CBFIN Urges Vigilance as Misinformation Threatens Trust in Banking and Financial Institutions
In light of recent days, there has been a surge in spreading various rumors and creating doubts about the integrity, credibility, and reliability of banks and financial institutions operating in Nepal. Such misinformation is being disseminated by certain individuals or groups, posing a potential threat to the reputation and trustworthiness of these institutions. The Confederation of Banks and Financial Institutions Nepal (CBFIN) urges the public to be wary of such baseless news and actively seeks their attention towards the following key points:
1) Regulatory Compliance: All banks and financial institutions operate in strict adherence to the Banking and Financial Institutions Act of 2073, along with the regulations and guidelines issued by the Nepal Rastra Bank. The institutions undergo regular supervision and monitoring based on international standards, and any deviations are promptly addressed following the law.
2) Supervision by Nepal Rastra Bank: The Nepal Rastra Bank conducts regular supervision and monitoring based on international standards. Various financial indicators such as Capital Adequacy Ratio, Liquidity Ratio, CD Ratio, Cash Reserve Ratio, and others are continuously assessed to ensure sound financial health. Any discrepancies are promptly addressed, and necessary actions are taken as per the law.
3) Deposit Security: Deposits up to NPR 5 lakhs in the general person's name are safeguarded under the "Deposit and Loan Security Fund" established by the Government of Nepal, as per the directives issued by the Nepal Rastra Bank.
CBFIN reassures the public that banks and financial institutions remain fully committed to ensuring the rights and protection of depositors and the general customer base. In case of any doubts or concerns, individuals are encouraged to contact the official representatives of the respective banks and financial institutions. For accurate and reliable information about the real status of banks and financial institutions, CBFIN encourages everyone to consult the official representatives.
