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Banks and financial institutions cannot spend funds under corporate social responsibility (CSR) on company brand promotion and market expansion, marketing campaigns, sponsorship of various programs, support to political party programs, etc., Nepal Rastra Bank has made arrangements.
This arrangement has been made in the 'Guidelines on Institutional Social Responsibility of Banks and Financial Institutions 081' issued by the National Bank.
According to the new regulations, the funds under the CSR cannot be used for the profit-making activities of the organization, programs conducted for a fee, events such as rallies and advertisements, expenses incurred by the founding shareholders, members of the board of directors and high management level officials in affiliated organizations, and expenses subject to business expansion.
'In order to increase public trust in the financial sector, to maintain financial stability and to operate the institutions uninterruptedly for a long time, it is necessary for banks and financial institutions to contribute to the protection of the human, social and external environment,' the directive continues, 'banks and financial institutions also have the duty to make the social and external environment cleaner, inclusive, sustainable and livable for future generations.' Rashtra Bank claims that this guidance has been issued with the intention of making it transparent, effective and purposeful and ensuring its use in the greater interest of the country. Areas that cannot be spent on
: Marketing campaigns for the purpose of
