Bank and financial institutions act 2073 ||BAFIA|| MCQ || NRB AND RBB|| 

Bank and Financial Institution Act 2073 - BAFIA 2073
Structure Nature - Regulating law
Total section 14
Last formation 2074/01/10 (2074 Baishakh 10)
Objectives if Bank and Financial Institution Act (BAFIA)
To promote public trust towards B&FIs.
To provide quality & reliable banking service.
To protect the right and interest of depositors and investors.
To protect from banking hazards/ and protect from banking risks.
To promote the national economy by using/adopting economic liberalization.
To make legal provision relating to incorporation, management, operation and winding up of B&FIs.
Features of BAFIA
NOTE- Features हरु लेख्दा Provision लाई आधार बनाएर लेख्ने!
BAFIA is an umbrella banking law.
It is integrated banking law/regulating law.
BAFIA focused on financial good governance.
Focused on maintaining financial stability.
Compliance with Money Laundering Prevention Act.
Allow to buyback shares.
Provision to incorporate B&FIs only as a public company.
Use of economic liberalization.
Promotion of transparency and protection of deposits.
It classifies B&FIs into 5 types and 4 classes.
Two types of winding up provisions are outlined - such as Voluntary and Compulsory
Prohibited functions of B&FIs are clearly mentioned.
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