NRB invites Chairmans and CEOs of banks to five star hotel; Goal? Financial market consolidation

Nepal Rastra Bank (NRB), with an aim to persuade banks and financial institutions (BFIs) to go for merger and acquisitions, has invited the Chairmans and CEOs of BFIs to Hotel Yak and Yet for tomorrow.

In numerous occasions, it has been made abundantly clear regarding where NRB stands in regard to the Big Merger. So to nudge the BFIs a final time before the Monetary Policy is unveiled.

The end goal of NRB is to bring the number of commercial banks down to 15. Thus, the Governor is looking forward to persuade the BFIs to comply either through stick or carrot, well more focused towards stick.

Similarly, NRB also has a discussion session with the stakeholders of financial market tomorrow to discuss about the areas of financial sector covered by Budget. In this session the Chairmans and CEOs of banks are prohibited to participate in.

The Chairmans and CEOs of different levels will be talking to Governor in different sessions. The commercial banks' chairmans and CEOs will be meeting at 11 AM. Similarly for development banks' and finance companies' chairmans and CEOs have been given the time of 1 PM and 3 PM respectively.

The end target: Consolidation of 28 commercial banks into 15 large banks. Similarly, Class B and C BFIs will also be pressurized.