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| News: |
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Banking Sectors Sees RS 12BN Poof !
Around Rs. 12 billion that went into the hands of individuals from commercial banks has not come back into the banking system over the last four months, causing stagnation in the growth of deposits. this is the only rough figure which is not annoucnced exactly.
Deposits in domestic currency with banks grew by just Rs. 4 billion from mid-December 2009 to mid-April 2010. Deposits grew to Rs. 535 billion from Rs. 531 billion during that period. However, currency in circulation (cash that went into individual hands from commercial banks) grew by Rs. 16 billion. The total currency in circulation reached Rs. 150 billion from Rs. 134 billion during the same period, according to Nepal Rastra Bank (NRB).
“The circulated currency should have come back into the banking system,” said an official of Nepal Bankers’ Association. “This missing money shows that transactions are being made outside the system” .
Although banks have increased interest on fixed deposits over the last nine months, they have still failed to attract deposits from the people. |
Layers Give to PM Two Options
Lawyers representing different political parties on Thursday advised Prime Minister Madhav Kumar Nepal to adopt two options to address the post-May 28 situation.
The prime minister had called the senior advocates to his office to discuss ways possible if the government failed to accomplish its task on time.
The prime minister was told to either go for fresh election or be prepared to face the post-May 28 situation as chances that a new constitution would be had within the stipulated timeframe were bleak.
Constitutional expert Tika Ram Bhattarai advised the prime minister against extending the Constituent Assembly tenure. According to him, that would be an unconstitutional step. “The government has no right to extend the Constituent Assembly tenure. In such a case, the government has no option but to go for election for a fresh mandate,” Bhattarai said.
He, however, said the prime minister and the government will remain the same for now. “None can question them until fresh representatives are elected,” he said.
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| PM Baburam Bhattarai with other Maoist leaders at the programme in Gorkha district |
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