NRB will now regulate the BFIs through the ‘SIS’ system

KATHMANDU: Regulation and supervision of banks and financial institutions will now be done through the ‘SIS’ system. Supervisory Information System (SIS) is an online system based reporting system. Through this system, banks and financial institutions will regularly submit their data and information to the National Bank and the data will be processed automatically.

Pippa Bird, Development Director of the Foreign Commonwealth and Development Office (FCDO) under the British Cooperation Agency, handed over the system to Governor Maha Prasad Adhikari. The SIS has been developed with the private support of the British Council’s Private Sector Stability Program (FSSP).

In the program, the governor officer said that with the implementation of SIS, the framework of regulation and supervision of banks and financial institutions has entered into an automatic system. Stating that reliable and accurate data is required for effective policy formulation and implementation of the financial sector, the governor officer said that SIS will fulfill that requirement.

On that occasion, FCDO director Bird expressed his belief that the supervisory capacity of the National Bank will be enhanced through the implementation of SIS, and said that the British government is always committed to strengthening Nepal’s financial sector.