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Kathmandu, June 13
Bankers have sought liberal definition of ‘productive sector’ through Monetary Policy 2018-19 and said that the Nepal Rastra Bank (NRB) should include every production unit in the new definition.
Presenting suggestions to NRB — the national regulatory and monetary authority — Nepal Bankers’ Association (NBA) asked the central bank to develop a negative list of sectors that do not fall in the productive sector.
Citing that banks are expanding their branches to the local bodies as per the government’s policy, NBA — the umbrella body of class ‘A’ banks — urged the central bank to include a provision in the monetary policy allowing commercial loans provided to the local bodies to be calculated as productive sector lending.
Similarly, banks have sought relaxation in calculation of credit-to-core capital plus deposit (CCD) ratio. NBA has requested for a provision to allow banks to deduct 50 per cent of loan issued to the productive sector while calculating the CCD ratio.
Banks are allowed to issue only 80 per cent of the deposit and core capital as loan.
NBA has suggested bringing down the cash reserve ratio to five per cent and removing the provision of CCD ratio.
Bankers have asked for expansion of refinancing facility of the central bank.
Currently, the central bank has a refinancing window of only Rs 20 billion. Banks have utilised the refinancing facility of Rs 16.47 billion in the first 10 months of this fiscal despite the credit crunch.
Bankers said that the refinancing facility has not been utilised fully because the facility is available only for limited sectors.
Similarly, NBA has suggested for longer term renewal facility for the refinancing facility extended to the earthquake victims to achieve the targeted goals under this scheme.
Bankers have asked for the relaxation period to be extended by one year to meet the regulatory requirements of agricultural loans. Banks have to extend 10 per cent of their total loan portfolio in agriculture sector. NBA has been lobbying to incorporate the loan extended in agro processing industry as agro loan.
Likewise, the bankers have suggested removal of 15 per cent threshold in overdraft loan citing the provision has been adversely affecting import firms. They have suggested 15 per cent threshold in personal loans, but that there should not be any cap for business overdraft.
In view of the loanable fund crisis, bankers have suggested that the central bank should be liberal towards banks to obtain institutional deposits. Banks can obtain only 50 per cent as institutional deposits.
Kathmandu, June 13
Bucking the trend of previous fiscal years, deposit and credit rates have continued to surge even towards the end of this financial year, as banks are competing to attract deposit to meet growing credit demand.
After Nepal Bankers’ Association (NBA)’s decision on Monday to remove the 11 per cent ceiling on fixed deposit rate and eight per cent on savings deposit, some of the banks have started raising the deposit rates.
Century Commercial Bank, Civil Bank and Sanima Bank are now offering interest of 12.5 per cent, 12.22 per cent and 12 per cent, respectively in fixed deposit schemes. This indicates that lending rates will also remain high in the near future.
Around this time in the previous fiscal years, deposit rates used to take a dip due to higher public spending, especially capital spending. Public spending has lately started gathering pace as in the previous years. But credit demand is still high this year, whereas sources for deposit collection are limited, according to bankers.
Gyanendra Prasad Dhungana, president of NBA, said that underutilisation of capital budget, weak remittance growth and sluggish exports are preventing deposit growth, while the demand for loan has remained high.
One of the reasons for high credit demand is soaring imports, which stood at Rs 985.83 billion in the first 10 months of the current fiscal year, up 21.9 per cent than in the same period a year ago.
Sanjib Subba, CEO of National Banking Training Institute (NBTI), said that the interest rate in deposits that had remained more or less stable in the second and third quarters has suddenly started going up and the unhealthy competition among banks could adversely affect the interest rate stability.
According to NBA, till the 11th month of this fiscal, the total deposits accumulated by the banks stood at Rs 256 billion, whereas banks have floated loan worth Rs 342 billion.
Banks can issue loan up to 80 per cent of sum of deposit and core capital. Local currency deposit of the banks stood at Rs 2,256 billion, while total loan portfolio of the banks stood at Rs 2,063 billion.
In the review period, growth of deposits stood at 11.3 per cent whereas the growth of loans was seen at 16.5 per cent..
Total core capital of the class ‘A’ banks was around Rs 320 billion. In this respect, the average CCD level of the commercial banks has overshot the permissible CCD level of 80 per cent.
In the last month (May 11 to June 11), deposit growth improved by Rs 42 billion, but the banks also floated loan amounting to Rs 40 billion in the same period.
“In the previous quarters, Banks used to disburse the already committed loans in small instalments along with improvement in deposits,” a prominent banker told The Himalayan Times. “But the government’s capital expenses in the last month may not be able to cater to the demand for loans that were already committed by the banks for the coming month.”
Moscow, June 13
Russian women should refrain from sleeping with visiting World Cup fans so as to avoid becoming single mothers with mixed-race children, a lawmaker who heads the parliament’s family committee said on Wednesday.
Tamara Pletneva, a 70-year-old Communist who leads the lower house’s family, women and children body, told Govorit Moskva radio station she hoped women would not date visiting fans and get pregnant.
The WC hosted by Russia could mean “there will be young women who meet someone and then give birth… I hope not,” she said. She compared the situation to the 1980 Olympics held in Moscow, which led to some local women having then-unusual relationships with foreigners and falling pregnant.
Asked if the World Cup could boost Russia’s birth rate — a key goal for President Vladimir Putin — Pletneva replied: “We should be giving birth to our own children.”
Children who are mixed-race are likely to be brought up in one-parent families, she warned.
Pletneva previously criticised the #MeToo campaign against sexual harassment, tentatively spreading in Russia.
Achilles is putting his faith in Russia, but who would he have gone for had he been able to read our experts’ guide to tonight’s teams? Here, Gosha Chernov and Greg Wilcox, part of the Guardian’s international football network, provide a comprehensive lowdown on the two sides:
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We’ve had Paul the Octopus, Fred the Ferret, Soothsayer Hog, Citta the Elephant, Flopsy the Kangaroo and Madame Shiva the Guinea Pig, to name but a few of the many psychic animals who specialise in predicating sporting results. Now we can add Achilles the Cat to the list. The feline, who resides in Saint Petersburg, is set to tread in some illustrious footsteps by making predictions for the tournament in Russia, although whether he can live up to the standards set by the ground-breaking Paul, who was famously accurate in his predictions at the 2010 World Cup, is yet to be seen. Achilles, who is deaf – allowing him to fully concentrate on his decision, apparently – has tucked into a bowl of food with the Russian flag on it, signalling a win for the host nation against Saudi Arabia tonight.
But if you prefer your predictions with a more human touch to them, here our very own soothsayers gaze into their crystal balls and deliver their verdicts:
Related: World Cup 2018: Guardian writers give their predictions for the tournament
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