” Govt should take legal action against those spreading false information about financial sector”

KATHMANDU, FEBRUARY 19: Four apex organisations of banks and financial institutions (in Nepal have urged for taking legal action against those elements indulged in airing manipulative and misleading claims regarding the financial sector. Issuing a joint statement yesterday, the Nepal Bankers Association, Development Bankers Association Nepal, Nepal Financial Institutions Association, and Nepal Microfinance Bankers Association made such a demand.

Lately, a group led by activist Durga Prasai has been trying to prompt people to withdraw deposits from specific banks and finance companies by accusing such institutions of defrauding people.

In this context, the associations sounded the alarm over the potential negative repercussions of such claims on the entire financial sector. Moreover, they even asked the public to resist from subscribing to false narratives.

“Nepalese financial institutions are committed to adhere to the international banking principles and regulations set by the Nepal Rastra Bank in order to ensure safety of deposits by managing risks effectively.,” the joint statement argues.