Kathmandu: In a management conference held today, speakers emphasized the need for banks and financial institutions to direct credit towards the productive sector to bolster the country's economic growth.

Dr. Ram Prasad Ghimire, Revenue Secretary, highlighted the challenges of increasing production, productivity, and employment, stressing the importance of capital formation for economic development. He noted the necessity of enhancing revenue collection to meet Nepal's development needs and urged for a shift from a trade-based economy to a production-based one.

Dr. Prakash Kumar Shrestha, Director of Nepal Rastra Bank (NRB), expressed concerns about the complexity of government finances under the federal structure and the negative perception towards banks and financial institutions. He cited challenges in the cooperative sector affecting the banking industry and emphasized the importance of adopting a private-sector-friendly policy environment to stimulate domestic production.

Former FNCCI President, Bhawani Rana, called for increased investment in agriculture, tourism, herbs, and hydropower, urging the government to engage in discussions with the private sector for budget planning in the upcoming fiscal year.

Parshuram Kunwar, an ex-banker, stressed the importance of professionalism and customer service in the banking sector, advocating for the adoption of innovative practices and information technology.

Fin-tech expert Sanjeev Subba highlighted the growing cyber security challenges in the banking sector and urged investment in infrastructure for information technology in public service delivery.

The conference, organized by Rastriya Banijya Bank, aimed to address challenges facing the national economy and banking sector, providing guidance for sustainable banking development in the future.