), poverty alleviation fund ( paf ), youth and small entrepreneur self - employment fund, and the implementation of subsidized agricultural lending program. secondly, a policy to extend concessional housing loan to earthquake victims was introduced immediately after the earthquake on 25 april 2015. regulatory relief measures were also introduced to boost the credit disbursement from the bfis and bring dynamism in economic activity in the aftermath of the disastrous earthquake. thirdly, the nrb provides direct financial support to the banks and financial institutions where the number of banking units is low. fourthly, in its monetary policy of 2015 / 16, the nrb made a provision of special refinance facility at 1 percent interest with the aim of encouraging bfis ( a, b, and c class ) to extend loans to agriculture and small business - based income generating activities in poverty stricken areas of the country. fifthly, under the deprived sector credit program, presently commercial banks, development banks and finance companies are required to lend at least 5. 0 percent, 4. 5 percent and 4. 0 percent of their outstanding loans respectively to deprived sector. another provision exists where commercial banks are required to allocate 20 percent of total credit to the specified productive sector such as agriculture, energy, tourism, and small and cottage industries. likewise, development banks and finance companies need to lend 15 percent and 10 percent respectively to the specified productive sector. likewise, bfis are required to allocate at least 1 percent of their profit to activities relating to corporate social responsibility. in a similar way, nrb has instructed the mfis to develop a separate client protection fund for the institutional development and welfare of the borrowers in which they are required to allocate at least 1 percent of their net profits. similarly, the nepal financial inclusion roadmap ( 2017 – 2022 ), released on july 2016, is expected to guide future initiatives around the immediate priorities for financial inclusion. last, but not the least, the financial sector development strategy ( fsds ), covering the period from 2016 / 17 to 2020 / 21, has been recently approved by the government. the main objective of the strategy is to have a competitive, efficient, stable and inclusive financial sector that contributes to broad based economic growth. the foregoing measures illustrate that nrb has been giving a clear message to the financial institutions of this country to focus on values - based banking ; however, this requires a collaborative approach as their successful implementation

policies has to be made in an environment of greater cross - border financial linkages. in this context i understand that this conference will focus on three particular areas : ( 1 ) reconciling domestic and cross - border considerations in the use of macroprudential and capital - flow - management tools ; ( 2 ) steps to further the development of regional bond markets and their implication for monetary policy strategies ; and ( 3 ) issues and challenges associated with increased integration of emerging market banking systems. in this regard seacen has an important role in enhancing cooperation and coordination of members for spurting regional initiatives for ameliorating perceived risks. bis central bankers ’ speeches fellow governors ladies and gentlemen, in the last several years, the dynamism of seacen is self evident. it has been successful in discharging its aim by adjusting its strategic goals in the changing environment as well as enhancing collaboration with other global financial stakeholders in general and imf, bis, bank of england, bundes bank and cemla in particular. in the meantime, while i gather the fresh memory of 49th seacen governor ’ s conference and 33rd board of governors ’ meeting held in kathmandu which was successful with fellow governors ’ encouraging participation, i would also like to express my sincere thanks to all bog members for their kind and constructive support during my tenure as the seacen chair. finally, allow me to conclude by wishing everyone here a productive and rewarding conference and a successful meeting of the board of governors. thank you. bis central bankers ’ speeches