Nepal lawmakers can’t be bank directors now

Nepal lawmakers can’t be bank directors now

Kathmandu, Jan 11 (IANS) In a bid to reform the crisis-ridden banking sector in Nepal, its parliament has passed a legislation that bars lawmakers from becoming bank directors.

The Nepali parliament passed the legislative measure on Bank and Financial Institution Act (BAFIA) on Tuesday.

Four lawmakers in the Nepali parliament are currently directors of banks in Nepal.

They will give up their posts in respective banks once the bill becomes law, Xinhua news agency reported.

The legislation is one of the measures introduced to bring reforms in banking after the sector suffered from bad corporate governance practices.

There are still 11 financial institutions declared by Nepal’s central bank as crisis-ridden.

They landed in trouble due to bad banking practices with the involvement of directors and chief executives.

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