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NEPAL Public Disclosure Authorized Report Number: 24959-NEP Document of The World Bank Public Disclosure Authorized NEPAL Public Disclosure Authorized C. 1 ., ~ * Public Disclosure Authorized FINANCIAL SECTOR STUDY October 16, 2002 Private Sector Finance Division SASFP South Asia Region Public Disclosure Authorized CURRENCY EQUIVALENTS Currency Unit = rupee (NR) 1 rupee = US$0.01308 US$1 rupee 76.475 (December 2001) FISCAL YEAR July 16 - July 15 ABBREVIATIONS AND ACRONYMS ADB Asian Development Bank ADB/N Agricultural Development Bank of Nepal BOD Banking Operations Department (NRB) BTC Banker's Training Center CBA Commercial Banking Act (1974) CBO Community Based Organizations CBPASS Commercial Bank Problem Analysis and Strategy Study CEAPRED Center for Environmental and Agricultural Policy Research, Extension and Development CIB Credit Information Bureau CIT Citizens' Investment Trust CMF Center for Micro Finance CRR Cash Reserve Requirement CSD Center for Self-Help Development DBA Development Bank Act (1996) DflD Department for International Development (United Kingdom) DEPROSC Development Project Service Center ESGS Employees Savings Growth Scheme EPF Employees Provident Fund FCA Finance Companies Act (1985) FDI Foreign Direct Investment FIA Financial Intermediary Act (1998) FNCCI Federation of Nepali Chambers of Commerce and Industry FSSS Financial Sector Strategy Statement (or HMG/N) GBB Grameen Bikas Bank GDP Gross Domestic Product GNP Gross National Product HMGN His Majesty's Government of Nepal HR Human Resources HRD Human Resource Development IAS International Accounting Standards IDA International Development Association IFC International Finance Corporation IFI International Finance Institution IMF International Monetary Fund INGO International Non-Government Organization ISD Inspection and Supervision Department (NRB) L/C Letter of Credit LIC Life Insurance Company (of India) MCPW Micro Credit Project for Women MFI Micro Finance Institution MIFAN Micro Finance Association of Nepal MIS Management Information Systems MLD Ministry of Local Development MOF Ministry of Finance MOU Memorandum of Understanding NBFI Non-Bank Financial Institution NBI, Nepal Bank Limited NCF National Cooperative Federation NEFSCUN National Federation of Savings and Credit Cooperative Unions Limited NEPSE Nepal Stock Exchange NGO Non-Government Organization NIC National Insurance Corporation NIDC Nepal Industrial Development Corporation NLGI Nepal Life and General Insurance NPA Non Performing Assets NPL Non-Performing Loans NRB Nepal Rastra Bank OCR Office of the Company Registrar PAF Poverty Alleviation Fund PCRW Production Credit for Rural Women PKSF Palli Karma Shahayak Foundation (Bangladeshi micro-finance NGO) RBB Rastriya Banijya Bank RN'IDC Rural Micro Finance Development Center ROSCA Rotating Savings and Credit Association RRBD Regional Rural Development Banks RSRF Rural Self Reliance Fund SAPPROS Support Activities for Poor Producers in Nepal SBI State Bank of India SCC Savings and Credit Cooperatives SCO Savings and Credit Organizations SEACEN South East Asian Central Bank Research and Training Center SEC Securities Exchange Center SEBO Securities Board of Nepal SFCL Small Farmers' Cooperatives Limited SFDP Small Farmer Development Program SLR Statutory Liquidity Ratio SMIE Small and Medium Enterprises SPO Sub-Project Office TA Technical Assistance VD)C Village Development Committee VRS Voluntary Retirement Scheme WDD Women's Development Division (of the MLD) This report is the result of work carried out over a series of missions during 2000 and 2001. The World Bank team consisted of Simon Bell (Team Leader and Capital Markets), Nagavalli Annamalai (Legal), Karma Tshiteem (Macro-monetary & Commercial Banks), Alain Vedrenne-Lacombe (Banking Supervision), Christopher Juan Costain (Insurance, Pensions and Provident Funds), Shakti Prasad Shrestha (Finance Companies), Mudassir Khan (Development Banks) and Md. Reazul Islam & Shamsuddin Ahmed (Micro Finance). The World Bank team worked with the staff from the Research Department of Nepal Rastra Bank led by Yuba Raj Khatiwada. The Lead Advisors/Peer Reviewers for this study are Tom Rose (World Bank) and Jeremy Carter & Wafa Abdelati (International Monetary Fund). Mr. Kenichi Ohashi is the Country-Director in the World Bank for Nepal. Marilou Uy is the Sector Director for Finance and Private Sector issues in the South Asia Region. Mieko Nishimizu is the Vice President for the South Asia Region. iii Table of Contents EXECUTIVE SUMMAiRY ............................................... (i -xi) CHAPTER ONE - Macro Monetary Policy, the Central Bank and Overview of Nepal's Financial Sector 1. General Macro-economic Environment .I 2. Macro Monetary Policy .2 Trends in the Money Supply .2 Inflation .3 Exchange Rate .4 Government Domestic Borrowing .5 Banking System Credit .6 Excess Liquidity .7 3. Overview of the Financial System .8 Commercial Banks .9 Development Banks .10 Regional Rural Development Banks .10 Finance Companies .11 Micro-finance Institutions .11 The Nepal Stock Exchange .11 The Insurance Industry .12 Money Changers (Foreign Exchange Bureaus) .12 Postal Savings Bank .12 Employees Provident Fund .12 Citizens Investment Trust Mutual Fund .12 4. Nepal Rastra Bank .13 Background .13 Legal Position .13 Board of the Bank .13 Organizational Structure .14 Banking Supervision .14 Human Resource Management and Development .15 Instruments of Monetary Policy .16 Refinance Policies .18 Open Market Operations .18 The Clearing and Payments System .18 Auditing and Accounting of the Central Bank's Accounts .19 Taxation of Financial Institutions .19 Economic Statistics .19 5. Linkages Between the Real and the Financial Sectors .19 6. Issues .21 The Role of the Government in the Financial Sector . 21 The Role of Nepal Rastra Bank .21 A Weak/Fragmented Legal Financial Environment .21 Social Dimensions of Banking .22 A Lack of Competition .22 iv A Weak Accounting and Auditing Environment ....................................................... 22 Human Resources Development ................... ....................................... 22 Other Important Issues .......................................................... 22 7. Recommendations .......................................................... 23 CHAPTER TWO - The Legal Financial Environment 1. Introduction .......................................................... 25 2. Nepal Rastra Bank Act 1955 .......................................................... 25 Objectives and Payment System ................... ....................................... 25 Autonomy ........................ 25 Goverance .26 Lending to Government .26 Regulation of Financial Institutions .26 Regulatory Burden of NRB .26 Lending to Specified Sectors .26 Lender of Last Resort .26 Exchange Policy, International Reserves and Foreign Exchange Operations ......... .. 26 Developmental Role of the Central Bank ..................................................... ..... 27 Deposit Liability .......................................................... 27 Accounts and Audits .......................................................... 27 Overall Comment .......................................................... 27 3. Commercial banking Act 1974 .......................................................... 27 Poor Definition .......................................................... 27 Prompt Corrective Action and Remedial Powers ...................................................... 28 Governance .......................................................... 28 Ownership/Mergers/Deposit Protection .................................................................... 28 Enforcement .......................................................... 28 New Law .......................................................... 28 Tiered Regulation .......................................................... 29 4. Development Banks .......................................................... 29 5. Micro-finance and deposit taking NGOs ........................... ............................... 29 Loan Classification Reporting Requirements .......................................................... 29 Auditing, Supervision, and Rating ....................... ................................... 30 NRB's Role .......................................................... 30 6. The Financial Intermediary Act 1998 .......................................................... 30 Salient Issues .......................................................... 30 NRB's Role .......................................................... 30 7. Company Law .......................................................... 31 Governance .......................................................... 31 Director's Duties .......................................................... 31 Accounting Standards .......................................................... 31 Insider Dealing .......................................................... 31 Submission of lnformation .......................................................... 31 Foreign Companies .......................................................... 31 Major Policy Issues .......................................................... 32 Disclosure Requirements .......................................................... 32 The Company Board .......................................................... 32 Registrar/Enforcement .......................................................... 32 8. Insolvency and Liquidation .........................................................
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