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April 24: President Bidya Devi Bhandari has certified Banks and Financial Institutions Act (BAFIA) bill 2073 on April 23. With the certification from President, the bill will be implemented as an Act.
After the certification, tenure of CEO along with Managing Director of BFIs has been limited to 8 years for maximum of two terms. Earlier, the tenure was limited to 10 years comprising 2 terms each with 5 years.
The bill was amended repeatedly in the legislature parliament. However, a meeting of Finance Committee of Legislature Parliament endorsed the bill with few modifications on November 21.
The Act sets qualification and term for directors of any BFIs. According to the Act, the director of any BFIs should have Masters' degree in any faculty or have bachelors' degree with minimum of three years work experience as director or higher official in any BFIs or government owned bodies.
Moreover, the Act also mentions that any individual with at least 5 years of experience in domestic or international financial institution or in government service will also be eligible to work as a director of any BFIs. However, the Act prohibits any individual having more than 50 per cent investment in any company dealing with a bank from becoming director of the bank.
Similarly, the Act bars the individuals serving in constitutional posts to become board of director of any BFIs. After the implementation Act, the BFIs can convert their promoters share into general share after completing 10 years of operation by taking approval from NRB.
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<p style="text-align:justify">After the certification, tenure of CEO along with Managing Director of BFIs has been limited to 8 years for maximum of two terms. Earlier, the tenure was limited to 10 years comprising 2 terms each with 5 years.</p>
<p style="text-align:justify">The bill was amended repeatedly in the legislature parliament. However, a meeting of Finance Committee of Legislature Parliament endorsed the bill with few modifications on November 21.</p>
<p style="text-align:justify">The Act sets qualification and term for directors of any BFIs. According to the Act, the director of any BFIs should have Masters' degree in any faculty or have bachelors' degree with minimum of three years work experience as director or higher official in any BFIs or government owned bodies.</p>
<p style="text-align:justify">Moreover, the Act also mentions that any individual with at least 5 years of experience in domestic or international financial institution or in government service will also be eligible to work as a director of any BFIs. However, the Act prohibits any individual having more than 50 per cent investment in any company dealing with a bank from becoming director of the bank.</p>
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<p style="text-align:justify">Moreover, the Act also mentions that any individual with at least 5 years of experience in domestic or international financial institution or in government service will also be eligible to work as a director of any BFIs. However, the Act prohibits any individual having more than 50 per cent investment in any company dealing with a bank from becoming director of the bank.</p>
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