Kathmandu – In a recent debate on the Banking Offenses and Punishment (Second Amendment) Bill 2080, members of the Finance Committee of the House of Representatives stressed the importance of financial literacy for bank customers. The parliamentarians emphasized that banks should take the responsibility of educating their customers on financial matters to encourage more citizens to engage with the banking system.

MP Sumana Shrestha highlighted the issue, noting that while banks have expanded their customer base to remote areas, financial literacy remains neglected. She pointed out that many citizens face significant challenges due to a lack of basic financial knowledge and urged banks to prioritize financial literacy as a key service for their account holders.

Similarly, MP Deepa Sharma echoed these concerns, stating that the banking and financial sectors face considerable issues due to insufficient financial literacy among the public. She suggested that Nepal Rastra Bank, the central bank of Nepal, should mandate that banks conduct financial literacy programs. According to Sharma, such initiatives are essential to prevent citizens from being cheated in banking transactions and to promote financial discipline.

She also mentioned the need for financial literacy to cover areas like digital transactions and the practice of dishonoring checks. Sharma proposed that there should be regulations ensuring that checks cannot be issued without sufficient funds in the account, which would help maintain trust and order in financial dealings.