Study on provisions related to blacklisting individuals underway: NRB governor

BIRGUNJ, PARSA: Nepal Rastra Bank (NRB) Governor Dr Biswo Nath Poudel said the central bank is carrying out a study on the provision related to blacklisting while making financial transactions.

Speaking at a programme in Birgunj today, Governor Poudel said he was carefully studying the provision of putting people on the blacklist. “We are also studying the matter of putting people on the blacklist immediately after cheque bounces,” he said, adding, “We are focusing on how to shorten the list of those who will be blacklisted.”

He said it had been observed that many people who have taken loans from banks and financial institutions or have had cheques bounce end up on the blacklist. “We are looking into how many people should be on the blacklist and how many should not be on it. I am examining this at length,” he added.

Governor Poudel warned that the country cannot function properly by relying solely on strict measures or imprisonment, not only in trade or business. “Running a business is not just about completing a college education. To ensure it becomes a proper business, one has to face various hurdles and difficulties, and it is necessary to take steps to organise it properly,” he said. “It is also necessary to recognise that the country's development cannot occur simply by abusing businesspeople. Therefore, promoting businesspeople is important.”

On a different note, the NRB Governor said the central bank has been adopting a policy of encouraging the information technology (IT) industry based on digital technology. He stated that the IT sector has been prioritised because it carries huge future possibilities. “We expect that information technology industries will also grow significantly in future. We have also been urging banks and financial institutions to move towards digitalisation,” he added.

Governor Poudel noted that although there used to be plenty of photographic studios, vehicle workshops and garages in Birgunj, these are gradually decreasing. “Currently, most businesses are advancing by adopting digital platforms. Therefore, it has become essential for entrepreneurs and businesses to transform in new directions,” he said, adding that it is time to prepare a digital strategy for business in line with the times. “Surely, you must have been paying attention to that area as well.”

He said a favourable environment has also been created for Nepali IT companies to invest in foreign countries.