Central Bank Takes Action Against 65 Non-Banking Institutions

Nepal Rastra Bank has taken action against 65 non-banking institutions for illegal operations. The Non-Banking Supervision Department inspected 158 entities and found 65 violating regulations, as per the ‘Non-Banking Financial Institution Supervision Report 2023/24’. The department conducted 148 on-site and 9 follow-up inspections.

Of these, over 50 institutions received corrective directives, 10 were fined, 5 had their licenses temporarily suspended, and 2 had their permits revoked. Entities like remittance firms, money changers, hotels, travel agencies, and airlines failed to comply with the central bank’s guidelines, showing deficiencies in risk management and transparency.

The central bank stated that these measures aim to ensure stability and credibility in the financial system. The department warned of further action against entities committing serious or repeated violations.