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Public deposit should be secured: Governor Nepal

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KATHMANDU — Nepal Rastra Bank (NRB) governor Dr Chiranjibi Nepal has said that the NRB was committed to ensurE the security of public deposits in Banks and financial institutions.

While inaugurating an integrated transaction after the merger between Mega Bank and Tourism Development Bank here in the capital today, governor Nepal said that there was 10 percent of promoters’ amount while 90 percent of public in the banks therefore, public deposit will be made secured.

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He also said that the promoters should not misuse public’s deposit after exerting pressures to the management. “As a regulatory body the NRB ensures security to public deposit’, he said.

Similarly, National Planning Commission (NPC) Vice Chair and Tourism Development Bank management committee chair Prof Dr Pushpa Kandel said that the problem might be seen while releasing the loan in the interest of management committee.
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Economy

Nepal, Bangladesh sign MoU on energy cooperation

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KATHMANDU — Nepal and Bangladesh have signed a memorandum of understanding for power sector cooperation for intensifying the bilateral engagements for power sector development.

Minister of Energy, Water Resources and Irrigation Barsha Man Pun and his Bangladeshi counterpart Minister of Power, Energy and Mineral Resources Nasrul Hamid have signed the agreement amid a function here in Kathmandu on Friday.

Nepal has identified Bangladesh as a prospective market for hydroelectricity, which is a clean and renewable source of energy.

Nepal then had started talking with Bangladesh on bilateral energy cooperation since the power trade agreement (PTA) was signed with India in 2014.

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Nepal and Bangladesh, after the ‘SAARC Framework Agreement for Energy Cooperation (Electricity)’ among the SAARC member states in November 2014, have seen the prospects of bilateral power cooperation.

But, to execute power trade and power cooperation between the two nations, Nepal and Bangladesh need to hold talks with India as there is power trade between Nepal and India, and also Bangladesh and India.

Bangladesh will require around 34,000 megawatts of power by 2030 to sustain the high economic growth of above seven per cent.

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