Banks asked to create Business Continuity Plan

 Kathmandu, Aug 9

The Nepal Rastra Bank has directed the banks and financial institutions (BFIs) to formulate Business Continuity Plan to run the services amidst the resurging of COVID-19 cases across the country.

Asking them to continue the health and safety protocols that were in effect during the lockdown, the central bank has directed the BFIs to call the staff on a rotational basis and promote online transactions and payments.

"Considering the lockdown, restriction on movement and market operation, alternate permit to vehicles plated odd and even number in various locations, BFI's can apply work from home provisions as far as applicable," said the NRB.

In terms of provincial offices, the banks can coordinate with the respective State Government, local body or local administration respecting their decisions and run the branches alternatively.

The central bank has also asked the BFIs to provide the details of the branches that were not opened due to health and safety complexities.

Similarly, Ministry of Industry, Commerce and Supplies (MoICS) in a recent protocol made a provision to monitor the market and enterprises in order to ensure the proper social distancing, health measures and other necessary precautions.

The Department of Commerce, Supply and Consumer Protection, and its offices are entrusted with the responsibility to check if the enterprises were adhering to the COVID-19 safety measures while running the business.

Likewise, the respective ward offices, municipality and gaunpalikas will also monitor the market and implement the rules. They can inform the local administration if anyone disobeys thee safety precautions.

The protocol approved by the Cabinet last week has also defined the role of the business bodies like Federation of Nepalese Chambers of Commerce and Industry, Nepal Chamber of Commerce, Confederation of Nepalese Industries and other commodity and sectoral organisations in implementing the rules and creating awareness.

Published in The Rising Nepal daily on 10 August 2020.