => '20240314123855_RSS.jpg', 'article_date' => '2024-03-14 12:38:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '20483', 'article_category_id' => '1', 'title' => 'Viber Officially Registered in Nepal', 'sub_title' => '', 'summary' => 'March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: Viber has officially been registered in Nepal as a social media platform. It has been registered for the first time in Nepal after the government issued the 'Directives on the Operation of Social Networking 2023’.<br /> The ‘Directives on the Operation of Social Networking 2023’, passed by the Cabinet on November 9, 2023, makes it mandatory for social media sites such as Facebook, X (formerly Twitter), TikTok and YouTube, among others, to open their liaison offices in Nepal.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The government said the measure was introduced in light of an increasing number of people complaining that the absence of the companies’ representatives in Nepal made it difficult for the authorities to address their users’ concerns and even to remove objectionable content from the platforms. The directives include a 19-point not-to-do list for the users of platforms like Facebook, X, TikTok, YouTube and Instagram.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">According to the Ministry of Communication and Information Technology, Viber has been registered in Nepal after completing the prescribed process according to the directives approved by the Cabinet. "Viber has been issued the registration certificate," said a senior official at the ministry, "Linked-In has also applied for the registration."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Interestingly, the Asia Internet Coalition (AIC) on Tuesday, had urged the Nepal government to implement a moratorium on the registration of social media platforms in Nepal until the Social Media Bill is finalized. Sending a letter to the Minister of Communication and Information Technology on March 12, the AIC has stated the proposed legislation, in its present form, poses significant challenges that, if not addressed comprehensively, will render both the Directive and Social Media Bill unworkable and could undermine the potential growth of Nepal's digital economy.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20210', 'image' => '20240314121916_article.jpg', 'article_date' => '2024-03-14 12:18:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '20482', 'article_category_id' => '1', 'title' => 'NAC Issues Second Notice for $1.01 Billion Loans amid Lender Disinterest', 'sub_title' => '', 'summary' => 'March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">March 14: With none of the international lenders showing interest in offering loans, the state-owned Nepal Airlines Corporation (NAC) has issued an expression of interest inviting institutions, both domestic and international, to provide loans for the second time. In its second notice published on Wednesday, NAC is soliciting institutions to provide loans totaling $1.01 billion (Rs 135 billion).</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The debt-ridden national flag carrier, on January 23, had issued its initial notice for a loan, primarily for the repayment of its existing outstanding debts. Following a lack of interest from any entities within the initial 45-day window, the corporation has now released a second notice. This notice sets a new deadline of April 11, 2024, in hopes of securing a lending partner.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The expression of interest is open to domestic and foreign government institutions as well as non-governmental financial institutions. According to the proposal, Nepal Airlines is seeking Rs 55 billion (equivalent to $415 million) for managing its existing loans or for swapping its current debts with credit obtained from international lenders. Additionally, the airline is seeking Rs 75 billion (approximately $565 million) for the procurement of new aircraft and Rs 5 billion (around $38 million) for setting up hangars.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The carrier stated in the proposal that the loan would be on a normal fixed interest rate with a repayment period of 25 years subject to extension in mutual understanding.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-14', 'modified' => '2024-03-14', 'keywords' => '', 'description' => '', 'sortorder' => '20209', 'image' => '20240314104735_naccccc.jpg', 'article_date' => '2024-03-14 10:46:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '20481', 'article_category_id' => '1', 'title' => '17 Banks Lower their Interest Rates for Chaitra', 'sub_title' => '', 'summary' => 'Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Commercial banks in Nepal have released their updated interest rates for the month of Chaitra. Among the 20 commercial banks, 17 have opted to lower their interest rates, while NIC Asia has decided to increase theirs. Two banks have maintained the same interest rates for Chaitra as they did in Falgun.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">On average, the interest rates of banks have decreased by 0.5042 percentage points. The highest average interest rate offered by banks, previously at 7.75 percentage points for individual fixed deposits in Falgun, has now dropped to 7.25 percentage points for Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Conversely, the interest rates for institutional fixed deposits offered by banks have seen an increase. The maximum average interest rate for banks' institutional fixed deposits, previously at 5.74 percentage points in Falgun, has risen by 0.26 percentage points to reach 6 percentage points in Chaitra.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">In the month of Chaitra, NIC Asia Bank has offered the highest interest rate of 8.54 percent on individual fixed deposits, up from 8 percent in Falgun. Similarly, the bank has also elevated its interest rate on institutional fixed deposits to 7.54 percent.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Everest Bank and NMB Bank have notably reduced their interest rates the most compared to Falgun. Both banks have decreased their maximum interest rates on individual fixed deposits by 1.5 percentage points and on institutional fixed deposits by 0.5 percentage points.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Prabhu Bank and Global IME Bank have maintained their interest rates from the previous month on individual fixed deposits, offering a steady 7.5 percent. However, the maximum interest rate on institutional fixed deposits from these banks has increased by 1 percentage point.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank offers the lowest interest rates among the commercial banks. It provides a maximum interest rate of 5.661 percent on individual fixed deposits and a maximum rate of 4.01 percent on institutional fixed deposits.</span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20208', 'image' => '20240313080848_Banks - Copy.jpg', 'article_date' => '2024-03-13 20:07:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '20480', 'article_category_id' => '1', 'title' => 'NEPSE Closes with Minimal Decline', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">March 13: The Nepal Stock Exchange (NEPSE) saw a modest decline, with the NEPSE Index dropping by 2.48 points or 0.11% and closing at 2108.72 points on the third trading day of the week on Wednesday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Throughout the trading session, a total of 310 stocks were traded via 73,506 transactions, resulting in a turnover of Rs 4.24 billion from 10,889,634 shares traded. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Shivam Cements Limited (SHIVM) led in transaction volume, with a turnover of Rs 25 crores. Among individual stocks, Wean Nepal Laghubitta Bittiya Sanstha (WNLB) experienced the highest gain of 9.99%, closing at Rs 1051 per share, while Upper Tamakoshi Hydropower Limited (UPPER) suffered the largest loss, dropping by 10% to Rs 183.60 per share.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt">Regarding sub-indices, six indices including Development Index, Finance Index, Life Insurance, Microfinance Index, Mutual Fund, and Others Index ended positively, while the remaining indices closed in the negative territory.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20207', 'image' => '20240313034201_collage (12).jpg', 'article_date' => '2024-03-13 15:40:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '20479', 'article_category_id' => '1', 'title' => 'Police Unable to Trace Rs 1 Million Siphoned by Hacker from Bank Accounts', 'sub_title' => '', 'summary' => 'March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: One million rupees disappeared from a person's bank account in a recent incident raising concerns of online fraud. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Shivanandan Mehta of Inaruwa, Sunsari was in disbelief to learn that his account number 01001117001327 maintained at Sanima Bank's Inruwa branch was debited by Rs 900,000 in the morning of January 24.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the same day, Rs 110,000 was withdrawn from Lumbini Bank’s account number 01711600063202000001 in the name of his mother Rusni Devi Mehta. The hacker withdrew the amount through Connect IPS.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rs 900,000 withdrawn from Sivanandan's account was sent to Parameshwar Thapa Chhetri’s account in NIC Asia Bank, Buddhachowk branch. It seems that the money from the mother's account was sent to an account in Siddharth Bank Limited and withdrawn several times. According to Mehta, the amount was stolen by hacking his email and password.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Mehta says that the hacker managed to withdraw funds from the account due to the negligence of NIC Asia Bank and Sanima Bank. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After receiving an alert on his mobile phone that the money had been withdrawn from the account, he contacted the bank and informed that the account was hacked and the money was stolen, but the bank was not interested in taking immediate action, Mehta told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“I went to the concerned bank within 5 minutes after receiving the money transfer alert from the bank on my mobile and informed them, but they were not interested. If the bank had immediately suspended the account of the unauthorized person, he could not have withdrawn the money,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As soon as NIC Asia Bank said that the account could not be closed, Mehta called the office of Connect IPS and asked them to freeze the money, but after the office said that the money had already been transferred and they could not do anything.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Officials of Sanima Bank in Koshi Province claim that as soon as the victim gave the information, the bank tried to freeze the amount. However, the attempt was not successful as the hacker had already withdrawn the money.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“The amount was withdrawn from the hacker’s account before we got the information,” said the official, “There was nothing we could do.”</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The police could not catch him</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After the hacker stole a large amount of money, Mehta also filed a complaint at the District Police Office, Sunsari. The police registered a complaint. However, the hacker has not been caught yet. According to Mehta, the police are investigating the case.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Senior Superintendent of Police (SSP) Dan Bahadur Karki says that it is difficult to catch the culprits of such incidents immediately. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We have started an investigation after receiving the complaint," said SSP Karki in a conversation with New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Karki says that in recent times, maintaining weak passwords and keeping all the details in the mobile phone makes it easier for hackers to access the account details of people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The victim, Mehta, has appealed from Nepal Rastra Bank to the Ministry of Home Affairs. After the hacker suddenly swindled the large amount of his hard-earned money, he appealed to Singh Darbar for justice. Even though he pleaded to the home ministry, finance ministry and prime minister's office inside the Singh Darbar take initiative to bring back the money, no one listened, says Mehta adding that he submitted an application to Nepal Rastra Bank, Baluwatar on January 29.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nepal Rastra Bank says that they have tightened monitoring and investigation due to the increase in such incidents in recent days. The central bank has formed a separate unit to investigate such incidents. Executive Director of Nepal Rastra Bank Dr. Prakash Kumar Shrestha said that fraud cases have started to increase with the increase in digital transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“Such incidents have increased due to the use of weak passwords and misuse of OTP (One Time Password). We are sensitive about it," he told New Business Age.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">He said that Rashtra Bank is moving towards strengthening the overall banking security system by increasing financial literacy to meet the challenges.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20206', 'image' => '20240313031110_banknotes.jpg', 'article_date' => '2024-03-13 15:10:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20478', 'article_category_id' => '1', 'title' => 'Draft Bill on IT and Cyber Security Seeks Use of Innovative Technology ', 'sub_title' => '', 'summary' => 'March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 12: A draft bill prepared by the government has underlined the use of innovative technology to manage IT and cyber security. It has stated that artificial intelligence, machine learning, block chain, and IoT should be used in a transparent, accountable, safe and respectful manner. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the draft bill, the Ministry of Communications and Information Technology has sought feedback on the bill within two weeks. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes the Government of Nepal to set up a centre for excellence for research and development of the new technologies such as AI, machine learning and block chain. Issues such as electronic records, data, originator of records, invocation of law of contract for electronic transaction, digital signature, public service delivery via electronic medium, technical audit of IT, vetting, operation, regulation and management of domain name, registration of IT industry and business, information/data safety and privacy, digital harassment, collection of personal details, establishment of cyber security centre, data centre and cloud, are included in the bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Critical IT infrastructures, cyber monitoring of critical IT infrastructures, cyber security audit and auditor for it, activities banned on cyber space, crime and punishment, use of digital forensic, and establishment of IT tribunal are other topics in the draft bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under the data safety, none is allowed to disrupt harmonious relations among federal units, nationality or national unity, dignity, national security, sovereignty, territorial integrity by means of electronic system. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The bill proposes banning cyber bulling, cyber harassment, production and distribution of indecent content, and cyber scam. Theft of data and code is punishable, as per the proposed bill. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the draft bill, the government would not collect personal data unless required by the law. In case of the need to collect personal information, he/she would be informed mandatorily before it. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the bill, every government body and public corporation is asked to run its own website to provide service and share information. The development/design of website to be operated by these bodies should be similar and meet standard set by the Ministry of Communications and Information Technology. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, any individual or office willing to register np domain needs to get it registered at the department, submitting necessary fee. The domain name needs to be renewed every two years. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Individuals or companies willing to provide cyber security service are also required to get license. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The draft bill is available at https://api.giwms.gov.np/storage/22/posts/1710050856_14.pdf. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20205', 'image' => '20240313023133_cybersecurity-freepik.jpg', 'article_date' => '2024-03-13 14:30:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20477', 'article_category_id' => '1', 'title' => 'NIA Tightens the Screws on Investment of Insurance Companies', 'sub_title' => '', 'summary' => 'March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">March 13: Nepal Insurance Authority (NIA) has introduced strict provisions for insurance companies from investing in real estate sector, water resources, agriculture, tourism and other sectors. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The NIA had revised the investment guidelines only three months ago to ease the investment in these sectors but made a u-turn recently and revised the directive to tighten the investment in those areas.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The authority has instructed the insurance companies to submit additional details for approval of investment in tourism and airline sectors, education and health, agriculture, cable car and real estate business. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the instructions of the NIA, the insurance companies need to submit due diligence and feasibility study report for investment in tourism and airline sector, due diligence report for agriculture sector, 10-year business plan for cable car and feasibility study report for real estate sector. Companies can invest in these areas only after the approval from the insurance authority.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Earlier in December, the NIA had revised the investment guidelines and expanded the area and scope of investment for insurance companies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the new guidelines, the insurance companies require prior approval from the NIA to invest in private equity and venture capital funds in infrastructure and productive sectors such as real estate business and water resources, agriculture, tourism, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, the pre-approval of the NIA is also required to invest in areas other than those specified in the directive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Rajuraman Paudel, executive director of the authority, said that the directives have been revised to further manage the investments in the areas opened by the guidelines. He says that this will protect the investment of insurance companies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Currently, insurance companies are allowed to invest in a dozen areas determined by the authority. However, the investment of companies is focused on term deposits of banks and financial institutions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NIA’s data, as of mid-January of the current fiscal year, life insurance companies have invested a total of Rs 635 billion, non-life insurance companies Rs 62.32 billion, micro life insurance Rs 1.49 billion, non-life micro insurance Rs 1.41 billion and reinsurance companies Rs 35.74 billion. More than 60 percent of the total investment of the insurance companies is in fixed deposits of banks and financial institutions. After fixed deposits, they have invested in shares of companies listed in the secondary market of securities, government bonds, etc.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">After insurance companies complained that they were not able to diversify their investments, the then Insurance Board (currently Nepal Insurance Authority) revised the investment guidelines five years ago, paving the way for companies to invest in infrastructure and productive sectors including real estate business and water resources, agriculture, tourism, in addition to fixed deposits and shares. However, even after five years of the changes in the guidelines, companies have not been able to invest in new areas.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-03-13', 'modified' => '2024-03-13', 'keywords' => '', 'description' => '', 'sortorder' => '20204', 'image' => '20240313011018_INSURANCE-COVERAGE.jpg', 'article_date' => '2024-03-13 13:09:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
