Birgunj: Governor of Nepal Rastra Bank, Dr. Bishwanath Paudel, has said that the central bank is studying the provisions related to blacklisting in financial transactions.
Speaking at a program held in Birgunj, he stated that the bank is seriously reviewing the rule that places individuals on the blacklist immediately after a cheque bounce. According to him, Nepal Rastra Bank is examining whether such provisions need to be revised.
He said many people are currently being blacklisted due to cheque bounce cases and loans taken from banks and financial institutions. Therefore, the central bank is studying who should actually be blacklisted and who should not. He added that efforts are also being made to shorten the list of individuals placed on the blacklist.
Governor Paudel stated that businesses and the national economy cannot function effectively through strict punishment or excessive restrictions alone. According to him, businesses become more organized only after going through various experiences, failures, and challenges, so the focus should be on improving and managing the system rather than only imposing penalties.
He also stressed that merely criticizing entrepreneurs will not lead to national development and that it is necessary to promote and encourage the business sector. According to him, individuals who are trying to run businesses should not be punished harshly for making a single mistake.
On another note, Governor Paudel said Nepal Rastra Bank has been adopting policies to promote the digital technology–based Information Technology (IT) industry, considering it a sector with huge potential in the future. He added that banks and financial institutions are also being encouraged to move toward digitalization.
He noted that in the past, Birgunj had many photo studios, vehicle workshops, and garage centers, but such businesses are gradually declining. As more businesses are shifting to digital platforms, entrepreneurs need to adapt and develop digital strategies according to changing times.
Governor Paudel also claimed that efforts are being made to create a favorable environment for Nepali IT companies to invest in foreign countries.
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