BIIA, represented by Peter Sheerin, a member of the Executive Committee recently participated in a webinar organised by the Nepal’s Bankers’ Association and the International Finance Corporation (IFC), World Bank Group to provide expert advice and support to local stakeholders as they move to progress the introduction of positive credit reporting in Nepal.
Nepal has a long history of credit reporting with the existing credit bureau, Karja Suchana Kendra (Credit Information Bureau of Nepal) being established in 1989. The current system operates primarily of a negative only environment, including a blacklist, with some positive information recently being incorporated.
The purpose of the new proposed draft bill is to expedite the regulation of Nepal’s credit Information system, by supporting the development of a healthy and secure financial system, collecting and protecting credit information and ensuring the safe, reliable and efficient flow of Credit Information to the lending community.
The proposed Bill provides for the licensing and corporate requirements for CRSP’s, membership, data submission, access, and a raft of other requirements.
The Nepal Bankers Association via its President Mr. Anil Kumar Upadhyay outlined the NBA’s support for the intended enhancements to the credit reporting eco-system and looked forward to working with all stakeholders to progress the initiative.
The webinar was extremely well supported, and participants raised several relevant and topical questions during an informative discussion panel, which included representative from the Nepal Banks Association, Nepal Rasta Bank (the Central Bank) and the IFC.
BIIA actively collaborates with the iFC/WBG, Association Members and other key stakeholders to promote and enhance credit reporting and the sharing of business information by regularly participating in webinars, the International Committee on Credit Reporting, by hosting regular regulatory forums for members and Regulatory Roundtables for Regulators.
Source: BIIA Executive Committee Member Peter Sheerin
