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Bangladeshi "Hauldar Yunus & Company" has been selected to conduct an independent audit of 10 large commercial banks operating in Nepal. The asset and service management department of the National Bank has issued a letter of intent to select the company in the second phase.
Nepal Rastra Bank has informed that "Hauldar Yunus & Company" was selected in the second round among the candidates. Rastra Bank has issued a notice of the selected letter of intent to the company on Wednesday. Rastra Bank has said that if there is no complaint against the said company within a week, the same company will conduct an audit of 10 companies.
Along with this, the company will receive a payment of 62 lakh 54 thousand rupees and 2 lakh 71 thousand dollars (about three crore 71 lakh rupees). Rastra Bank is going to conduct an independent audit of 10 big commercial banks of Nepal with the suggestion and support of International Monetary Fund (IMF).
In December last year, the National Bank through a notice invited interested foreign auditors to submit a letter of intent for a comprehensive asset quality review (Loan Portfolio Review-LPR) of commercial banks in Nepal. Among the foreign auditors who submitted the letter of intent in this way, the National Bank selected Hauldar Yunus Company of Bangladesh.
Satish Subedi, owner of S Subedi & Associates, on behalf of Mehra JKSS SSBDI, another company that submitted a letter of intent against this choice, filed a writ seeking Supreme Interim order, opposing Rashtra Bank and Public Procurement Monitoring. However, on the 9th of June, the joint bench of Justices Dr. Manoj Kumar Sharma and Nriphadwaj Niraula decided that the interim order would not continue, but the way was open for the Rashtra Bank to proceed with the process .
After this company starts the audit, the quality assessment of the loans provided by 10 large commercial banks selected according to the criteria set by the National Bank will be looked at independently . According to which, there will be an audit of the parties including whether or not there is a habit of taking loans for loan repayment, what is the trend of taking group loans and whether or not the loans are centralized, and the condition of bad loans.
On December 22, 2021, the government signed a commitment to independently audit 10 large commercial banks while taking the Extended Credit Facility (ECF) with the IMF.
