Nepal Rastra Bank – the country's central bank – has issued a directive to its subordinate banks and financial institutions (BFIs) to mandatorily implement the citizen's access to information.
Adhering to the citizen's access to information guaranteed by the Interim Constitution of Nepal-2007 and the Right to Information Act-2007, the regulatory and supervisory authority of financial institutions of Nepal has issued the circular to designate public information officer and manage information section to impart information to the public in an efficient manner.
All licensed financial institutions are required to proactively disclose information including structure and nature of the body, duties, responsibilities and powers, number of employees and working details, service to be provided and branch and responsible officer of the service providing agency.
Similarly, they also need to provide information about fee and time limit required for service, decision making process and authority, authority to hear appeal against decision, description of functions performed and name and designation of the Chief and the Information Officer.
Likewise, information are also needed for providing details of website and updated description of income and expenditures and financial transactions, among others in every three months in line with the Section 5(3) of the RTI Act and Rule 3 of the RTI Regulations-2009, stated a circular issued by the NRB on February 28.
The central bank also directed to appoint senior staff as the information officer in the banking institutions and keep the central bank abreast of the arrangement, reads the circular issued by NRB Executive Director Bhaksar Mani Gyawali.
Welcoming the NRB's decision, Right to Information activist and Freedom Forum Chairperson Taranath Dahal said the government agency's initiative to enable the RTI implementation is encouraging.
"The move will help increase transparency in banking sector and inspire other public agencies to come up with information disclosure policies and practices in future." he added.