Kathmandu, Jan. 24:Finance Minister Mahesh Acharya has said that the Nepalese banking sector would move ahead for its improvement with a new approach for the new millennium taking into consideration existing challenges.

Addressing the function held to mark the 35th anniversary of the Rastriya Banijya Bank here today, Minister Acharya said that the infrastructures of all the financial sectors and not only the Rastriya Banijya Bank (rbb) had to be changed  taking into consideration national and international economic condition.

Mr Mcharya said that His Majesty’s Government would carryout works to develop the Nepalese financial institutions in a more scientific manner.

Finance Minister Acharya said that financial institutions had to play a more important role in further strengthening the economic reform programme introduced by the Nepali Congress government.

Mr Acharya stressed the need for the industrialists and businessmen to make investments taking into consideration the long term welfare of the country and not only immediate benefits.

Referring to the existing favourable conditions for making investments in the country and the improvements being made in the foreign trade sector, Mr Acharya urged the private sector to make investments in agriculture, water resources, tourism, health and other service sectors.

The Finance Minister said that the government had carried out many works to expedite mobilization of revenue and   development expenditures in order to make improvements in the economy of the country.

He said that the bank should make overall changes in its procedures of providing services and facilities to its clients and recovering loans from them on time at a time when an appropriate atmosphere has been created for making productive investments.

Speaking from the chair acting governor of Nepal Rastra Bank Prafulla Kumar Kafle expressed the view that the Rastriya Banijya Bank could still make progress if it moved ahead scientifically in accordance with its objectives despite the challenges faced by it.

Mr. Kafle said that the Rastriya Banijya Bank had made 27 per cent contribution in the collection of total deposits and 31 per cent in investments in the country.

Rbb execuive chairman Punya Prasad Dahal said that the bank faced challenges of carrying out audit at the end of the year, developing an effective system for recovering its investments, producing skilled and efficient  manpower and developing a research, follow-up and evaluation system.

President of the fncci Pradip Kumar Shrestha said that the decline in investments of the banks at a time when industries are ailing cannot be considered as favourable for the economy.

Stating that the government should be serious to create a congenial atmosphere for increasing foreign investment, Mr Shrestha said that the industrialists and businessmen were facing difficulties as a result of the closure of banks  on Sundays.

President of the Nepal Chamber of Commerce Mahesh Kumar Agrawal expressed the view that the banks would be competent if the industry and trade sectors were successful.