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NRB introduces stiff provision for BFIs to get Int’l Awards

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December 27: Nepal Rastra Bank (NRB) has introduced a policy under which bank and financial institutions (BFIs) should take its approval while receiving awards in the international stage.

The central bank has made this provision mandatory. BFIs should submit all the documents which ascertain the legitimacy of the foreign institution. The central bank said it will study about the institution and will decide whether BFIs should accept the award or not.

The NRB made this provision upon receiving complaints that the BFIs have been making unnecessary expenses under the pretext of receiving the award.

According to Narayan Prasad Poudel, spokesperson of NRB, the unnecessary visits of bank officials is against the rights of the depositors. He further added that this provision has also been introduced to stop BFIs from purchasing awards.

The bank should also submit the documents that show all the expenses while receiving the award.

 

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