REPUBLICA
KATHMANDU, Mar 12: Nepal Rastra Bank (NRB) has withdrawn a clause on ´forceful merger´ that it pushed in the new regulation drafted recently, after bank promoters seriously challenged the central bank to assure them that the provision will not be abused.
In the draft of Merger and Acquisition Regulations, NRB had incorporated a provision going by which the central bank could force two or more banks and financials to undergo merger, if it deemed appropriate.
The central bank had clarified that the clause would be activated only in cases of institutions facing problems to comply with capital and other basic prudential norms and witnessing rapid deterioration of financial health.
The idea behind incorporating such a provision was to gain legal ground, whereby the central bank could take forceful steps to revive sick institutions, instead of liquidating them, said a source.
“We´ve decided to drop the provision now,” the source told Republica.
“Experts raised a number of questions over its possible abuse, and given the nature of our market, we too felt their concerns were genuine.”
The promoters and top executives of the banks and financial institutions had mainly highlighted behavioral problems in the market and undue influences that players at times make in the policymaking bodies, while arguing chances of abuse. They also referred to the present lack of ´check and balance´ mechanism in the supervisory framework of NRB, citing that in such a situation the clause could be misused, leaving promoters unfairly disadvantaged.
Along with the revocation of the clause, the central bank has also preferred not to elaborate on incentives it could pledge in order to encourage merger and acquisition.
“There will be a provision that will say the central bank can provide different incentives to motivate merger. But there will not be further elaborations,” said the source.
Previously, the central bank had mentioned different incentives it could grant to inspire merger in the regulations itself. Under this, it had mainly promised relaxation on provisions related to capital adequacy ratio, deprived sector lending, single borrower limit, credit-deposit ratio for certain time to the BFIs undergoing merger and acquisition.
Despite the changes in approach, NRB officials said the central bank will offer all possible incentives, mainly as merger and acquisition has become pretty necessary.
NRB of late has laid special focus on merger and acquisition of BFIs and in a bid to encourage them, it has already made the government announce waiver of capital gains tax (CGT) on transactions related to merger and acquisition.
The facility was announced in the budget for the current fiscal year. Along with the fiscal incentive, the central bank has also promised decent incentives to the BFIs to encourage their promoters for merger and acquisition.
Published on 2011-03-12 02:00:17
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=29111
Samstag, 12. März 2011
'Banks must enhance investment capacity'
REPUBLICA
KATHMANDU, March 10: Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari on Thursday asked commercial banks to either undergo a merger or increase capital to scale up their investment capacity.
He stressed on the need for a huge capital once the constitution is ready and the country moves on the path of economic transformatio“Clearly, the banks´ existing capital will not suffice. I urge the banks to enhance their capacity to lend more,” said Adhikari.
Speaking at the inauguration program of Century Bank, the 31st commercial bank of the country, that began operation from Thursday, Adhikari even cautioned banks against frittering away their investment in non-productive and consumption sector.
The newly opened bank´s operation was inaugurated by Prime Minister Jhalanath Khanal who urged the banks to invest openly in productive sectors like infrastructure, agriculture, hydropower and tourism.
“The country needs more investment in productive sectors, particularly, to create more employment opportunities and give new impetus to economy,” said Khanal.
Governor of Nepal Rastra Bank Dr Yuva Raj Khatiwada, meanwhile, expressed concerns over the widening gap between deposit and lending rates (spread rate) in the banking sector. “This is not what we expect from the professionally run institutions,” said he, and urged the banks to sharpen their competitive edge by focusing more on providing enhanced services to earn profit rather than by widening the spread rate.
Dr Khatiwada even noted that rise in the spread rate was largely due to misconception among bankers that bank´s profit must never drop.
“The banks´ profit should grow in line with economic growth. It is unhealthy and unfair to unnecessarily seek high profit return,” said he. Governor Khatiwada even charged banks of not complying with the service related guidelines issued for them.
Chairman of Century Bank Pradeep Man Vaidya, meanwhile, promised to operate with spread margin of just 1.5 percent in the first year of operations. “After that too, we will never let spread jump above 2 percent,” he stated.
Published on 2011-03-10 16:59:15
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=29072
KATHMANDU, March 10: Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari on Thursday asked commercial banks to either undergo a merger or increase capital to scale up their investment capacity.
He stressed on the need for a huge capital once the constitution is ready and the country moves on the path of economic transformatio“Clearly, the banks´ existing capital will not suffice. I urge the banks to enhance their capacity to lend more,” said Adhikari.
Speaking at the inauguration program of Century Bank, the 31st commercial bank of the country, that began operation from Thursday, Adhikari even cautioned banks against frittering away their investment in non-productive and consumption sector.
The newly opened bank´s operation was inaugurated by Prime Minister Jhalanath Khanal who urged the banks to invest openly in productive sectors like infrastructure, agriculture, hydropower and tourism.
“The country needs more investment in productive sectors, particularly, to create more employment opportunities and give new impetus to economy,” said Khanal.
Governor of Nepal Rastra Bank Dr Yuva Raj Khatiwada, meanwhile, expressed concerns over the widening gap between deposit and lending rates (spread rate) in the banking sector. “This is not what we expect from the professionally run institutions,” said he, and urged the banks to sharpen their competitive edge by focusing more on providing enhanced services to earn profit rather than by widening the spread rate.
Dr Khatiwada even noted that rise in the spread rate was largely due to misconception among bankers that bank´s profit must never drop.
“The banks´ profit should grow in line with economic growth. It is unhealthy and unfair to unnecessarily seek high profit return,” said he. Governor Khatiwada even charged banks of not complying with the service related guidelines issued for them.
Chairman of Century Bank Pradeep Man Vaidya, meanwhile, promised to operate with spread margin of just 1.5 percent in the first year of operations. “After that too, we will never let spread jump above 2 percent,” he stated.
Published on 2011-03-10 16:59:15
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=29072
NRB starts study on Informal financial transactions
KATHMANDU, MAR 12 -
Nepal Rastra Bank (NRB) has initiated a study on perceived rising financial transactions in the informal sector with the banking sector struggling to collect deposits.
The central bank will examine the status of financial transactions such as “dhukuti” and “hundi” which have been cited as major informal markets absorbing the general public’s money. The central bank started the study as the banking system has been facing a persistent liquidity crunch for more than a year.
A central bank team began an investigation of such transactions in Biratnagar on Thursday. The central bank is also preparing to send another team to the Western Region to study such transactions.
NRB has already initiated a study of informal transactions in the Kathmandu Valley. The central bank seeks to examine informal transactions in all the areas where it maintains branches. It has eight branches in different parts of the country.
A senior NRB official said that action could be taken against those involved in informal financial transactions with the help of other concerned authorities.
The central bank has said that despite a growing number of migrant workers, remittance inflow has not risen as expected. Hundi has been considered to be one of the major reasons behind the poor growth in remittance inflow.
The central bank has collaborated with the Department of Revenue Investigation to study and tackle suspected growing use of hundi for money transfer. “We are collaborating with NRB to investigate whether hundi might have been used for money laundering too,” said Mahesh Dahal, director general of the DRI, which is set to become an anti-money laundering department too.
A senior NRB official said that they were studying illegal use of Indian and other foreign currencies besides hundi. “We have serious suspicions that cooperatives might even be involved in foreign exchange transactions,” said the NRB official. Cooperatives cannot conduct foreign exchange transactions as per the existing laws.
“We are also studying how IC notes worth IRs 500 and IRs 1,000 are being used in the country although they cannot be used here,” said the NRB official. The central bank is also studying the modus operandi of capital flight. “The main concern is how it is happening,” said the NRB source.
“Even big businessmen have been found to be involved in informal financial transactions,” said the NRB official. “We will take the initiative to discourage such tendencies.” NRB suspects that the liquidity crisis has continued as even big businessmen have given up doing transactions through banking channels. “Financial transactions are happening not through banks but through sacks,” said a senior NRB official. Businessmen and bankers have been complaining that people are not depositing money in banks as they have to show source of income for deposits above Rs 1 million.
Posted on: 2011-03-12 08:28
http://www.ekantipur.com/2011/03/12/business/nrb-starts-study-on-informal-financial-transactions/330790.html
Nepal Rastra Bank (NRB) has initiated a study on perceived rising financial transactions in the informal sector with the banking sector struggling to collect deposits.
The central bank will examine the status of financial transactions such as “dhukuti” and “hundi” which have been cited as major informal markets absorbing the general public’s money. The central bank started the study as the banking system has been facing a persistent liquidity crunch for more than a year.
A central bank team began an investigation of such transactions in Biratnagar on Thursday. The central bank is also preparing to send another team to the Western Region to study such transactions.
NRB has already initiated a study of informal transactions in the Kathmandu Valley. The central bank seeks to examine informal transactions in all the areas where it maintains branches. It has eight branches in different parts of the country.
A senior NRB official said that action could be taken against those involved in informal financial transactions with the help of other concerned authorities.
The central bank has said that despite a growing number of migrant workers, remittance inflow has not risen as expected. Hundi has been considered to be one of the major reasons behind the poor growth in remittance inflow.
The central bank has collaborated with the Department of Revenue Investigation to study and tackle suspected growing use of hundi for money transfer. “We are collaborating with NRB to investigate whether hundi might have been used for money laundering too,” said Mahesh Dahal, director general of the DRI, which is set to become an anti-money laundering department too.
A senior NRB official said that they were studying illegal use of Indian and other foreign currencies besides hundi. “We have serious suspicions that cooperatives might even be involved in foreign exchange transactions,” said the NRB official. Cooperatives cannot conduct foreign exchange transactions as per the existing laws.
“We are also studying how IC notes worth IRs 500 and IRs 1,000 are being used in the country although they cannot be used here,” said the NRB official. The central bank is also studying the modus operandi of capital flight. “The main concern is how it is happening,” said the NRB source.
“Even big businessmen have been found to be involved in informal financial transactions,” said the NRB official. “We will take the initiative to discourage such tendencies.” NRB suspects that the liquidity crisis has continued as even big businessmen have given up doing transactions through banking channels. “Financial transactions are happening not through banks but through sacks,” said a senior NRB official. Businessmen and bankers have been complaining that people are not depositing money in banks as they have to show source of income for deposits above Rs 1 million.
Posted on: 2011-03-12 08:28
http://www.ekantipur.com/2011/03/12/business/nrb-starts-study-on-informal-financial-transactions/330790.html
Bankers ask NRB to allow forex loans for projects
KATHMANDU, MAR 09 -
Bankers have asked Nepal Rastra Bank (NRB) to allow them to finance projects in foreign exchange citing increased costs of financing in Nepali currency due to rising interest rates over the last two years.
Nabil Bank and Citizens Bank International have approached the central bank asking it to allow financing in foreign currency which they said would help entrepreneurs to get finance at a lower rate of interest.
Currently, banks and financial institutions (BFIs) cannot issue loans in foreign exchange to major projects. The central bank, however, allows financing of power projects of up to 1,000 KW in foreign exchange, especially to import equipment.
“We want to better utilize our foreign exchange reserves for infrastructure development here instead of depositing it in foreign banks that offer a maximum interest of 3 percent,” said Amrit Charan Shrestha, chief executive officer of Nabil Bank.
“As lending in Nepali currency has become costlier due increased cost of funds amid a liquidity crunch, financing in foreign currency is a good option for entrepreneurs to get loans at a lower interest rate.” Banks are offering an annual interest of up to 12 percent on fixed deposits. The interest rate on savings deposits has also gone up resulting in higher lending rates.
During the first six months of the current fiscal year, deposits grew by a mere Rs 3.78 billion compared to the same period last year in a reflection of the inability of banks to attract deposits.
Shrestha said that Nabil currently held foreign exchange reserves worth Rs 8 billion. Nabil is seeking to invest the foreign currency in the hydropower sector.
“We are discussing financing a 42 MW hydropower project and several other small hydro projects,” added Shrestha.
Bankers have also seen opportunities of getting finance from foreign banks that would allow Nepali banks to issue credit to projects here.
“If foreign banks provide funds to us at a low rate of interest, why not allow Nepali banks to invest here in foreign exchange?” asked Rajan Singh Bhandari, chief executive officer of Citizens Bank International. “The only risk we have to face is fluctuations in the exchange rate.” Bankers however don’t see fluctuations in the exchange rate as a major threat. “We can easily overcome fluctuations in the exchange rate,” said Shrestha of Nabil.
However, bankers are yet to discuss such a possibility at the Nepal Bankers Association.
A senior NRB official said that the central bank has told the concerned banks to submit a detailed analysis of how financing projects in foreign exchange would benefit the country and the banking sector.
Posted on: 2011-03-09 08:52
PRITHVI MAN SHRESTHA, http://www.ekantipur.com/2011/03/09/business/bankers-ask-nrb-to-allow-forex-loans-for-projects/330647.html
Bankers have asked Nepal Rastra Bank (NRB) to allow them to finance projects in foreign exchange citing increased costs of financing in Nepali currency due to rising interest rates over the last two years.
Nabil Bank and Citizens Bank International have approached the central bank asking it to allow financing in foreign currency which they said would help entrepreneurs to get finance at a lower rate of interest.
Currently, banks and financial institutions (BFIs) cannot issue loans in foreign exchange to major projects. The central bank, however, allows financing of power projects of up to 1,000 KW in foreign exchange, especially to import equipment.
“We want to better utilize our foreign exchange reserves for infrastructure development here instead of depositing it in foreign banks that offer a maximum interest of 3 percent,” said Amrit Charan Shrestha, chief executive officer of Nabil Bank.
“As lending in Nepali currency has become costlier due increased cost of funds amid a liquidity crunch, financing in foreign currency is a good option for entrepreneurs to get loans at a lower interest rate.” Banks are offering an annual interest of up to 12 percent on fixed deposits. The interest rate on savings deposits has also gone up resulting in higher lending rates.
During the first six months of the current fiscal year, deposits grew by a mere Rs 3.78 billion compared to the same period last year in a reflection of the inability of banks to attract deposits.
Shrestha said that Nabil currently held foreign exchange reserves worth Rs 8 billion. Nabil is seeking to invest the foreign currency in the hydropower sector.
“We are discussing financing a 42 MW hydropower project and several other small hydro projects,” added Shrestha.
Bankers have also seen opportunities of getting finance from foreign banks that would allow Nepali banks to issue credit to projects here.
“If foreign banks provide funds to us at a low rate of interest, why not allow Nepali banks to invest here in foreign exchange?” asked Rajan Singh Bhandari, chief executive officer of Citizens Bank International. “The only risk we have to face is fluctuations in the exchange rate.” Bankers however don’t see fluctuations in the exchange rate as a major threat. “We can easily overcome fluctuations in the exchange rate,” said Shrestha of Nabil.
However, bankers are yet to discuss such a possibility at the Nepal Bankers Association.
A senior NRB official said that the central bank has told the concerned banks to submit a detailed analysis of how financing projects in foreign exchange would benefit the country and the banking sector.
Posted on: 2011-03-09 08:52
PRITHVI MAN SHRESTHA, http://www.ekantipur.com/2011/03/09/business/bankers-ask-nrb-to-allow-forex-loans-for-projects/330647.html
Freitag, 4. März 2011
अर्थतन्त्र दोहोरो अंकले बढ्न कुनै गाह्रो देख्दिनँ म: सिनोभेसन्सका कार्यकारी निर्देशक वरुण चौधरी(26)
काठमाडौ, फाल्गुन २० - चौधरी ग्रुपले बहुराष्ट्रिय कम्पनीका रुपमा गरिरहेको विस्तार अहिले चर्चामा छ । केही दिनअघि भारतमा ८ अर्ब रुपैयाँ लगानीको घोषणापछि यसबारे थप बहस पनि भइरहेको छ । ग्रुपअन्तर्गत विदेशमा लगानी गर्दै आएको सिनोभेसन्सका कार्यकारी निर्देशक वरुण चौधरी काठमाडौंमा छन् । अस्ट्रेलियाबाट एमबिए गरेका २६ वर्षीय चौधरी दुबईका गैरआवसीय नेपाली हुन् । यसै विषयमा उनीसंग गरिएको कुराकानीको संक्षेप-
चौधरी ग्रुपले भारतमा ठूलो लगानीको घोषणा गरेको छ । नेपालबाट यसरी पैसा लैजान पाइन्छ ?
चौधरी ग्रुपले त सारा नेपालमा मात्र लगानी गरेको छ । केही वर्षअघि तीन कम्पनी चलाउने चौधरी ग्रुपअन्तर्गत नेपालमा अहिले ११ कम्पनी पुगिसकेका छन् । यसरी विस्तार भएका अन्य उद्योग नेपालमा थोरै होलान् । यो सबै बुबा (विनोद) को रेखदेखमा दाइ निर्वाणले सम्हाल्दै आउनुभएको छ । विदेशमा भएको लगानी भनेको सिनोभेसन्सको हो । म र मेरो माहिलो दाइ राहुल गैरआवासीय नेपाली हौं । यो हामीले चलाइरहेका छौं । देशअनुसार फरक साझेदारहरूसँग मिलेर काम गरिरहेका छौं । त्यसैले यो चौधरी गु्रपको लगानी होइन । बरु हाम्रो बुद्धि र विश्वासमा बैंक र स्थानीय सझेदारबाट लगानी हुन लागेको हो ।
तपाई पढ्न गएको मान्छे कसरी सम्भव हुन्छ यति ठूलो व्यवसाय ?
नेपालको परिप्रेक्ष र बाहिर धेरै फरक भइसकेको छ । बाहिर पढेपछि झन रुचि बढ्यो । त्यहाँको फाइनान्सियल, क्यापिटल मार्केट परिपक्व भइसकेको छ । त्यहाँ व्यवसाय गर्न एउटा ब्रान्ड, एउटा आइडिया, आन्तरिक प्रतिफल दर (आइआरआर) र चुस्त व्यावसायिक योजना भए पुग्छ । आइआरआर म्याच गर्ने आइडिया र कार्यान्वयन गर्ने क्षमता देखियो भने भेन्चर क्यापिटल, प्राइभेट इक्विटी, फन्ड, फाइनान्सियल इन्स्िटच्युसनले आफैं लगानी गर्छन् । त्यहीअनुसार हामीले काम गरिरहेका छौं ।
ल नेपालको ब्रान्ड र विश्वसनीय व्यावसायिक योजनाका आधारमा लगानी भएको भन्न खोज्नुभएको ?
म ७ वर्ष भयो दुबई बसेको । २००४ मा त्यहाँ हामीले रियलस्टेटमा हात हाल्यौं । ठीक समयमा ठीक व्यवसाय थालिएकाले त्यसबाट निकै राम्रो भयो । २००६/२००७ मा ६/७ गुणा बढी मूल्य पाएपछि हामीले फाइदा उठायौं । त्यसैका आधारमा व्यवसाय विस्तार भइरहेको छ ।
कति लगानी छ त विदेशतिर ?
त्यो त म ठ्याक्कै भन्न सक्दिनँ । दाइ (राहुल) ले होटल हेर्नुहुन्छ । मैले रियलस्टेट र अरू हेर्छु । श्रीलंका, मालदिभ्स, भारत, थाइल्यान्ड, उत्तर अपफ्रिका, अमेरिका, मध्यपूर्वमा पनि होटल छन् । उत्तराखण्डको रुद्रपुरमा, आसाम र सिक्किममा तीन वटा फ्याक्ट्री छन् । रुद्रपुर उत्पादनमा आउँदै छ । गुजरातमा अर्को उद्योग खोल्न योजना छ । अपि|mका र मध्यपूर्वमा पनि जाँदै छौं । यो सब सिनोभेसन्सको हो । त्यसबाहेक नेपाल भारत, श्रीलंका र अपि|mकामा एकैपल्ट सिमेन्ट उद्योग खोल्दै छौं । कुनै सम्भाव्यता अध्ययनको चरणमा छन्, कुनै सकिइसके । नेपालको दुम्कीबासमा यो निकै अघि बढिसकेको छ । सबै कुरा सोचेअनुसार भए ३/४ वर्षभित्र सञ्चालनमा ल्याउने ढंगले काम गर्दै छौं । राजस्थानमा सौर्य ऊर्जा सुरु गर्दै छु । ५ मेगावाटको योजना हो यो ।
हालै भारतमा हिन्दु दैनिकले चौधरी ग्रुपले ५ अर्ब करोड भारु लगानी गर्ने भनेर तपाईको बुबा (विनोद) को अन्तर्वार्ता छापेको थियो । यो के हो ?
लगानीको परिमाण सही हो । त्यो भनेको ८ अर्ब रुपैयाँ हो । तर त्यो चौधरी गु्रपको लगानी होइन, सिनोभेसन्सको हो । सिनोभेसन्स र सिजीको प्राविधिक सम्झौता छ । हामीलाई उहाँहरूले प्राविधिक सहयोग दिनुहुन्छ । विदेशमा स्थानीय साझेदारसँग मिलेर काम गरिरहेका छौं । कतै हामी व्यवस्थापन शुल्क बापत इक्विटी लिएका छौं । कतै प्राविधिक सहयोगबापत पनि हिस्सेदार भएका
छौं । सिनोभेसन्सको डेढ दशकको इतिहास भइसकेको छ । तर चौधरी ग्रुपको ब्रान्डले धेरै सघाउ पुगेको छ । चाउचाउ, सिमेन्ट लगायत उद्योगमा जान लागेका हौं ।
तपाईहरूको आइडिया र इनोभेसन्सले मात्र यति धेरै लगानी सम्भव छ ?
तपाईसँग के छ भन्ने मात्र होइन, अहिले पैसा भएका तर काम गर्न नसक्नेहरू धेरै छन् । त्यस्ता धेरैको विश्वास छ हामीसँग । रतन टाटासँग पनि हाम्रो साझेदारी छ । यस्तै धेरैसँग मिलेर सम्भव भएको हो । त्यसमाथि नाफा र बैंकको लगानीबाट विस्तार भइरहेको छ । भारतको दुई उद्योगबाट उत्पादिन चाउचाउको नाफा उतै लगानी गरिरहेका छौं । भारतमा हामीलाई बैंकहरूले १० अर्ब भारुको लाइन अफ क्रेडिट दिन स्वीकृति दिएका छन् । आवश्यक परे बंैकको नाम नै भन्न सकिन्छ । तर त्यसमध्ये ५ अर्ब मात्र लगानी गर्दर्ै छौं । अलिकति नयाँ सोच र व्यवस्थित योजना भए व्यवसायलाई विश्वव्यापीकरण गर्न अब धेरै सजिलो भएको छ ।
सिनोभेसनलाई अब बहुराष्ट्रिय नेपाली कम्पनी भन्न सकिन्छ ?
पक्कै पनि । यो अव सबै नेपालीले गर्व गर्न सक्ने ख्यातिप्राप्त ब्रान्ड हुने तरखरमा छ । यसलाई हामी अझै उचाइमा पुर्याउन चाहन्छौं ।
तपाई दाजुभाइले सञ्चालन गरेको भन्नुहुन्छ तर होटल उद्घाटनदेखि भारतमा पुग्दा पनि तपाईको बुबाकै नाम आउँछ । उहाँ उपस्थित हुनुहुन्छ । यो चाहिँ किन ?
आधुनिक शिक्ष्ााबाट हामीले लिएको ज्ञान र बुबाको अनुभवको मिश्रण भन्न मन पराउँछु सिनोभेसन्सलाई । हाम्रो विचार बुबालाई सुनाउँछौ । उहाँले प्रेरणा दिनुहुन्छ । यो पनि त्यही हो । एउटा छोराको व्यवसायमा सल्लाह सुझाव दिने र सहयोग गर्नु त बुबाको कर्तव्य नै हो नि । हामीले त्यही पाइरहेका छौं ।
नेपालमा लगानीको अवस्था कस्तो देखिन्छ विदेशबाट हेर्दा ?
राजनीतिक स्थिरता भनेको धेरै महत्त्वपूर्ण कुरा हो । जुन भारत र श्रीलंकाले हामीलाई देखाइरहेको छ । भारतमा ९/१० प्रतिशतको वृद्धि छ । भारतको उत्तरपूर्वमा १३/१४ प्रतिशत छ । नेपालमा पनि राजनीतिक स्थिरता भइदिए लगानीको कुनै दुःख हुँदैन । अर्थतन्त्र दोहोरो अंकले बढ्न कुनै गाह्रो देख्दिनँ म । राजनीतिक अस्थिरता जस्तै पछिल्लो समय चर्को लोडसेडिङ पनि समस्याका रूपमा आएको छ । अब नेपालमा पनि सरकारले लगानी गर्नेलाई कर छुट, बिमा छुटलगायत सहुलियत घोषणा गरेका छन् । हामीले पनि त्यही सुरु गर्नुपर्छ । लगानीमैत्री वातावरण मात्र आवश्यक छ ।
मसल्स भएका मध्यपूर्व जाने, ब्रेन भएका युरोप अमेरिका जाने गरेका छन् नेपाली । नेपालको भविष्य के त अब ?
होइन, छ । पहिलो दर्जाको नागरिक हुनु धेरै फरक कुरा हो । भारतमा हेर्नुस् विदेशबाट फर्किरहेका छन् । हामीले पनि आर्थिक वृद्धि गराएर अवसर सिर्जना गर्न सक्यौं भने नेपालीहरू फर्किन्छन्, मलाई विश्वास गर्नुस् । मेरो कुरा गर्ने हो भने बाहिरको ज्ञान, अनुभव, प्रतिस्पर्धामा कसरी काम गर्ने भनेर सिक्न म बाहिर बसेको हुँ । यसले आँट गर्न र जोखिम लिन सिकाउँछ । नाफाको सिद्धान्त छ नि, नाफा भनेको जोखिम लिएबापतको पुरस्कार हो । मानवीय सम्पत्ति सबैभन्दा ठूलो कुरा हो । म त्यसैको पूर्णताको खोजीमा छु ।
त्यसका लागि के गर्नुपर्छ त ?
नेपालमा लगानीको वातावरण बनाउन सकियो भने पुँजी पलायन हुँदैन । विकासले गति लिएमा यही अनन्त सम्भावना छ । बिहारको आर्थिक वृद्धिदर अहिले १३ प्रतिशत छ । नीतीशकुमारले बिहारको र नरेन्द्र मोदीले गुजरातको पहिचान नै बदलिदिए । मोदीले करिब डेढ महिनाअघि संसारभरका लगानीकर्ता बोलाएर सेमिनार गरे । म पनि थिएँ । तत्काल अर्बाैं डलर लगानीको प्रतिबद्धता भयो । नेपालमा पनि त्यस्तै पहलको खाँचो छ ।
प्रकाशित मिति: २०६७ फाल्गुन २० ०९:५२
http://www.ekantipur.com/np/2067/11/20/full-story/325944.html
चौधरी ग्रुपले भारतमा ठूलो लगानीको घोषणा गरेको छ । नेपालबाट यसरी पैसा लैजान पाइन्छ ?
चौधरी ग्रुपले त सारा नेपालमा मात्र लगानी गरेको छ । केही वर्षअघि तीन कम्पनी चलाउने चौधरी ग्रुपअन्तर्गत नेपालमा अहिले ११ कम्पनी पुगिसकेका छन् । यसरी विस्तार भएका अन्य उद्योग नेपालमा थोरै होलान् । यो सबै बुबा (विनोद) को रेखदेखमा दाइ निर्वाणले सम्हाल्दै आउनुभएको छ । विदेशमा भएको लगानी भनेको सिनोभेसन्सको हो । म र मेरो माहिलो दाइ राहुल गैरआवासीय नेपाली हौं । यो हामीले चलाइरहेका छौं । देशअनुसार फरक साझेदारहरूसँग मिलेर काम गरिरहेका छौं । त्यसैले यो चौधरी गु्रपको लगानी होइन । बरु हाम्रो बुद्धि र विश्वासमा बैंक र स्थानीय सझेदारबाट लगानी हुन लागेको हो ।
तपाई पढ्न गएको मान्छे कसरी सम्भव हुन्छ यति ठूलो व्यवसाय ?
नेपालको परिप्रेक्ष र बाहिर धेरै फरक भइसकेको छ । बाहिर पढेपछि झन रुचि बढ्यो । त्यहाँको फाइनान्सियल, क्यापिटल मार्केट परिपक्व भइसकेको छ । त्यहाँ व्यवसाय गर्न एउटा ब्रान्ड, एउटा आइडिया, आन्तरिक प्रतिफल दर (आइआरआर) र चुस्त व्यावसायिक योजना भए पुग्छ । आइआरआर म्याच गर्ने आइडिया र कार्यान्वयन गर्ने क्षमता देखियो भने भेन्चर क्यापिटल, प्राइभेट इक्विटी, फन्ड, फाइनान्सियल इन्स्िटच्युसनले आफैं लगानी गर्छन् । त्यहीअनुसार हामीले काम गरिरहेका छौं ।
ल नेपालको ब्रान्ड र विश्वसनीय व्यावसायिक योजनाका आधारमा लगानी भएको भन्न खोज्नुभएको ?
म ७ वर्ष भयो दुबई बसेको । २००४ मा त्यहाँ हामीले रियलस्टेटमा हात हाल्यौं । ठीक समयमा ठीक व्यवसाय थालिएकाले त्यसबाट निकै राम्रो भयो । २००६/२००७ मा ६/७ गुणा बढी मूल्य पाएपछि हामीले फाइदा उठायौं । त्यसैका आधारमा व्यवसाय विस्तार भइरहेको छ ।
कति लगानी छ त विदेशतिर ?
त्यो त म ठ्याक्कै भन्न सक्दिनँ । दाइ (राहुल) ले होटल हेर्नुहुन्छ । मैले रियलस्टेट र अरू हेर्छु । श्रीलंका, मालदिभ्स, भारत, थाइल्यान्ड, उत्तर अपफ्रिका, अमेरिका, मध्यपूर्वमा पनि होटल छन् । उत्तराखण्डको रुद्रपुरमा, आसाम र सिक्किममा तीन वटा फ्याक्ट्री छन् । रुद्रपुर उत्पादनमा आउँदै छ । गुजरातमा अर्को उद्योग खोल्न योजना छ । अपि|mका र मध्यपूर्वमा पनि जाँदै छौं । यो सब सिनोभेसन्सको हो । त्यसबाहेक नेपाल भारत, श्रीलंका र अपि|mकामा एकैपल्ट सिमेन्ट उद्योग खोल्दै छौं । कुनै सम्भाव्यता अध्ययनको चरणमा छन्, कुनै सकिइसके । नेपालको दुम्कीबासमा यो निकै अघि बढिसकेको छ । सबै कुरा सोचेअनुसार भए ३/४ वर्षभित्र सञ्चालनमा ल्याउने ढंगले काम गर्दै छौं । राजस्थानमा सौर्य ऊर्जा सुरु गर्दै छु । ५ मेगावाटको योजना हो यो ।
हालै भारतमा हिन्दु दैनिकले चौधरी ग्रुपले ५ अर्ब करोड भारु लगानी गर्ने भनेर तपाईको बुबा (विनोद) को अन्तर्वार्ता छापेको थियो । यो के हो ?
लगानीको परिमाण सही हो । त्यो भनेको ८ अर्ब रुपैयाँ हो । तर त्यो चौधरी गु्रपको लगानी होइन, सिनोभेसन्सको हो । सिनोभेसन्स र सिजीको प्राविधिक सम्झौता छ । हामीलाई उहाँहरूले प्राविधिक सहयोग दिनुहुन्छ । विदेशमा स्थानीय साझेदारसँग मिलेर काम गरिरहेका छौं । कतै हामी व्यवस्थापन शुल्क बापत इक्विटी लिएका छौं । कतै प्राविधिक सहयोगबापत पनि हिस्सेदार भएका
छौं । सिनोभेसन्सको डेढ दशकको इतिहास भइसकेको छ । तर चौधरी ग्रुपको ब्रान्डले धेरै सघाउ पुगेको छ । चाउचाउ, सिमेन्ट लगायत उद्योगमा जान लागेका हौं ।
तपाईहरूको आइडिया र इनोभेसन्सले मात्र यति धेरै लगानी सम्भव छ ?
तपाईसँग के छ भन्ने मात्र होइन, अहिले पैसा भएका तर काम गर्न नसक्नेहरू धेरै छन् । त्यस्ता धेरैको विश्वास छ हामीसँग । रतन टाटासँग पनि हाम्रो साझेदारी छ । यस्तै धेरैसँग मिलेर सम्भव भएको हो । त्यसमाथि नाफा र बैंकको लगानीबाट विस्तार भइरहेको छ । भारतको दुई उद्योगबाट उत्पादिन चाउचाउको नाफा उतै लगानी गरिरहेका छौं । भारतमा हामीलाई बैंकहरूले १० अर्ब भारुको लाइन अफ क्रेडिट दिन स्वीकृति दिएका छन् । आवश्यक परे बंैकको नाम नै भन्न सकिन्छ । तर त्यसमध्ये ५ अर्ब मात्र लगानी गर्दर्ै छौं । अलिकति नयाँ सोच र व्यवस्थित योजना भए व्यवसायलाई विश्वव्यापीकरण गर्न अब धेरै सजिलो भएको छ ।
सिनोभेसनलाई अब बहुराष्ट्रिय नेपाली कम्पनी भन्न सकिन्छ ?
पक्कै पनि । यो अव सबै नेपालीले गर्व गर्न सक्ने ख्यातिप्राप्त ब्रान्ड हुने तरखरमा छ । यसलाई हामी अझै उचाइमा पुर्याउन चाहन्छौं ।
तपाई दाजुभाइले सञ्चालन गरेको भन्नुहुन्छ तर होटल उद्घाटनदेखि भारतमा पुग्दा पनि तपाईको बुबाकै नाम आउँछ । उहाँ उपस्थित हुनुहुन्छ । यो चाहिँ किन ?
आधुनिक शिक्ष्ााबाट हामीले लिएको ज्ञान र बुबाको अनुभवको मिश्रण भन्न मन पराउँछु सिनोभेसन्सलाई । हाम्रो विचार बुबालाई सुनाउँछौ । उहाँले प्रेरणा दिनुहुन्छ । यो पनि त्यही हो । एउटा छोराको व्यवसायमा सल्लाह सुझाव दिने र सहयोग गर्नु त बुबाको कर्तव्य नै हो नि । हामीले त्यही पाइरहेका छौं ।
नेपालमा लगानीको अवस्था कस्तो देखिन्छ विदेशबाट हेर्दा ?
राजनीतिक स्थिरता भनेको धेरै महत्त्वपूर्ण कुरा हो । जुन भारत र श्रीलंकाले हामीलाई देखाइरहेको छ । भारतमा ९/१० प्रतिशतको वृद्धि छ । भारतको उत्तरपूर्वमा १३/१४ प्रतिशत छ । नेपालमा पनि राजनीतिक स्थिरता भइदिए लगानीको कुनै दुःख हुँदैन । अर्थतन्त्र दोहोरो अंकले बढ्न कुनै गाह्रो देख्दिनँ म । राजनीतिक अस्थिरता जस्तै पछिल्लो समय चर्को लोडसेडिङ पनि समस्याका रूपमा आएको छ । अब नेपालमा पनि सरकारले लगानी गर्नेलाई कर छुट, बिमा छुटलगायत सहुलियत घोषणा गरेका छन् । हामीले पनि त्यही सुरु गर्नुपर्छ । लगानीमैत्री वातावरण मात्र आवश्यक छ ।
मसल्स भएका मध्यपूर्व जाने, ब्रेन भएका युरोप अमेरिका जाने गरेका छन् नेपाली । नेपालको भविष्य के त अब ?
होइन, छ । पहिलो दर्जाको नागरिक हुनु धेरै फरक कुरा हो । भारतमा हेर्नुस् विदेशबाट फर्किरहेका छन् । हामीले पनि आर्थिक वृद्धि गराएर अवसर सिर्जना गर्न सक्यौं भने नेपालीहरू फर्किन्छन्, मलाई विश्वास गर्नुस् । मेरो कुरा गर्ने हो भने बाहिरको ज्ञान, अनुभव, प्रतिस्पर्धामा कसरी काम गर्ने भनेर सिक्न म बाहिर बसेको हुँ । यसले आँट गर्न र जोखिम लिन सिकाउँछ । नाफाको सिद्धान्त छ नि, नाफा भनेको जोखिम लिएबापतको पुरस्कार हो । मानवीय सम्पत्ति सबैभन्दा ठूलो कुरा हो । म त्यसैको पूर्णताको खोजीमा छु ।
त्यसका लागि के गर्नुपर्छ त ?
नेपालमा लगानीको वातावरण बनाउन सकियो भने पुँजी पलायन हुँदैन । विकासले गति लिएमा यही अनन्त सम्भावना छ । बिहारको आर्थिक वृद्धिदर अहिले १३ प्रतिशत छ । नीतीशकुमारले बिहारको र नरेन्द्र मोदीले गुजरातको पहिचान नै बदलिदिए । मोदीले करिब डेढ महिनाअघि संसारभरका लगानीकर्ता बोलाएर सेमिनार गरे । म पनि थिएँ । तत्काल अर्बाैं डलर लगानीको प्रतिबद्धता भयो । नेपालमा पनि त्यस्तै पहलको खाँचो छ ।
प्रकाशित मिति: २०६७ फाल्गुन २० ०९:५२
http://www.ekantipur.com/np/2067/11/20/full-story/325944.html
Mid-term review of monetary policy: NRB to get tough on unproductive sector lending
KATHMANDU, MAR 04 -
Home loans to be eased,
Margin lending provision to be relaxed,
Unproductive sector lending to be controlled,
Procedures of refinancing to be eased,
Inflation target upped
One has to make a large down payment for purchasing a motorcycle or four-wheeler henceforth.
In a bid to discourage banks from lending in unproductive sectors, the mid-term review of the monetary policy has provisioned that people willing to invest in such sectors have to manage a huge portion of the fund on their own. The central bank will also be stringent in the provisioning of such loans.
In the realty sector, banks and financial institutions (BFIs) can lend only up to 60 percent of the average collateral value. In attractive projects, banks have been lending up to 80 percent of the total project cost.
The central bank, in its mid-term review of the monetary policy for current fiscal year, said loans and their quality will be seriously affected if banks lend in unstable sectors and sectors having a very little value addition. “This may lead to instability in the financial sector and affect the fiscal stability, as the country will be marred by low investment and high cost,” said the monetary policy review made public on Thursday.
However, bankers say that sectors such as hire purchase may be affected if the central bank imposes condition that BFIs cannot lend more than 50 percent of the project value. “It will be better if NRB keeps it up to 70 percent,” said Sashin Joshi, CEO of NIC Bank.
As the review has stated that BFIs will have to make more provisioning of such lending, a senior NRB official said the central bank may direct BFIs to make provisioning of loans even before the expiration of the repayment deadline. International Monetary Fund has also been suggesting the NRB for adopting similar measures.
As per the existing provision, BFIs will have to make 1 percent provisioning of good loans. If they fail to recover loans within three months after the expiration of the repayment deadline, they should make provisioning of 25 percent of the loans. In the event of BFIs’ failure in recovering loans within six months after the running out of the repayment deadline, they should make provisioning of 50 percent of the loans and 100 percent if they fail to recover even within one year after the ending of the deadline.
In order to the encourage lending in productive sectors, the central bank will ease the procedures of re-financing, given that banks are not taking re-finance from the central bank to lend to productive sectors. “We are ready to extend the repayment period of re-financing through a rollover, even though the NRB Act allows us to give refinancing only for six months,” said NRB Governor Yubaraj Khatiwada. At a time when the manufacturing and export sectors are suffering from higher interest rate on lending, the central bank has opened the window of refinancing, under which these sectors can get loan at 10 percent interest rate.
The central bank will also ease home loans. “A directive with an easier provision for getting home loans will be issued soon,” said Khatiwada.
The central bank announced that it will give certain relief to the stock market by easing the margin call related provision, repayment deadline of loans given against shares as collateral and renewal of such loans. Banks have been demanding that the central bank should allow them to renew good loans. As per the existing
provision, banks can renew such loans only after borrowers pay 25 percent of their loans in addition to the interest.
The NRB’s commitment to give some relaxation to the stock market and realty sector has invited mixed reactions from the banking sector. Nepal Bankers’ Association President Ashok Rana welcomed the NRB move to relax these sectors, saying that the central bank addressed their concerns. “The NRB telling us to reduce the cost of funds and increase deposits is good,” said Rana. Governor Khatiwada had asked bankers to go for merger to reduce operational cost. He was also critical of bankers for keeping interest spread rate higher by charging higher interest to borrowers against depositors.
However, bankers are not happy with the governor’s comments. “Talking about increased spread rate when the rate is decreasing is a mistake on the part of NRB,” said a banker.
The mid-term review has the made an upward revision of the inflation to 9 percent from 7 percent.
Posted on: 2011-03-04 09:11
PRITHVI MAN SHRESTHA, http://www.ekantipur.com/2011/03/04/business/mid-term-review-of-monetary-policy-nrb-to-get-tough-on-unproductive-sector-lending/330439.html
Home loans to be eased,
Margin lending provision to be relaxed,
Unproductive sector lending to be controlled,
Procedures of refinancing to be eased,
Inflation target upped
One has to make a large down payment for purchasing a motorcycle or four-wheeler henceforth.
In a bid to discourage banks from lending in unproductive sectors, the mid-term review of the monetary policy has provisioned that people willing to invest in such sectors have to manage a huge portion of the fund on their own. The central bank will also be stringent in the provisioning of such loans.
In the realty sector, banks and financial institutions (BFIs) can lend only up to 60 percent of the average collateral value. In attractive projects, banks have been lending up to 80 percent of the total project cost.
The central bank, in its mid-term review of the monetary policy for current fiscal year, said loans and their quality will be seriously affected if banks lend in unstable sectors and sectors having a very little value addition. “This may lead to instability in the financial sector and affect the fiscal stability, as the country will be marred by low investment and high cost,” said the monetary policy review made public on Thursday.
However, bankers say that sectors such as hire purchase may be affected if the central bank imposes condition that BFIs cannot lend more than 50 percent of the project value. “It will be better if NRB keeps it up to 70 percent,” said Sashin Joshi, CEO of NIC Bank.
As the review has stated that BFIs will have to make more provisioning of such lending, a senior NRB official said the central bank may direct BFIs to make provisioning of loans even before the expiration of the repayment deadline. International Monetary Fund has also been suggesting the NRB for adopting similar measures.
As per the existing provision, BFIs will have to make 1 percent provisioning of good loans. If they fail to recover loans within three months after the expiration of the repayment deadline, they should make provisioning of 25 percent of the loans. In the event of BFIs’ failure in recovering loans within six months after the running out of the repayment deadline, they should make provisioning of 50 percent of the loans and 100 percent if they fail to recover even within one year after the ending of the deadline.
In order to the encourage lending in productive sectors, the central bank will ease the procedures of re-financing, given that banks are not taking re-finance from the central bank to lend to productive sectors. “We are ready to extend the repayment period of re-financing through a rollover, even though the NRB Act allows us to give refinancing only for six months,” said NRB Governor Yubaraj Khatiwada. At a time when the manufacturing and export sectors are suffering from higher interest rate on lending, the central bank has opened the window of refinancing, under which these sectors can get loan at 10 percent interest rate.
The central bank will also ease home loans. “A directive with an easier provision for getting home loans will be issued soon,” said Khatiwada.
The central bank announced that it will give certain relief to the stock market by easing the margin call related provision, repayment deadline of loans given against shares as collateral and renewal of such loans. Banks have been demanding that the central bank should allow them to renew good loans. As per the existing
provision, banks can renew such loans only after borrowers pay 25 percent of their loans in addition to the interest.
The NRB’s commitment to give some relaxation to the stock market and realty sector has invited mixed reactions from the banking sector. Nepal Bankers’ Association President Ashok Rana welcomed the NRB move to relax these sectors, saying that the central bank addressed their concerns. “The NRB telling us to reduce the cost of funds and increase deposits is good,” said Rana. Governor Khatiwada had asked bankers to go for merger to reduce operational cost. He was also critical of bankers for keeping interest spread rate higher by charging higher interest to borrowers against depositors.
However, bankers are not happy with the governor’s comments. “Talking about increased spread rate when the rate is decreasing is a mistake on the part of NRB,” said a banker.
The mid-term review has the made an upward revision of the inflation to 9 percent from 7 percent.
Posted on: 2011-03-04 09:11
PRITHVI MAN SHRESTHA, http://www.ekantipur.com/2011/03/04/business/mid-term-review-of-monetary-policy-nrb-to-get-tough-on-unproductive-sector-lending/330439.html
NRB to allow mutual funds by BFIs
KATHMANDU, MAR 02 -
The Nepal Rastra Bank (NRB) is preparing to allow Banks and Financial Institutions (BFIs) to start mutual fund business although there is no explicit provision in the Bank and Financial Institution Act (BAFIA) regarding this.
Earlier, the central bank was hesitant to allow BFIs to open subsidiary companies to start the business in the absence of a clear provision in BAFIA. The central bank had turned down some banks’ request that they be allowed to change their article and memorandum of association to start the business.
“We will allow them as per the article 47 of BAFIA that has provisioned that banks can venture into other businesses as determined by the central bank,” said a senior NRB official. Nabil Bank, Kumari Bank, NMB Bank, DCBL Bank and few others have already applied to the central bank for approval to start the business. According to NMB officials, the bank has already conducted a feasibility study and documented minutes of its annual general meeting that endorsed the proposal of establishing a mutual fund. NMB’s feasibility study has confirmed the viability of the business.
Nabil’s AGM has also endorsed the proposal for setting up a mutual fund and it is in preparation stages.
The central bank will, however, put in place strict provisions for BFIs to start mutual fund business. Among the provisions currently under discussion are capital should be increased to Rs 2 billion by mid-July 2013; compliance of NRB directives; sound net worth status, consecutive profits for the last 4-5 years and low non-performing loan level. “Only the banks with sound financial health will be allowed to go for mutual fund business,” said the NRB official.
BFIs increasing their paid-up capital every year on a proportional basis to Rs 2 billion and those increasing their capital more than the required figure will be given priority while giving approval for mutual fund business,” said another NRB official.
Although development banks are also interested in opening asset (fund) management companies to manage mutual fund, the central bank is considering devising a strong provision that would mostly enable commercial banks to start this business. The mutual fund regulations seek to bar development banks and finance companies from entering into the business, as it has provisioned that only BFIs having paid-up capital of more than Rs 1 billion can open company to run mutual fund. However, few development banks already have paid-up capital of more than Rs 1 billion.
The regulations say prospective institutions should also have completed five years of operations, registered profit for the last three years and have paid-up capital not less than its net worth.
Securities Board of Nepal, the stock regulator, has been pushing for the last few years for mutual fund in a bid to widen the capital market and create additional investment opportunities for small investors.
The mutual fund regulations have also made it compulsory that a company going for an Initial Public Offering (IPO) should allocate at least 5 percent shares to mutual fund.
Posted on: 2011-03-02 08:46
http://www.ekantipur.com/2011/03/02/business/nrb-to-allow-mutual-funds-by-bfis/330344.html
The Nepal Rastra Bank (NRB) is preparing to allow Banks and Financial Institutions (BFIs) to start mutual fund business although there is no explicit provision in the Bank and Financial Institution Act (BAFIA) regarding this.
Earlier, the central bank was hesitant to allow BFIs to open subsidiary companies to start the business in the absence of a clear provision in BAFIA. The central bank had turned down some banks’ request that they be allowed to change their article and memorandum of association to start the business.
“We will allow them as per the article 47 of BAFIA that has provisioned that banks can venture into other businesses as determined by the central bank,” said a senior NRB official. Nabil Bank, Kumari Bank, NMB Bank, DCBL Bank and few others have already applied to the central bank for approval to start the business. According to NMB officials, the bank has already conducted a feasibility study and documented minutes of its annual general meeting that endorsed the proposal of establishing a mutual fund. NMB’s feasibility study has confirmed the viability of the business.
Nabil’s AGM has also endorsed the proposal for setting up a mutual fund and it is in preparation stages.
The central bank will, however, put in place strict provisions for BFIs to start mutual fund business. Among the provisions currently under discussion are capital should be increased to Rs 2 billion by mid-July 2013; compliance of NRB directives; sound net worth status, consecutive profits for the last 4-5 years and low non-performing loan level. “Only the banks with sound financial health will be allowed to go for mutual fund business,” said the NRB official.
BFIs increasing their paid-up capital every year on a proportional basis to Rs 2 billion and those increasing their capital more than the required figure will be given priority while giving approval for mutual fund business,” said another NRB official.
Although development banks are also interested in opening asset (fund) management companies to manage mutual fund, the central bank is considering devising a strong provision that would mostly enable commercial banks to start this business. The mutual fund regulations seek to bar development banks and finance companies from entering into the business, as it has provisioned that only BFIs having paid-up capital of more than Rs 1 billion can open company to run mutual fund. However, few development banks already have paid-up capital of more than Rs 1 billion.
The regulations say prospective institutions should also have completed five years of operations, registered profit for the last three years and have paid-up capital not less than its net worth.
Securities Board of Nepal, the stock regulator, has been pushing for the last few years for mutual fund in a bid to widen the capital market and create additional investment opportunities for small investors.
The mutual fund regulations have also made it compulsory that a company going for an Initial Public Offering (IPO) should allocate at least 5 percent shares to mutual fund.
Posted on: 2011-03-02 08:46
http://www.ekantipur.com/2011/03/02/business/nrb-to-allow-mutual-funds-by-bfis/330344.html
Donnerstag, 3. März 2011
NRB moots 'forceful merger' provision
KATHMANDU, Feb 22: Nepal Rastra Bank (NRB) has pushed for a clause on ´forceful merger´ in the new regulation it has drafted, going by which it could force two or more banks and financial institutions to undergo merger if it deems appropriate.
In the draft of Merger and Acquisition Regulations, NRB has offered number of incentives in order to encourage voluntary merger and acquisition in the sector.
“It also has provision whereby the central bank can instruct certain banks and financial institutions to undergo merger,” Bhaskar Gyawali, spokesperson of the central bank, told Republica.
However, the central bank has clarified that the provision will be used mainly in cases of banks and financial institutions that have failed to comply with capital requirement and other prudential directives and in which it has started prompt corrective actions.
The provision has been mooted mainly to reclaim discretionary authority, whereby the central bank could force the weaker banks to consolidate their books of accounts. “This will give the central bank the option to take forceful steps to revive sick institutions, instead of liquidating them,” said Ashok Rana, president of Nepal Bankers´ Association.
The central bank on Monday held discussions on the draft regulations with a group of chief executives of banks and financial institutions. Along with Rana, the president of Nepal Development Bankers´ Association (NDBA) was also present on the occasion.
Among others, the central bank has promised relaxation on provisions related to capital adequacy ratio, deprived sector lending, single borrower´s limit, credit-deposit ratio for certain time to the BFIs opting to undergo merger and acquisition.
“These are important relaxations. We believe this will encourage promoters to take affirmative actions towards merger,” said Gyawali.
The central bank of late has laid special focus on merger and acquisition of BFIs. As per its request, the government has already announced waiver of capital gains tax (CGT) on transactions related to merger and acquisition for the BFIs. The facility was announced in the budget for the current fiscal year. Following the fiscal incentive, the central bank in the Monetary Policy for the current fiscal year had promised to come up with additional incentives to lure the BFIs promoters toward merger and acquisition.
The fresh regulation has been drafted as a part of that commitment, Gyawali added.
However, during the consultation, the bankers urged the central bank to commit additional incentives like waiver of tax liability and staff to be laid off, among others.
They also pushed for waiver of income tax for three years and cut in corporate tax from existing 30 percent to 25 percent.
Published on 2011-02-22 03:30:28
MILAN MANI SHARMA, http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28496
In the draft of Merger and Acquisition Regulations, NRB has offered number of incentives in order to encourage voluntary merger and acquisition in the sector.
“It also has provision whereby the central bank can instruct certain banks and financial institutions to undergo merger,” Bhaskar Gyawali, spokesperson of the central bank, told Republica.
However, the central bank has clarified that the provision will be used mainly in cases of banks and financial institutions that have failed to comply with capital requirement and other prudential directives and in which it has started prompt corrective actions.
The provision has been mooted mainly to reclaim discretionary authority, whereby the central bank could force the weaker banks to consolidate their books of accounts. “This will give the central bank the option to take forceful steps to revive sick institutions, instead of liquidating them,” said Ashok Rana, president of Nepal Bankers´ Association.
The central bank on Monday held discussions on the draft regulations with a group of chief executives of banks and financial institutions. Along with Rana, the president of Nepal Development Bankers´ Association (NDBA) was also present on the occasion.
Among others, the central bank has promised relaxation on provisions related to capital adequacy ratio, deprived sector lending, single borrower´s limit, credit-deposit ratio for certain time to the BFIs opting to undergo merger and acquisition.
“These are important relaxations. We believe this will encourage promoters to take affirmative actions towards merger,” said Gyawali.
The central bank of late has laid special focus on merger and acquisition of BFIs. As per its request, the government has already announced waiver of capital gains tax (CGT) on transactions related to merger and acquisition for the BFIs. The facility was announced in the budget for the current fiscal year. Following the fiscal incentive, the central bank in the Monetary Policy for the current fiscal year had promised to come up with additional incentives to lure the BFIs promoters toward merger and acquisition.
The fresh regulation has been drafted as a part of that commitment, Gyawali added.
However, during the consultation, the bankers urged the central bank to commit additional incentives like waiver of tax liability and staff to be laid off, among others.
They also pushed for waiver of income tax for three years and cut in corporate tax from existing 30 percent to 25 percent.
Published on 2011-02-22 03:30:28
MILAN MANI SHARMA, http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28496
NRB to tighten IC exchange facility
KATHMANDU, March 3: Nepal Rastra Bank (NRB) is tightening exchange facility of Indian currency (IC) as unwarranted surge in demand and cross-border withdrawal of Indian rupee through plastic cards flourished its black market in the country.
“We are soon halving the volume of IC that customers can exchange from banks and money changers. The extent of withdrawals that Nepali cardholders can make in a day in India too will be slashed accordingly,” said a source.
Presently, the central bank has allowed the banks to allow their clients to exchange as much as IRs 25,000 in a day and issue a maximum of IRs 200,000 in a month. Likewise, clients holding plastic cards that work in India can presently withdraw as much as IRs 25,000 in a day from Indian banks.
Bankers, however, said shortage will deepen further, giving new impetus to black market, if the central bank tightened IC supply. Amid shortage, when banks and money changers are not issuing IC as per the demand in the market, traders said they are already paying Rs 165 to buy IRs 100, which is Rs 5 higher than the legal exchange rate, in informal market.
“If the central bank tightened the supply further, it will raise the informal value of IC,” said a trader.
IC has been on a short supply since more than a year, particularly due to ballooning trade deficit, which touched Rs 177 billion in 2009/10, widespread under-invoicing and booming illicit trade. To manage the supply, the central bank had purchased IC worth Rs 102 billion and supplied Rs 84 billion of that in the market in the last fiscal year. In the current fiscal year too, it has already injected IC worth Rs 65 billion in the market till mid-February 2011.
Though the central bank says the volume of supply made during the period was enough to fulfill trade financing and other needs, availability of IC in the market suggests otherwise.
“Clearly, an unwarranted informal IC market has emerged in the country. We believe some people are heavily misusing the exchange facility to foster this informal currency trade,” said the source.
The central bank arrived at such a conclusion after its study showed that more people were using plastic cards to get IC in India and supplying their withdrawals in the informal market.
The study showed that Nepalis withdrew IC worth Rs 19.09 billion through plastic cards over the first five months of the current fiscal year. Withdrawal during the same period in the last fiscal year was worth just Rs 3.46 billion.
NRB injected fresh supply of Rs 50 billion worth of IC in the market over the period, Rs 15 billion higher than what it had pumped out in the same period last year. Trade deficit had widened only marginally during the period.
The study revealed that transfer of IC through demand draft to India dropped to Rs 1.05 billion during the period from Rs 1.83 billion of the same period last year.
Published on 2011-03-03 03:30:12
MILAN MANI SHARMA, http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28793
“We are soon halving the volume of IC that customers can exchange from banks and money changers. The extent of withdrawals that Nepali cardholders can make in a day in India too will be slashed accordingly,” said a source.
Presently, the central bank has allowed the banks to allow their clients to exchange as much as IRs 25,000 in a day and issue a maximum of IRs 200,000 in a month. Likewise, clients holding plastic cards that work in India can presently withdraw as much as IRs 25,000 in a day from Indian banks.
Bankers, however, said shortage will deepen further, giving new impetus to black market, if the central bank tightened IC supply. Amid shortage, when banks and money changers are not issuing IC as per the demand in the market, traders said they are already paying Rs 165 to buy IRs 100, which is Rs 5 higher than the legal exchange rate, in informal market.
“If the central bank tightened the supply further, it will raise the informal value of IC,” said a trader.
IC has been on a short supply since more than a year, particularly due to ballooning trade deficit, which touched Rs 177 billion in 2009/10, widespread under-invoicing and booming illicit trade. To manage the supply, the central bank had purchased IC worth Rs 102 billion and supplied Rs 84 billion of that in the market in the last fiscal year. In the current fiscal year too, it has already injected IC worth Rs 65 billion in the market till mid-February 2011.
Though the central bank says the volume of supply made during the period was enough to fulfill trade financing and other needs, availability of IC in the market suggests otherwise.
“Clearly, an unwarranted informal IC market has emerged in the country. We believe some people are heavily misusing the exchange facility to foster this informal currency trade,” said the source.
The central bank arrived at such a conclusion after its study showed that more people were using plastic cards to get IC in India and supplying their withdrawals in the informal market.
The study showed that Nepalis withdrew IC worth Rs 19.09 billion through plastic cards over the first five months of the current fiscal year. Withdrawal during the same period in the last fiscal year was worth just Rs 3.46 billion.
NRB injected fresh supply of Rs 50 billion worth of IC in the market over the period, Rs 15 billion higher than what it had pumped out in the same period last year. Trade deficit had widened only marginally during the period.
The study revealed that transfer of IC through demand draft to India dropped to Rs 1.05 billion during the period from Rs 1.83 billion of the same period last year.
Published on 2011-03-03 03:30:12
MILAN MANI SHARMA, http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28793
5 FIs insure saving of small depositors
KATHMANDU, March 2: Small depositors of five financial institutions (FIs) now need not worry about losing their savings up to Rs 200,000, for these institutions have bought deposit insurance package, going by which they will surely get their savings back even if those financial institutions (FIs) went bust.
The FIs that secured their depositors include Capital Merchant Banking and Finance (CMBF), Kuber Merchant Banking and Finance (KMBF), Birgunj Finance (BF) and Lord Buddha Finance. “Sindhu Development Bank too entered into an agreement with us for the insurance coverage on Tuesday,” said Jagadish Chalise, deputy general manager of the Deposit and Credit Guarantee Corporation (DCGA), the state-promoted agency entrusted to provide the critical service.
Although the corporation is yet to consolidate records, officials said they have already safeguarded thousands of depositors of these five financial institutions from the risk of losing their savings.
Chalise further informed that more than two dozen development banks and finance companies have already approached the corporation to secure saving of their small depositors. “We expect more than five dozen financial institutions to buy the insurance cover by the end of next week,” he told Republica.
For the service, the financial institutions will need to pay 20 paisa per Rs 100 worth of insured deposits. If the financial institutions went bankrupt, the corporation has promised to repay insured deposits to each depositor within 45 days of the liquidation of the ill-fated institution.
The scheme materialized after the government pushed for deposit insurance program in the wake of the collapse of Nepal Development Bank (NDB), when small depositors almost lost their hard-earned money. Though the program had featured in the budget for 2009/10, its implementation was delayed due to poor financial health of DCGC and the lack of clear operational strategy.
But the corporation recently adopted the new Deposit Insurance Regulations, clearing existing hurdles. This paved way for the implementation of the program, following which Nepal Rastra Bank (NRB) on Feb 15 instructed all development banks and finance companies to buy the scheme to safeguard the savings of small depositors.
There are more than 165 development banks and financial institutions in the country and they have mobilized deposits of more than Rs 150 billion.
“We estimate that Rs 30 billion of the amount belong to the small depositors,” said NRB Spokesperson Bhaskar Mani Gyawali. Talking to Republica, he even urged all financial institutions to get their deposits insured as per the central bank´s directive. “If they did not comply, we could prevent them enjoying facilities pledged by the central bank,” he stated.
He added that the central bank will expand the scheme to commercial banks as well soon.
Published on 2011-03-02 02:30:19
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28774
The FIs that secured their depositors include Capital Merchant Banking and Finance (CMBF), Kuber Merchant Banking and Finance (KMBF), Birgunj Finance (BF) and Lord Buddha Finance. “Sindhu Development Bank too entered into an agreement with us for the insurance coverage on Tuesday,” said Jagadish Chalise, deputy general manager of the Deposit and Credit Guarantee Corporation (DCGA), the state-promoted agency entrusted to provide the critical service.
Although the corporation is yet to consolidate records, officials said they have already safeguarded thousands of depositors of these five financial institutions from the risk of losing their savings.
Chalise further informed that more than two dozen development banks and finance companies have already approached the corporation to secure saving of their small depositors. “We expect more than five dozen financial institutions to buy the insurance cover by the end of next week,” he told Republica.
For the service, the financial institutions will need to pay 20 paisa per Rs 100 worth of insured deposits. If the financial institutions went bankrupt, the corporation has promised to repay insured deposits to each depositor within 45 days of the liquidation of the ill-fated institution.
The scheme materialized after the government pushed for deposit insurance program in the wake of the collapse of Nepal Development Bank (NDB), when small depositors almost lost their hard-earned money. Though the program had featured in the budget for 2009/10, its implementation was delayed due to poor financial health of DCGC and the lack of clear operational strategy.
But the corporation recently adopted the new Deposit Insurance Regulations, clearing existing hurdles. This paved way for the implementation of the program, following which Nepal Rastra Bank (NRB) on Feb 15 instructed all development banks and finance companies to buy the scheme to safeguard the savings of small depositors.
There are more than 165 development banks and financial institutions in the country and they have mobilized deposits of more than Rs 150 billion.
“We estimate that Rs 30 billion of the amount belong to the small depositors,” said NRB Spokesperson Bhaskar Mani Gyawali. Talking to Republica, he even urged all financial institutions to get their deposits insured as per the central bank´s directive. “If they did not comply, we could prevent them enjoying facilities pledged by the central bank,” he stated.
He added that the central bank will expand the scheme to commercial banks as well soon.
Published on 2011-03-02 02:30:19
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28774
Convert insurance pool into a reinsurer: Panel
KATHMANDU, Feb 28: A taskforce led by a senior official at the Ministry of Finance (MoF) has advocated strongly for the establishment of a reinsurance company in the country to check massive outflow of reinsurance premium, which stands well over Rs 2.40 billion a year.
“A local reinsurance company -- that covers risk of insurance companies against reinsurance premium -- can help rationalize the cost of risk coverage, making insurance cost cheaper,” said Bishnu Prasad Lamsal, leader of the taskforce and joint secretary at MoF.
It is also expected to help implementation of targeted insurance schemes like crop and other micro-insurances, third party insurance, among others.
The taskforce, which submitted its report to Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari on Monday, also suggested the government to convert the existing Emergency Insurance Pool into a reinsurance company.
The emergency insurance pool, which was set up to cover risks related to riot and malicious damages some seven years ago, has generated a fund of Rs 960 million. The taskforce has suggested that the fund could be used as share investment for establishing the reinsurer.
“Private sector companies are willing to invest and Citizens Investment Trust and Employees´ Provident Fund too are eager to put their money in the company,” said Lamsal, suggesting the government to fix paid-up capital of the proposed reinsurance company at Rs 2 billion. It has recommended the government to fix authorized capital of the company at Rs 5 billion and advised the government to allow foreign investors, particularly the international insurance companies and brokers, to hold 25 percent stake
“This is critical, as only strategic partner with international experience can render the local reinsurance company competitive and enable them to tap business in South Asia and other countries across the globe,” says the report.
Given the present volume of insurance business at home and mechanism present so far, the report argues that the government can effectively set up the reinsurance company in six months. “With expertise we have, the company can become regional reinsurance player in two years,” says the report.
With capital upgrading and strategic involvement of international player, the report argues the company can become an active international reinsurer, taking global risk cover, in five years.
Published on 2011-02-28 23:30:29
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28732
“A local reinsurance company -- that covers risk of insurance companies against reinsurance premium -- can help rationalize the cost of risk coverage, making insurance cost cheaper,” said Bishnu Prasad Lamsal, leader of the taskforce and joint secretary at MoF.
It is also expected to help implementation of targeted insurance schemes like crop and other micro-insurances, third party insurance, among others.
The taskforce, which submitted its report to Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari on Monday, also suggested the government to convert the existing Emergency Insurance Pool into a reinsurance company.
The emergency insurance pool, which was set up to cover risks related to riot and malicious damages some seven years ago, has generated a fund of Rs 960 million. The taskforce has suggested that the fund could be used as share investment for establishing the reinsurer.
“Private sector companies are willing to invest and Citizens Investment Trust and Employees´ Provident Fund too are eager to put their money in the company,” said Lamsal, suggesting the government to fix paid-up capital of the proposed reinsurance company at Rs 2 billion. It has recommended the government to fix authorized capital of the company at Rs 5 billion and advised the government to allow foreign investors, particularly the international insurance companies and brokers, to hold 25 percent stake
“This is critical, as only strategic partner with international experience can render the local reinsurance company competitive and enable them to tap business in South Asia and other countries across the globe,” says the report.
Given the present volume of insurance business at home and mechanism present so far, the report argues that the government can effectively set up the reinsurance company in six months. “With expertise we have, the company can become regional reinsurance player in two years,” says the report.
With capital upgrading and strategic involvement of international player, the report argues the company can become an active international reinsurer, taking global risk cover, in five years.
Published on 2011-02-28 23:30:29
http://www.myrepublica.com/portal/index.php?action=news_details&news_id=28732
Abonnieren
Posts (Atom)
