•      Sat Jul 13 2024

Bankers’ Association dismisses baseless allegations

Kathmandu, Feb 20: The Nepal Bankers’ Association (NBA) has expressed gratitude to stakeholders for their role in establishing the banking sector as the strongest and best in South Asia, serving as the backbone of the country’s economy.

Despite recent disruptions and misleading information on social networks, the association reassured the public of the stability and transparency of Nepal’s banking sector. The sector adheres to international banking principles, including Basel, and follows policies set by Nepal Rastra Bank, publishing financial statements quarterly under strict supervision.

The association urged the public to disregard baseless and misleading comments on social media, emphasizing the safety of depositors’ money in all affiliated banks and financial institutions. It called on government agencies to take necessary legal actions against those spreading misinformation that may cause unwarranted fear in the public.

Expressing gratitude to customers for their support and trust, as well as acknowledging the role of communication media in disseminating accurate information, the association committed to further strengthening services and facilities in the future.

The association highlighted the significant contributions of the banking sector to Nepal’s economic development, citing over 5.35 crores of deposit accounts and more than 18 lakh loan accounts across 54 banks and financial institutions. These institutions, with 6441 branches nationwide, contribute more to the country’s gross domestic product than any other sector.

Furthermore, the statement emphasized the crucial role played by 57 microfinance institutions in far-flung areas, disbursing over Rs. 4 Kharba to more than 28 lakh small borrowers, directly employing over 82,000 individuals.

In the fiscal year 2079/80, banks and financial institutions contributed over Rs. 31 Kharba in revenue to the Government of Nepal, while dedicating Rs. 77 Crores to various social activities as part of their corporate social responsibility. #Nepal

Press Release [Nepali]

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