The House Committee holds a consultation meeting with the Royal Monetary Authority (RMA), Ministry of Finance (MoF), and CEOs of the financial institutions
On the invitation of the House Committee, the Governor, the Deputy Governors of the Royal Monetary Authority (RMA), the Secretary of the Ministry of Finance (MoF), and the CEOs of the financial institutions presented the status and plans concerning Loans and Non Performing Loans, Third Child Policy, and Increasing Rural Life Insurance at the Lhen-Zom Khangzang, National Assembly today.
The meeting was conducted to understand and get clarity on the policies of the government and the financial institutions and future plans regarding the three issues. The Deputy Governor of the RMA presented comprehensive updates on the financial sector's credit portfolio, the third child cash policy, and the Life Insurance Scheme. Plans and initiatives under the Economic Stimulus plans were also presented by the Finance Secretary.
Following the presentation, members requested clarifications and highlighted concerns regarding the NPLs which require new policies to address them. They also pointed out that high interest rates and strict loan procedures are causing regional disparities and emerging problems like Satong and Gungtong, and recommended policies to address these issues. Regarding the Third Child Cash Policy and Life Insurance Scheme, the RMA confirmed that the government is working closely with stakeholders and the central bank to finalize the policies, plans, rules, and criteria for implementation.
