PHDCCI India‑Nepal Centre sets out blueprint for Nepal's economic transition at BFSI summit

KATHMANDU: The PHDCCI India‑Nepal Centre, in association with the Banking Finance and Insurance Institute of Nepal (BFIN), organised the fourth Nepal BFSI Summit in Kathmandu on Friday. The event set out a blueprint for managing Nepal’s economic transition while preparing the country for future opportunities.

The summit carried the theme 'Navigating Economic Transition for an Aspirational Nepal' and focused on economic reforms for inclusive development, the role of the banking, financial services and insurance (BFSI) sector in managing transitions, evolving financial landscapes, and the expansion of green and nature‑based financing. Organisers said the event aimed to generate actionable insights for policymakers, regulators and financial leaders to position the BFSI sector as a catalyst for industrial competitiveness, job creation, digital resilience and sustainable prosperity.

In his keynote address, Dr Prakash Kumar Shrestha, Vice‑Chairman of National Planning Commission, said Nepal’s development goals must be matched by simpler business processes. “Nepal’s aspirations, combined with further simplification of doing‑business processes, will help navigate Nepal’s economic transition with long‑term advantages. The National Planning Commission is unwavering in its efforts to put progressive policies in place to support the sustainable development goals (SDGs),” he said.

Ambassador Manjeev Singh Puri, Chair of the India‑Nepal Centre at PHDCCI and India’s former Ambassador to Nepal, said the summit reaffirmed the importance of India‑Nepal bilateral cooperation in the transition. “PHDCCI and BFIN are hosting the fourth edition of the Nepal BFSI Summit to reaffirm the centrality of India‑Nepal bilateral cooperation in navigating the economic transition, and to host ideas to further enhance bilateral cooperation between the two countries,” he said.

Dr Rakesh Pandey, Deputy Chief of Mission at the Embassy of India in Nepal, highlighted efforts to strengthen the India‑Nepal payment ecosystem through the UPI interface and noted changes allowing Rs 200 and Rs 500 currency notes to be used as legal tender up to a value of Rs 25,000 for travel to Nepal. He described the BFSI sector as a key frontier of India‑Nepal economic cooperation.

Atul K Thakur, Senior Secretary of the India‑Nepal Centre at PHDCCI, urged deeper economic reforms in Nepal to create multiplier effects across key sectors. “To navigate the economic transition, Nepal should think deeply about economic reforms. This will have multiplier effects on the growth of key economic sectors, including the BFSI sector, and provide much‑needed traction for Nepal’s long‑term inclusive economic growth,” he said.

Speakers at the summit included senior figures from Nepal’s financial and business community and international organisations, among them Bam Bahadur Mishra, Deputy Governor of Nepal Rastra Bank (NRB); Binod Chaudhary, President Emeritus of Confederation of Nepalese Industries (CNI); Dr Gunakar Bhatta, former Executive Director of NRB; Ram Kumar Tiwari, Managing Director and CEO of Nepal SBI Bank; Pranav Gupta, IMF Resident Representative in Nepal; and Neelesh Man Singh Pradhan, CEO of Nepal Clearing House.

In his closing remarks, Dr Binod Atreya, Managing Director of BFIN, said the summit’s panels and technical sessions had enabled policymakers, environmental experts and industry leaders to exchange critical insights. “This flagship annual initiative will continue to advocate stronger support for the BFSI sector in collaboration with key stakeholders, especially from a friendly country like India,” he said.