Parliament body’s directives for clear view on establishing Labour Bank

Kathmandu, Jan 18: The meeting of the International Relations and Labour Committee under the Legislature-Parliament today has directed the Ministry of Labour and Employment to prepare a concrete view on establishing a labour bank after holding discussions on the issue within 15 days.

The committee directed the concerned bodies to prepare a common view on establishing the bank as the Ministry of Finance, Ministry of Labour and Employment and Nepal Rastra Bank had differing views in this regard.The committee chair Prabhu Sah said that the common view was required as Labour Minister Deepak Bohara, NRB Governor Dr Chiranjeevi Nepal and representatives of the Finance Ministry had expressed divergent views in this connection.

Minister Bohara stressed on the importance of Labour Bank and that it should be established in a way the labourers could feel their ownership since the Nepali workers on foreign employment were found clearing 95 per cent of their loans.

However, Governor Nepal said that there was no need of establishing a separate labour bank as the World Bank and International Monetary Fund had suggested the government not to open additional banks and financial institutions.

He further said that earlier, the government had banned opening new banks and financial institutions as per the suggestions. Governor Nepal further claimed that, a separate trust could be established for the welfare deeds for abroad going labourers.