maha prasad adhikari : the changing face of financial services - plan for the digital future guest of honor address by mr maha prasad adhikari, governor of the central bank of nepal ( nepal rastra bank ), at the south asian bfsi ( banking, financial services and insurance ) tech summit & awards, kathmandu, 29 february 2024. * * * ladies and gentlemen, it is truly an honor to stand before you today representing a nation with a rich history and a promising future. i extend my heartfelt gratitude to the organizers of the south asian bfsi tech'24 summit and awards, for providing this platform to discuss a topic of paramount importance a€ “ " the changing face of financial services : plan for the digital future. " in the realm of financial services, nepal has undergone a paradigm shift in recent years. we have transitioned from traditional, paper - based transactions to a dynamic and technologically driven financial ecosystem. this shift has not only been a response to global trends but also a testament to nepal's commitment to fostering economic growth, financial inclusion, and innovation. the initiatives taken by government of nepal for facilitating and encouraging initiatives of regulators like nepal rastra bank, securities board of nepal etc, development of public and private digital infrastructure by active players and active adoption by citizens have made it possible. the government of nepal has put digitization in its top priority and has formulated digital nepal framework, 2019, incorporating eight important sectors with potential for large scale digital adoption. the framework outlines enhancement of digital finance as one of the major sectors. nepal rastra bank established a dedicated payment system department within the bank in 2016. necessary legal arrangement like payment and settlement act was enacted. the licensing policy, payment and settlement bylaw, oversight manual, payment, unified directive, rtgs rules and guidelines, and other payment - related circulars were formulated to guide licensing, regulatory and supervisory arrangements. the department has presently licensed 27 payment service providers ( psps ) and 10 payment system operators ( psos ) in addition to granting license to existing bank and financial institutions ( bfis ) of the country. on the payment infrastructure, nrb itself operates a large value payment system through real time gross settlement. digital wallets and mobile banking, in particular, have emerged as a game - changer, allowing people to access banking services anytime, anywhere. this shift has not only improved the convenience for consumers but has also enabled financial institutions to enhance their operational efficiency and reduce costs. the smartphone penetration all

46th acu board of directors meeting colombo, sri lanka / 13 july 2017 address delivered by dr. chiranjibi nepal, governor of nepal rastra bank honorable chairperson mr. indrajit coomaraswamy, fellow governors and members of the acu board of directors, acu secretary general mrs. lida borhan - azad, distinguished delegates and observers, ladies and gentlemen, 1. it gives me immense please to participate and address this 46th annual meeting of board of directors of the asian clearing union in this beautiful city of colombo. at the outset, i would like to extend my sincere appreciation to governor mr. indrajit coomaraswamy and the entire team of central bank of sri lanka for the warm hospitality extended to us and also for the excellent arrangements made for this meeting in colombo. fellow governors and distinguished delegates 2. allow me now to shed some light on some current developments of the nepalese economy. after almost 20 years, elections for the local governments concluded recently following the promulgation of constitution of federal democratic republic of nepal. the provincial and national level elections are to be held within 21 january 2018. the political uncertainty has now vanished and the economy is now ready for high growth trajectory. 3. most of the macro - financial data of the first ten months of 2016 / 17 show that the economy is gaining traction. nepal is the third fastest growing economy in the world in 2017 according to a report of the world economic forum. the economy rebounded strongly in 2016 / 17 following a good monsoon, reconstruction efforts after the 2015 earthquake and normalization of trade with india. the gdp growth estimate of 6. 9 percent demonstrates optimistic growth outlook at least in the short term. 4. the government is targeting a growth of 7. 2 percent in 2017 / 18 as economic activities are expected to expand due to increased government expenditure from the elected local governments. acceleration in reconstruction works will potentially increase trade deficit further at least in the near term. expected increase in foreign aid and foreign direct investment will, however, be instrumental in keeping the country ’ s balance of payments in surplus. decelerated growth in migrant workers'remittances is moderating deposit growth. going forward, bridging the gap between deposit and credit growth is the key for reducing the financial frictions. 5. the consumer price inflation has been hovering below 4 percent since the last six months. this is attributed to the previous year's base price effect and improved supply situation. 6