NRB, RBI conclude ninth JTCC meeting in Kathmandu
KATHMANDU: The ninth meeting of the Joint Technical Coordination Committee (JTCC), the shared coordination mechanism between Nepal Rastra Bank (NRB) and the Reserve Bank of India (RBI), concluded in Kathmandu on Monday.
Inaugurating the meeting, NRB Governor Biswo Nath Poudel said the mechanism is effective for result‑oriented dialogue on issues of cross‑border concern in the monetary and financial sectors and for technically resolving them. He clarified that the JTCC has been established as an important forum for the exchange of best practices in monetary policy, foreign exchange management, regulation, supervision and payment systems, and for enhancing technical capacity and the effectiveness of policy formulation. Governor Poudel also expressed confidence that the institutional relationship and the exchange of technical cooperation between the two central banks would become more intense through this forum in the coming days. NRB Deputy Governor Bam Bahadur Mishra was also present at the inaugural session.
Arnab Kumar Chowdhury, Executive Director of the RBI and convenor of the JTCC, said fruitful practices have been implemented since the mechanism was established in areas including currency management, facilitation of foreign trade payment transactions and the promotion of financial inclusion. He said mutual cooperation and coordination between the two central banks through the JTCC will be further strengthened in the coming days.
At the meeting, Rajan Bikram Thapa, Executive Director of the Office of the Governor, and JTCC convenor from the NRB, delivered a welcome address, emphasising the need to make the mechanism meaningful and result‑oriented for the promotion of bilateral interests.
In the second session, JTCC officials from both central banks discussed various agendas of bilateral concern, including the facilitation of cross‑border electronic payment transactions between Nepal and India, and other contemporary issues. They also considered the possibility of adopting good policy practices undertaken by the RBI in areas such as monetary policy, liquidity management and foreign exchange management. The status of implementation of the agendas discussed at the eighth JTCC meeting was reviewed.
NRB participants included Executive Directors Revati Prasad Nepal, Vishrut Thapa, Guru Prasad Paudel, Kiran Pandit, Dr Ram Sharan Kharel, Dr Dilli Ram Pokhrel and Nishchal Adhikari. Likewise, RBI participants included Executive Director Chowdhury, General Managers Latha Radhakrishnan and Saswat Kumar Mahapatra, and Manager Arpana Wakil. Following the meeting, Executive Director Chowdhury and General Manager Mahapatra gave presentations on the overall status of the Indian economy and the evolution of the payment system in India, respectively.
The JTCC was formed on May 13, 2016, to collaborate and coordinate on issues of bilateral concern in the banking and financial system and to create a coordination mechanism to resolve problems in various matters.
