g]kfn /fi6« a}+sn] a}+s tyf ljQLo;+:yfx¿sf] Psfk;df qm; xf]lN8Ë x'g]u/L nufgLdf /x]sf] ;+:yfks ;d"xsf]z]o/ lwtf]kq ljlgdo ahf/dfkm{t vl/blaqmL ug{ v'nf u/]sf] 5 . a}+sn] c;f]h@) ut] Ps lgb]{zg hf/L u/L of] 5'6k|bfg u/]sf] xf] .

o;/L z]o/ vl/b laqmL ubf{ ljBdfg;+:yfks z]o/wgLx¿nfO{ k|fyldstf lbg'kg]{ k|fjwfg nfu" gx'g] a}+sn] hgfPsf] 5 .t/ z]o/ vl/b ug]{ JolQm tyf ;+:yf ;+:yfks;d"xd} sfod /xg] 5, lgb]{zgdf pNn]v5 . ;fy} o:tf] z]o/sf] hltk6s vl/bljqmL eP klg vl/bstf{ ;+:yfks ;d"xdfsfod} /xg] a}+sn] :ki6 kf/]sf] 5 .

o:tf] z]o/ vl/bstf{ shf{ ;"rgfs]Gb| lnld6]8sf] sfnf];"rLdf gk/]sf] /

#@ cf}+ jif{ k|j]z k|rlnt sfg'g Pj+ g]kfn /fi6« a}+saf6hf/L ul/Psf lgb]{zg adf]lhd ;+:yfksz]o/ vl/b ug{ cof]Uo gePsf] x'g' kg]{klg a}+sn] hgfPsf] 5 . vl/bstf{n] cfk"mcof]Uo gePsf] :j—3f]if0ff z]o/ vl/bug]{ ;dodf k]z ug{' kg]{5 .

a}+s tyf ljQLo ;+:yfx¿n] cGoa}+s tyf ljQLo ;+:yfx¿df nufgLu/]sf] ;+:yfks z]o/ @)^% c;f/leqclgjfo{?kdf laqmL ul/;Sg' kg]{ ;d]ta}+sn] hgfPsf] 5 . z]o/ vl/b laqmL;DaGwL cGo Joj:yf / k|lqmof eg]k|rlnt sfg"g cg';f/ g} x'g]5 .

o;cl3 s'g} klg a}+s tyf ljQLo;+:yfx¿sf] ;+:yfks z]o/ g]kfn /fi6«a}+ssf] :jLs[lt lnP/ dfq x:tfGt/0fug{ ;lsg] Joj:yf lyof] .

;+:yfks z]o/ laqmL v'nfjif{ #@ c+s ! c;f]h @)^$ ;]K6]Da/÷cS6f]a/ @))&g]kfn /fi6« a}+s ;dfrf/

g]kfn /fi6« a}+sn] dflh{g n]lG8ªlgoldt ug]{ ePsf] 5 . a}+sn] c;f]h @)ut] Ps lgb]{zg hf/L u/L o; ;DaGwdflgodg Joj:yf nfu' u/]sf] xf] . lgb]{zgcg';f/ a}+s tyf ljQLo ;+:yfx¿n] dflh{gn]lG8ª cGtu{t lwtf] /flvg] z]o/sf]d "Nof + lst /sdsf ] a9Ldf %)k|ltzt;Ddsf] shf{ k|bfg ug{ ;Sg]5 .o; k|of]hgsf nflu z]o/sf] d"Nof+sg z]o/ahf/sf] kl5Nnf] () sf/f]jf/ lbgsf]clGtd d"Nosf] cf};t d"Nodf ug'{ kg]{5 .Psk6s k|jfx eO;s]sf] o:tf] shf{;'/If0fdf /x]sf] z]o/sf] k"gd"{Nof+sg u/Lyk ug{ kfOg] 5}g .

dflh{g n]lG8ªsf] efvf Ps jif{eGbfa9L x'g gx'g] / To:tf] shf{ gjLs/0f,k'g;{+/rgf / k'gtf{lnsLs/0f ug{ ;d]tgkfOg] lgb]{zgdf pNn]v 5 . k|fyldsk"FhL -g]6jy{{_ C0ffTds /x]sf ;+:yfx¿sf]

dflh{g n]lG8ª lgoldtz]o/ lwtf]df dflh{g n]lG8ª ug{ kfOg] 5}g .

dflh{g n]lG8ª ug{ a}+s tyf ljQLo;+:yfx¿n] cfk\mgf] shf{ gLlt tyflgb]{lzsfdf ;f]sf] :ki6 Joj:yf ug'{ kg]{,;Dk"0f{ shf{ k|lqmof k"/f u/]/ dfq dflh{gn]lG8ª ug'{ kg]{ / o;/L k|jfx ePsf] shf{c;n g/x] zt\k|ltzt shf{ gf]S;fgLJoj:yf sfod ug'{ kg]{ Joj:yf klg lgb]{zgn]u/]sf] 5 . a}+sn] lgb]{zg hf/L ug'{ cufl8a}+s tyf ljQLo ;+:yfx¿n] k|bfg u/]sf]o:tf] shf{ @)^% c;f/leq lgb]{zgsf];Ldfleq Nofpg klg lgb]{zg lbPsf] 5 .

g]kfn lwtf]kq ljlgdo ahf/lnld6]8df ;"lrs[t ;+:yfx¿sf] z]o/lwtf]df a}+s tyf ljQLo ;+:yfx¿n] k|bfgug]{ shf{nfO{ dflh{g n]lG8ª elgG5 .o;cl3 a}+s tyf ljQLo ;+:yfx¿n] cGoshf{ ;/x o:tf] shf{ k|bfg ub}{ cfPsflyP .

ljqmd ;+jt @)## ;fn c;f]hb]lv k|sfzgcf/De ePsf] g]kfn /fi6« a}+s ;dfrf/ o;c+saf6 #@ cf}+ jif{df k|j]z u/]sf] 5 . o;cjlwdf cfk\mgf] p2]Zo k|flKtdf ;dfrf/ lg/Gt/k|of;/t Pj+ lqmofzLn 5 . o; cj;/df;dfrf/ k|sfzg sfo{df ;xof]u ug'{ x'g] ;a}k|ltxfdL xflb{s cfef/ k|s6 ub{5f}+ .

a}+sleq cfGtl/s ;~rf/sf] cfjZostfkl/k"lt{ ug{ z'? ul/Psf] ;dfrf/sf] k|sfzgcfk+}mdf Ps dxTjk"0f{ k|of; lyof] . o;sf]k|sfzgnfO{ tLg bzseGbf a9L ;do;Ddlg/Gt/tf lbg' sd r'gf}ltk"0f{ lyPg . o; ofqfdf;dfrf/n] ljleGg cf/f]x cj/f]x kf/ ub}{ cfk"mnfO{oyf;Dej kl/is[t / kl/dflh{t ub}{ nfg] k|lqmoflg/Gt/ rlng} /x]sf] 5 . o;}qmddf o; c+sb]lv;dfrf/ /ª\lug sn]a/df k|sfzg ePsf] 5 .g]kfn /fi6« a}+ssf] kfFr jif]{ /0fgLlts of]hgfdf;dfrf/nfO{ ljrf/k|wfg -theme based_ agfO{/ª\lug ?kdf k|sfzg ug]{ pNn]v ul/Psf] lyof] .o;}sf] sfof{Gjog :j?k of] k|of; yflnPsf] xf] .;dfrf/sf] :t/ cem j[l4 ug{ o; c+sb]lv;d;fdlos ljifodf n]lvPsf ;+lIfKt b'O{ n]vklg ;dfa]z ul/Psf 5g\ . ljåfg n]vsx¿sfljrf/ ;d]l6Psf] ;d;fdlos n]v, ;fdu|Lx¿sf]xfdLnfO{ ;w}+ ck]Iff /xg] 5 .

;dfrf/nfO{ a}+ssf sd{rf/Lx¿n] cfkm\g}k|sfzg 7fg]/ :g]x lbg'ePsf] 5 . xfdL o;sf]lg/Gt/tf kfpg]df ljZj:t 5f}+ . ;dfrf/nfO{cem ;fdlos, k7gLo / :t/Lo agfpg a}+ssf;a} ljefu tyf sfof{nox¿n] cfkm"n] ;+rfngu/]sf ljleGg ultljlw tyf sfo{qmdsf] hfgsf/L;dod} pknJw u/fpg' x'g]5 eGg] xfdLn] cfzflnPsf 5f}+ .

cGtdf ljhofbzdL tyf bLkfjnLsf] z'ecj;/df a}+s kl/jf/sf] z'v, zflGt tyf;d[l4sf nflu xflb{s d+undo z'esfdgf JoQmub{5f}+ .

g]kfn /fi6« a}+s ;dfrf/

2

hg;Dks{ dxfzfvfn] b]zsf cfly{skqsf/x¿sf] ;xeflutfdf c;f]h @@ ut]sf7df8f}+df 'NRB-Media Relation: A Re-view' ljifos cGt/lqmof sfo{qmdsf]cfof]hgf u¥of] .

pQm sfo{qmddf sfodd'sfod ueg{/ >LdfgGw/n] g]kfn /fi6« a}+s cfly{s ;"rgfsf]e08f/sf] ?kdf /x]sf] atfpg'eof] . g]kfn /fi6«a}+sn] ;"rgf k|jfx ug{ sGh':ofOF gu/]sf] wf/0ff/fVb} pxfFn] ;DalGwt kIfsf] dfu adf]lhda}+sn] l56f] 5l/tf] ;"rgf pknAw u/fO/x]sf]atfpg'eof] . a}+ssf] j]a;fO6dfkm{t klg w]/};"rgf k|jfx eO/x]sf] pxfFn] pNn]v ug{'eof] .

b]zdf a}+s tyf ljQLo ;+:yfx¿sf] ;+Vofal9/x]sf] ;Gbe{ pNn]v ub}{ pxfFn] ljQLo;+:yfx¿sf] plrt ;+Vof slt xf] eGg] s'/fahf/n] lgwf{/0f ug]{ eP tfklg k|lqmof z'?eO;s]sf a}+s tyf ljQLo ;+:yfx¿ @)^$c;f]hleqdf sd k"FhLdf vf]Ng kfOg] Joj:yf/x]sf]n] ;f] dlxgfdf :yfkgf x'g] o:tf;+:yfx¿sf] ;+Vof a9]sf] :ki6 kfg'{eof] .

a}+s tyf ljQLo ;+:yfx¿sf] ;+Vofa9]kl5 ltgLx¿sf] lg/LIf0f tyf ;'kl/j]If0fsf]bfo/f klg km/flsnf] x'g] :ki6 kfb}{ pxfFn]o;sf nflu g]kfn /fi6« a}+s ;Ifd /x]sf]hfgsf/L lbg'eof] . o;} k|;ª\udf pxfFn] o:tf;+:yfx¿sf] ;+rfngdf hf]lvd 36fpg /lgIf]kstf{sf] art ;'/lIft ug{ a}+sn]cfjZostf cg';f/sf] lgb]{zg lbFb} cfPsf]pNn]v ug'{eof] . ;fy} lg/LIf0f sfo{ ljZj;gLo/ km/flsnf] agfpg To:tf ;+:yfx¿df nªkmd{cl86 l/kf]6{sf] Joj:yf ul/g] pxfFn]atfpg'eof] . k"FhLsf]if cg'kft kof{Kt gePsf

g]kfn /fi6« a}+s cfly{s tYofÍsf] e08f/o;}u/L sfo{qmddf sflGtk'/ b}lgssf

kqsf/ >L ljho l3ld/]n] …g]kfn /fi6« a}+ssf];"rgf k|jfx / ;+rf/ If]qsf] e"ldsfÚ ljifodf

bf];|f] sfo{kq k|:t't ug'{ePsf] lyof] . sfo{kqk|:t'ltsf qmddf pxfFn] g]kfn /fi6« a}+ssf] ;"rgfk|jfx k|lqmofdf ;'wf/ x'Fb} cfPsf] pNn]v ug{'eof] .lgoldt cflwsfl/s k|lqmof Pj+ JolQmut;Dks{dfk{mt a}+ssf ;"rgf kqsf/x¿n] kfpg]u/]sf] klg pxfFn] :ki6 kfg'{eof] .

cGt/lqmofdf k|:t't sfo{kqdflysfo{sf/L lgb]{zsx¿ cg';Gwfg ljefusf;j{>L /fdk|;fb clwsf/L, n3' ljQljefusf ;'lzn/fd dfy]df, ljQLo ;+:yf;'kl/j]If0f ljefusf ef]nf/fd >]i7,lgb]{zsåo cg';Gwfg ljefusf g/axfb'/yfkf / sfg'g dxfzfvfsf wd{/fh ;fksf]6f,kqsf/x¿ ;+ho Gof}kfg], uf]s0f{ cj:yLnufotn] l6Kk0fL ug'{ePsf] lyof] .

g ]kfn /fi6 « a } +s / cfly {skqsf/x¿aLrsf] ;DaGw ;'dw'/ agfpg]p2]Zon] cfof]lht pQm sfo{qmddf a}+ssfljefuLo k|d'vx¿, jl/i6 clws[tx¿, o"lgogsfkbflwsf/Lx¿ nufot ljleGg ;+rf/ dfWodsfcfly{s kqsf/x¿sf] pkl:ylt /x]sf] lyof] .

sfo{qmdsf] cGtdf hg;Dks{ dxfzfvfsfsfodd'sfod pk—lgb]{zs >L ljdnfpkfWofon] wGojfb 1fkg ug'{ePsf] lyof] .

a }s tyf ljQLo;+:yfx¿sf ] ljz]ifn]vfk/LIf0f (Due Dili-gence Audit) u/fpg]Joj:yf a}+sn] ckgfpgnfu]sf] ] klg pxfFn]hfgsf/L lbg'eof] .

c Gt/ lq mo fsf ]pb\3f6g sfodd'sfodueg{/ >L s[i0faxfb'/dfgGw/n] ug'{ePsf]

lyof] . ;df/f]xdf 8]k'6L ueg{/ >L jL/ljqmd/fodfemL pkl:yt x'g'x'GYof] .

pQm ;df/f]xdf ueg{/sf] sfof{nosflgb]{zs >L ;fwgf pkfWofon] :jfut dGtJo

JoQm ub}{ sfo{qmdsf] p2]Zodfly k|sfzkfg'{ePsf] lyof] .

pb\3f6g ;df/f ]xkZrft ;DkGgcGt/lqmofdf g]kfn cfly{s kqsf/ ;dfhsfcWoIf >L ls/0f g]kfnn] 'Institutional Re-lation and Mutual Cooperation betweenNRB and SEJON' ljifos klxnf] sfo{kqk|:t't ug'{eof] . pQm cj;/df pxfFn] b]zsf]

cfly{s ljsf; tyf o;sf] ;+rf/sf nflug]kfn /fi6« a}+s / ;]hg ;dGjo u/L cl3a9\g' kg]{df hf]8 lbg'eof] .

cGt/lqmof

sf=d'= ue{g/ >L dfgGw/ ;Daf]wg ug'{x'Fb}

lgb]{zs >L pkfWofo :jfut dGtJo JoQm ub}{

>L l3ld/] sfo{kq k|:t't ub}{

>L g]kfn sfo{kq k|:t't ub}{ sf=d'= pk–lgb]{zs >L pkfWofo wGojfb 1fkg ub}{

3

g]kfn /fi6« a}+s ;dfrf/

cfly{s jif{ @)^$÷^% df ;/sf/Lvr{ a9\g] ;+s]t b]lvPsf] 5 . rfn' cfly{sjif{sf] k|yd dlxgfdf g]kfn ;/sf/sf] rfn"vr{ ^#=* k|ltztn] j[l4 eO{ ?=! cj{ @$s/f]8 k'u]sf] sf/0f o:tf] ;+s]t b]lvPsf]xf] . cl3Nnf] jif{ rfn" vr{ ##=( k|ltztn]dfq a9]sf] lyof] . g]kfn /fi6« a}+sn];fj{hlgs u/]sf] lj1lKt cg';f/ cfly{sjif{ @)^$÷^% sf] klxnf] dlxgfdf gubk|jfxdf cfwfl/t s'n ;/sf/L vr{ @%=#k|ltztn] j[l4 eO{ ?=# cj{ ̂ $ s/f]8 k'u]sf]5 . cl3Nnf] jif{ o:tf] vr{ !&=# k|ltztn]36]sf] lyof] . rfn" vr{ / lk|mh vr{dfePsf] j[l4sf] sf/0f s'n ;/sf/L vr{sf]j[l4b/df lj:tf/ cfPsf] xf] . ;/sf/Lsd{rf/Lx¿sf] tnj j[l4 ePsf] / åGåJoj:yfkg;DaGwL ;/sf/L vr{ a9]sf]n];dLIff cjlwdf rfn" vr{ j[l4 pRr /x]sf]5 .

;f] cjlwdf g]kfn ;/sf/sf] /fh:jkl/rfng $!=@ k|ltztn] j[l4 eO{ ?=&cj{ !# s/f]8 k'u]sf] a}+sn] hgfPsf] 5 .cl3Nnf] jif{ /fh:j !!=# k|ltztn] dfqa9]sf] lyof] . d"No clej[l4 s/sf ;fy}u}/s/ /fh:j klg a9]sf]n] ;dLIff cjlwdf/fh:j kl/rfngsf] j[l4b/ pRr /x]sf] xf] .d"No clej[l4 s/ / cGtMz'Ns jfktsf]/fh:j kl/rfng ;dLIff cjlwdf pRrb/n] lj:tf/ ePsf] 5 . eG;f/ /fh:j eg]cl3Nnf] jif{sf] t'ngfdf 36]sf] 5 . cfos//fh:jsf] j[l4b/ klg cl3Nnf] jif{sf] t'ngfdf36]sf] 5 . ;f]xL cjlwdf g]kfn ;/sf/nfO{?= !@ s/f]8 && nfv j}b]lzs gub C0f/ ?=#% s/f]8 (# nfv j}b]lzs gub cg'bfgk|fKt ePsf] 5 . cl3Nnf] jif{ o:tf] C0f /cg'bfg qmdzM ?=( s/f]8 (^ nfv / ?=^)s/f]8 %@ nfv k|fKt ePsf] lyof] .

;dLIff cjlwdf ;/sf/L ah]6 ?=#cj{ %* s/f]8 artdf /x]sf] 5 . ;/sf/Lvr{sf] t'ngfdf /fh:j kl/rfng pRr/x]sf]n] ;/sf/L ah]6 artdf /x]sf] xf] .cl3Nnf] jif{ klg ;/sf/L ah]6 ?= # cj{&@ s/f]8n] artdf lyof] .

cfly{s jif{ @)^$÷^% sf] klxnf]

dlxgfdf rfn" vftf 3f6f cl3Nnf] jif{sf]o;} dlxgfsf] t'ngfdf pNn]Vo j[l4 eO{ ?=! cj{ #( s/f]8 k'u]sf] 5 . @)^# ;fpgdfrfn" vftf 3f6f ? $^ s/f]8 /x]sf] lyof] .j:t'sf] Jofkf/ 3f6f a9\g'sf ;fy} ;]jfvftf 3f6fdf ;d]t tLa|tf cfPsf]n] rfn"vftf 3f6f ;dLIff cjlwdf a9]sf] xf] .

eG;f/df cfwfl/t tYofÍcg';f/cfly{s jif{ @)^$÷^% sf] klxnf] dlxgfdfs'n lgof{t !) k|ltztn] a9]sf] 5 . cl3Nnf]jif{sf] ;f]xL cjlwdf s'n lgof{t @=^k|ltztn] 36]sf] lyof] . s'n lgof{tdWo]ef/ttk{msf] lgof{t cl3Nnf] jif{ )=#k|ltztn] x|f; ePsf]df ;dLIff cjlwdf*=# k|ltztn] j[l4 ePsf] 5 . cGod'n'stk{msf] lgof{t cl3Nnf] jif{ &=!k|ltztn] 36]sf]df o; jif{ !#=# k|ltztsfb/n] j[l4 ePsf] 5 .

ef/ttk{m d'Votof h:tfkftf, /;fog,h'6sf ;fdfg, Pd=P;= kfOk / kf]ln:6/wfuf]sf] lgof{tdf j[l4 cfPsf] sf/0fTo;tk{msf] lgof{t a9]sf] 5 . cGo d'n'stk{mbfn, u/uxgf, jg:klt pTkfbg, sfuhsfKoflsË ;fdu|L / 6fFssf] lgof{tdf j[l4ePsf] sf/0f To;tk{msf] lgof{t a9]sf] xf] .

cl3Nnf] jif{sf] klxnf] dlxgfdf &=!k|ltztn] a9]sf] s'n cfoft cfly{s jif{@)^$÷^% sf] ;f]xL cjlwdf !#=*k|ltztn] a9]sf] 5 . s'n cfoftdWo]ef/taf6 ePsf] cfoft cl3Nnf] jif{ !!=&k|ltztn] a9]sf]df o; jif{ !$=% k|ltztn]j[l4 ePsf] 5 . To;}u/L cGo d'n'saf6ePsf] cfoft cl3Nnf] jif{ )=@ k|ltztn]dfq a9]sf]df ;dLIff cjlwdf !@=^k|ltztn] j[l4 ePsf] 5 .

ef/taf6 d'Votof k]6«f]lnod kbfy{,Pd=P;= ljn]6, ;jf/L ;fwg tyf kf6{k"hf{,sf]N8 /f]N8 zL6 OGSjfOn / wfuf] Pj+ cGod'n'saf6 ;'g, sRrf e6df;sf] t]n,b"/;+rf/sf ;fdfu|L tyf k"hf{, oftfoftsf;fwg tyf k"hf{ / Knfli6ssf bfgfsf]cfoftdf j[l4 ePsf] 5 .

@)^$ ;fpgdf ljk|]if0f cfk|jfx @!=$k|ltztn] j[l4 eO{ ? ( cj{ #^ s/f]8 k|fKtePsf] 5 . cl3Nnf] jif{sf] ;f]xL cjlwdfljk|]if0f cfk|jfx @(=( k|ltztn] a9]sf]lyof] .

cfly{s jif{ @)^$÷^% sf] klxnf]dlxgfdf ;du| zf]wgfGt/ l:ylt ?= ! cj{^) s/f]8n] 3f6fdf /x]sf] 5 . cl3Nnf]cfly{s jif{sf] ;f]xL dlxgfdf ?=@ cj{ *#s/f]8 zf]wgfGt/ art ePsf] lyof] . rfn"vftf 3f6fsf] lj:tf/sf sf/0f zf]wgfGt/l:ylt 3f6fdf uPsf] xf] .

@)^$ ;fpg d;fGtdf s'n ljb]zLljlgdo ;l~rlt @)^$ c;f/ d;fGts}xf/fxf/Ldf cyf{t\ ?= !^% cj{ # s/f]8/x]sf] 5 . cfly{s jif{ @)^#÷^$ sf] ;fpgd;fGtdf o:tf] ;l~rlt @=( k|ltztn]j[l4 ePsf] lyof] . cfly{s jif{ @)^$÷^%sf] klxnf] dlxgfsf] cfoftnfO{ cfwf/ dfGbfljb]zL ljlgdo ;l~rltsf] ljBdfg :t/n](=( dlxgfsf] j:t' cfoft / &=* dlxgfsf]j:t' tyf ;]jf cfoft wfGg kof{Kt /x]sf]5 .

cGt/f{li6«o ahf/df sRrf k]6«f]lnod(Crude Oil Brent) sf] d"No @)^# ;fpgdfk|lt Jof/n cd]l/sL 8n/ &#=&@ /x]sf]df@)^$ ;fpgdf $=$ k|ltztn] 36L k|ltJof/n cd]l/sL 8n/ &)=%! df em/]sf]5 . To;}u/L ;'gsf] d"No @)^# ;fpgsf]t'ngfdf @)^$ ;fpgdf %=! k|ltztn]j[l4 eO{ k|lt cfpG; cd]l/sL 8n/ ̂ @%=%)af6 cd]l/sL 8n/ ^%&=%) k'u]sf] 5 .

@)^# ;fpgdf Ps cd]l/sL 8n/sf]ljlgdob/ ?= &$=#% /x]sf] lyof] eg] @)^$;fpgdf g]kfnL ?k}oFf !@=( k|ltztn]clwd"Nog eO{ Ps cd]l/sL 8n/sf]ljlgdob/ ? ^%=*& /x]sf] 5 .

cfly{s jif{ @)^$÷^% df ;/sf/L vr{ a9\g] ;+s]t

j:t'sf] Jofkf/ 3f6fa9\g'sf ;fy} ;]jf vftf3f6fdf ;d]t tLa|tfcfPsf]n] rfn" vftf3f6f ;dLIff cjlwdf

a9]sf] xf] .

cfly{s kl/b[Zo

g]kfn /fi6« a}+s ;dfrf/

4

sfodd'sfod ueg{/ >L s[i0faxfb'/dfgGw/n] a}+ssf] sfdsfjf{xL rgfvf] eO{q'l6/lxt 9+un] ;Dkfbg ug{ lgb]{zg lbg'ePsf]5 . ;f] lgb]{zg pxfFn] sfg"g dxfzfvfåf/fc;f]h @$ ut] sf7df8f}+df cfof]lht æa9\bf]d'2f dfldnfdf k|df0f h'6fpg ;DalGwt ljefutyf sfof{nosf] e"ldsfÆ ljifos uf]i7Lsf]pb\3f6g ;df/f]xdf lbg'ePsf] xf] .

pQm cj;/df pxfFn] g]kfn /fi6«a}+sdf d'2fsf] rfk a9]sf] ;Gbe{ pNn]vub}{ a}+ssf] sfdsfjf{xLdf k|lqmofut q'l6sd ug{ klg lgb]{zg lbg'eof] . ljefuLosfo{;Dkfbg q'l6k"0f{ eP d'2f xfg]{;Defjgf /xG5– pxfFsf] syg lyof] .;fy}, pxfFn] b]zdf a}+s tyf ljQLo;+:yfx¿sf] ;+Vof a9\b} uPsf]n] ltgLx¿sf]lg/LIf0f, ;'kl/j]If0f Pj+ lgodg ug]{ g]kfn/fi6« a}+ssf] lhDd]jf/L / bfloTj cema9\b} uPsf] s'/f pNn]v ug'{eof] .

pb\3f6g ;df/f]xkZrft\ 8]k'6L ueg{/>L jL/ljqmd /fodfemLsf] cWoIftfdf uf]i7L;+rfng ePsf] lyof] . pQm cj;/df pxfFn]d'2f dfldnfdf cfjZos k|df0f h'6fpg;DalGwt ljefu tyf sfof{non] ljz]ifWofg lbg'kg]{ s'/fdf hf]8 lbg'eof] .

uf ] i7 Ldf sfg "g dxfzfvfsfsfodd'sfod pk–lgb]{zs >L yfg]Zj/cfrfo{n] ælgodgsf/L lgsfosf] lg0f{ok|lqmof / cfwf/e"t sfg"gL cjwf/0ffÆljifos klxnf] sfo{kq k|:t't ug'{eof] .o;qmddf pxfFn] sfg"gL ljlw, k|lqmof,

rgfvf] eO{ q'l6/lxt sfo{ ;Dkfbg ug{ lgb]{zgclwsf/ If]q nufotsf ljifodf x'g hfg];fgf] q'l6n] sfg"gL k|Zg p7\g uO{ d'2fdfxf/lhtsf] cfwf/ aGg] x'Fbf Go"gtd sfg"gLdfGotfk|lt s]Gb|Lo a}+s ;w} rgfvf], ;hu/ uDeL/ x'g'kg]{ ljrf/ JoQm ug'{eof] .

…d'2f;Fu ;DalGwt sfuhft Joj:yfkgÚljifodf ;f]xL dxfzfvfsf ;xfos lgb]{zs

>L k|]dk|;fb kf08]on] csf]{ sfo{kq k|:t'tug'{ePsf] lyof] . a}+ssf lg0f{ox¿ ;xL 9Fun]Jojl:yt x'g g;Sbf sltko d'2fx¿dfcbfntsf] cfb]zfg';f/sf sfuhftx¿;dodf k7fpg g;sL d'2fsf] lg0f{odfsl7gfO{ pTkGg ePsf] / d'2f sdhf]/ x'g]u/]sf] cg'ej pxfFn] JoQm ug'{eof] . s'g};+:yf jf JolQmnfO{ sf/jfxL ubf{ jf lgb]{zglbFbf 5'§f5'§} lg0f{o ;lxt kmfOn vf]nL kl~hsftof/ ug{'kg]{ / sd{rf/LnfO{ kmfOnsf]lhDd]jf/L tf]Sg] tyf ;?jf x'Fbf clgjfo{?kdf a'ema'emf/y u/fpg] Joj:yf ldnfpg'kg]{df pxfFn] hf]8 lbg'eof] .

uf]i7Ldf k|:t't klxnf] sfo{kqpk/l6Kk0fL ub} { ;fdfGo ;]jf ljefusfsfodd'sfod sfo{sf/L lgb]{zs >L efis/dl0f1jfnLn] sfg"g eg]sf] wd{, g}ltstf tyfOdfGbfl/tf ePsf]n] x/]s sd{rf/Ln]OdfGbf/Lsf ;fy cfk\mgf] st{Jo bIftfk"j{slgjf{x ug'{kg]{ s'/f atfpg'eof] .

bf];|f] sfo{kqpk/ l6Kk0fL ub}{ a}+styf ljQLo ;+:yf lgodg ljefusflgb]{zs >L dx]Zj/nfn >]i7n] a}+ssflg0f{ox¿ / sfuhft vf]h]sf] a]nfdfh'g;'s} avt kfpg ;lsg] u/L ;xL9+un] Joj:yfkg ug{'kg]{df hf]8 lbg'eof] .

uf]i7Lsf] cGTodf sfg"g dxfzfvfsflgb ] {zs >L wd{/fh ;fksf ]6fn ];xefuLx¿sf] lh1f;fsf] hjfkm lbFb} g]kfn/fi6« a}+s, sd{rf/L ;]jf ljlgodfjnLsf]ljlgod %@ adf]lhd a'ema'emf/y clgjfo{

?kdf ug'{kg]{, dxTjk"0f{ sfuhftx¿sf] kmfOnkl~hsf agfO{ Jojl:yt ug{'kg]{ / sfg"gsf];|f]t :ki6 pNn]v u/]/ dfq sf/jfxLsf] lg0f{oug'{kg]{df hf]8 lbg'eof] .

:jfut dGtJosf ] qmddf ;f ]xLdxfzfvfsf sfodd'sfod pk–lgb]{zs >Ls[i0f/fh l;njfnn] uf]i7Lsf] p2]Zodfly k|sfzkfb}{ a9\bf] d'2f dfldnfdf cfjZos k|df0fh'6fpg ;DalGwt ljefu tyf sfof{non]cfjZos sfg"gL k|lqmof k'¥ofP/ dfq sfo{;Dkfbg ug'{kg]{df hf]8 lbg'eof] . uf]i7Lsf];+rfng dxfzfvfsf ;xfos lgb]{zs >L lg/ftfNrfe8]nn] ug'{ePsf] lyof] .

ljb ]zL lj lgdoJoj:yfkg ljefun] c;f]h $ut] sf7df8f}+df Ps tYofÍuf]i7L ;DkGg u¥of] . uf]i7Lljb ]zL ljlgdo ;DaGwLtYofÍdf Ps?ktf / b'?:ttfsfod ug]{ p2]Zon] cfof]hgful/Psf] lyof ] . uf ]i7Ldfjf l0 fHo a } +s tyf

tYofÍ uf]i7L ;DkGg/fli6«o:t/sf ljsf; a}+ssfk|ltlglwx¿ / ljb]zL ljlgdoJoj:yfkg ljefusfclws[tx¿sf] pkl:ylt /x]sf]lyof] .

uf]i7Ldf ljb]zL ljlgdoJoj:yfkg ljefusf sfo{sf/Llgb] {zs >L /fdhL /]UdLn]:jfut dGtJo JoQm ub} {

uf]i7Lsf] p2]Zodfly k|sfzkfg'{ePsf] lyof] . pQm cj;/dfpxfFn] ljb]zL ljlgdosf] cfudg/ alxu{dgsf] z'å tYofÍsf]cefjn] o; ;DaGwL gLltlgdf{0fdf gsf/fTds c;/ kg]{ljrf/ JoQm ug'{eof] . uf]i7Lljb]zL ljlgdosf] tYofÍdfPs?ktf sfod ug{, tYofÍ;+sngdf cfOkg]{ ;d:of Pj+cK7\of/fx¿ x6fpg ;xof]ul;4

x'g ] ck]Iff pxf Fn ] JoQmug'{eof] .

uf]i7Ldf ;f]xL ljefusflgb]{zs >L z+s/k|;fb cfrfo{/ pk—lgb]{zs >L /jLGb|vgfnn] klg dGtJo JoQmug'{ePsf] lyof] . ;f]xL ljefusf;xfos lgb ] {zsåo >L1fgaxfb'/ lh=;L= / >L ;[hgfaf:tf]nfåf/f k|:t't sfo{kqdflyuf]i7Ldf 5nkmn ePsf] lyof] .

uf]i7L

sf=d'= ue{g/ >L dfgGw/ -aLrdf_ dGtJo JoQm ub}{ . ;fydf 8]k'6Lue{g/ >L dfgGw/ -bfofF_ / sfo{sf/L lgb]{zs >L 1jfnL .

5

g]kfn /fi6« a}+s ;dfrf/

8]k'6L ueg{/ >L jL/ljqmd /fodfemLn]g]kfn lwtf]kq af]8{ nufotsf ;DalGwtlgsfon] nufgLstf{x¿nfO{ ;xL ;"rgfk|jfx ul//xg' kg]{ s'/fJoQm ug'{ePsf] 5 .

pQm s'/f pxfFn] a}+s;{k|lzIf0f s]Gb|åf/f c;f]h!! ut ] sf7df8f } +d fcfof]lht 'Trend and Issues of CapitalMarket' ljifos sfo{zfnf uf]i7Ldf JoQmug'{ePsf] xf] .

pQm cj;/df pxfFn] g]kfnL lwtf]kqahf/sf] l:ylt uDeL/ /x]sf], a}+s tyfljQLo If]qsf] ;"rsfª\s 8/nfUbf] lsl;dn]a9]sf] atfpFb} g]kfnL lwtf]kq ahf/sf]Joj:yfkgsf nflu ; }4f lGts Pj +Jofjxfl/s kIfnfO{ dWogh/ u/L lgodgJoj:yf nfu' ug'{kg]{ wf/0ff JoQm ug'{eof] .;fy}, pxfFn] gofF gofF lgb]{zgdfkm{t g]kfn/fi6« a}+sn] a}+s tyf ljQLo ;+:yfx¿nfO{w]/} kf/bzL{ agfPsf] sf/0f a}+sx¿k|ltljZj:t eP/ nufgLstf{x¿n] ltgLx¿sf]z ]o/ a9L d "Nodf sf/f ]jf/ u/ ]sf ]atfpg'eof] .

g]kfn a}+s;{ ;+3sf cWoIf >L /fw]zkGtn] g]kfndf a}lsË If]qsf] lgods ;+:yf

alnof] / ;an /x]sf]atfpg 'eof ] . g ]kfnLlwtf ]kq ahf/dfa} +sx¿sf] z]o/ d"NocTolws a9]sf] ;Gbe{df

pxfFn] sDkgLsf] z]o/ d"No To;sf] eljion]

nufgLstf{nfO{ ;xL ;"rgf k|jfx ug'{kg]{

lgwf{/0f ug]{ eP tfklg g]kfndf o:tf]gb]lvPsf] rrf{ ug'{eof] . g]kfnsf d'VonufgLstf{x¿nfO{ cfk"mn] nufgL ug]{sDkgLsf] eljio af/] kof{Kt 1fg g} 5}g,pxfFsf] syg lyof] .

g]kfn lwtf]kq af]8{sf cWoIf 8f=lr/~hLjL g]kfnn] ljgf sf/0f g]kfnLlwtf]kq ahf/df z]o/ d"No a9\g] u/]sf]s'/f atfpg'eof] . cy{tGqsf] cj:yf;sf/fTds geP klg z]o/ d"No a9\g'nufgLstf{nfO{ ahf/sf] af:tljs ;"rgfyfxf gx'g'sf] kl/0ffd dfq xf]— pxfFsf] egfOlyof] . pxfFn] eGg'eof], Pp6f sDkgL 6f6kN6\of] eg] To;n] /fli6«o cy{tGqnfO{w/fkdf kfg{ ;S5 .

uf]i7Ldf g]kfn z]o/ bnfn ;+3sfcWoIf >L gj/fhkf]v/]nn] g]kfnL lwtf]kqahf/sf] k|a[lQ gsf/fTdsg/x]sf] pNn]v ub}{ rLg /ef/t h:tf] cfly{s zlQm

/fi6« aLrsf] g]kfnn] klg km/flsnf] cfly{sa[l4 xfl;n ug{ nufgL a9fpg' kg]{ larf/JoQm ug'{eof] .

o;}u/L g]kfn ljQ sDkgL ;+3sfpkfWoIf >L pk]Gb|s'df/kf}8\ofnn] a}ls+u If]qsf]k"FhLsf]if a[l4sf] kmn:j?ka}+sx¿sf] z]o/ d"No a9]sf]rrf{ ub} { z]o/ lsGg]k|of]hgsf nflu a}+saf6 k|jfx x'g] shf{dflgoGq0f ug'{ kg]{ ljrf/ JoQm ug'{eof] .

uf ] i7 Ldf a } +s; {k|lzIf0f s]Gb|sf lgldQsfo{sf/L lgb] {zs >Lch'{gaxfb'/ clwsf/Ln]g]kfnL lwtf]kq ahf/nfO{w/f;foL x'gaf6 arfpg pkfo vf]Hg],nufgLstf {x¿nfO { nufgL ;DaGwLhfgsf/L lbg] p2]Zon] uf]i7L cfof]hgful/Psf] hfgsf/L lbFb} :jfut dGtJo JoQmug'{ePsf] lyof] .

uf]i7Ldf k" FhL ahf/ ljz]if1 >Lcgn/fh e§/fO{n] 'Capital Market :Trends and Issues' ljifodf klxnf] sfo{kqk|:t't ug'{ePsf] lyof] . pQm cj;/df pxfFn]z]o/ ahf/df gofF ljqmL k|aGws /bnfnx¿sf] k|j]znfO{ /f]Sg gx'g] ;'emfjlbg'eof] . o;}u/L k"FhL ahf/;Fu ;DalGwtlgod sfg"gdf kl/dfh{g ug'{ kg]{ / z]o/ahf/ ;DaGwL ;"rgfsf] k|jfx tyf l/kf]l6{Ëdf;fdlos ;'wf/sf] cfjZostf /x]sf]cf}Nofpg'eof] . z]o/ ahf/sf] :j:y;+rfngsf nflu nufgLstf{x¿nfO{ ;'/Iffsf]k|Tofe"lt x'g'kg]{, ;+:yfx¿sf] ;+:yfut;'zf;gdf ;'wf/ ug'{ kg]{ / sDkgLx¿kf/bzL{ x'g' kg]{ / eo/lxt jftfj/0f agfO{lbg' kg]{ sfo{kqsf] lgisif{ lyof] .

pQm sfo{kqdfly g]kfn lwtf]kqljlgdo ahf/ lnld6]8sf dxfk|aGws >L/]jtaxfb'/ sfsL{n] l6Kk0fL ug'{ePsf] lyof] .

o;}u/L Reform Issues in NepaleseSecurities Market ljifodf g]kfn lwtf]kqaf]8{sf cWoIf 8f= lr/~hLjL g]kfnn] bf];|f]sfo{kq k|:t't ug'{eof] . sfo{kqdf pxfFn]g]kfnL lwtf]kq ahf/sf] ;'wf/ k|lqmofnfO{tLg r/0fdf ljefhg u/L rrf{ ug'{eof] .lgodg ;+/rgfdf ;'wf/ ug'{ kg]{, lgods;+:yfsf] Ifdtf a[l4 ug'{ kg]{, ahf/sf]k"jf{wf/ tyf ;]jf lj:tf/ x'g' kg]{, lwtf]kqpks/0fsf] pknJwtf tyf ljljwLs/0f x'g'kg]{, ;+:yfut ;'zf;gdf ;'wf/ x'g' kg]{ /;+:yfut nufgLstf{nfO{ k|f]T;fxg lbg' kg]{nufotsf ;'emfj pxfFn] k|:t't ug'{eof] .

pQm sfo{kqdfly lwtf]kq lj1 >LbLks/fh sfk\mn]n] l6Kk0fL ug'{ePsf] lyof] .

sfo{zfnf

pb\3f6g ;df/f]xsf] Ps emns

g]kfn /fi6« a}+s ;dfrf/

6

ljqmd ;+jt !(($ sflQs #) ut] g]kfna}+s lnld6]8sf] :yfkgf eof] . of] g} g]kfnsf]klxnf] a}+s xf] . To;sf] em08} @) jif{kl5 @)!#j}zfv !$ ut] s]Gb|Lo a}+ssf] ?kdf g]kfn /fi6«a}+ssf] :yfkgf eof] . To;kl5 b]zdf a}+lsª\utyf u}/a}+lsª\u ljQLo ;+:yfx¿sf] :yfkgf x'g]qmd;+u} g]kfnL ljQLo k|0ffnLsf] lj:tf/ ePsf]xf] . g]kfnL ljQLo k|0ffnLdf a}+s tyf ljQLo;+:yfx¿sf] afx'Notf 5 . @)^$ c;f]hd;fGt;Dddf ljQLo sf/f]jf/ ;+rfng ug{g]kfn /fi6« a}+saf6 Ohfhtk|fKt a}+s tyf ljQLo;+:yfx¿sf] ;+Vof @#^ k'u]sf] 5 . o;df @#jfl0fHo a}+s, %* ljsf; a}+s / &( ljQ sDkgLx¿/x]sf 5g\ . o;}u/L n3' ljQsf] sf/f]jf/ ug]{!@ ljsf; a}+s, ;Lldt a}lsË sf/f]jf/ ug]{ !&;xsf/L ;+:yf / n3' shf{ sf/f]jf/ ug]{ $&u}/;/sf/L ;+:yfx¿ klg o;df ;dflji6 5g\ .

g]kfn /fi6« a}+saf6 Ohfhtk|fKt a}+s tyfljQLo ;+:yfx¿sf] ;+Vof @)^) cl3;Dd !$$lyof] . ljut ;f9] rf/ aif{df of] ;+Vof ^$%-(@ j6f_ n] a9]sf] 5 . @)^) b]lv jflif{s !$sf] xf/fxf/Ldf al9/x]sf] ltgLx¿sf] ;+Vof @)^$sf] ^ dlxgfdf x\jfQ} a9]sf] b]lvG5 . pQmjif{sf] klxnf] ^ dlxgfdf dfq #^ j6f gofF a}+styf ljQLo ;+:yfx¿n] sf/f]jf/ ;+rfngsfnflu Ohfht k|fKt u/] . o;df $ jfl0fHo a}+s,@@ ljsf; a}+s, ( ljQ sDkgL / Ps n3' ljQljsf; a}+s /x]sf 5g\ . o;}u/L @)^$ sf]c;f]hdf dfq @$ j6f o:tf ;+:yfx¿ ylkP .pQm dlxgfdf # jfl0fHo a}+s, !^ ljsf; a}+s/ % ljQ sDkgLn] sf/f]jf/ ;+rfngsf nflu:jLs[lt k|fKt u/] -x]g'{; tflnsf g+=!_ .

Ohfhtk|fKt a}+s tyf ljQLo ;+:yfx¿sf]ef}uf]lns pkl:ylt x]bf{ logLx¿ d"ntM /fhwfgL/ zx/ s]lGb|t ePsf] b]lvG5 . @)^$c;f]h;Ddsf] l:ylt x]g]{ xf] eg] sf7df8f}+pkTosfleq s]Gb|Lo sfof{no /x]sf a}+s tyfljQLo ;+:yfx¿sf] ;+Vof !)% / cGo !#! j6fb]lvG5g\ . o;n] s'n ;+Vofsf] $$=% k|ltztsf7df8f}+ pkTosfleq / afFsL %%=% k|ltztpkTosf aflx/ s]lGb|t /x]sf] b]vfpF5 . o;dfsf7df8f}+ pkTosf glhs sfe|] lhNnfdf s]Gb|Losfof{no /fvL :yflkt !) j6f a}+s tyf ljQLo;+:yfx¿ klg pkTosfleq ePsf] u0fgf ug]{ xf]eg] ltgLx¿sf] l:ylt em08}a/fa/ b]lvg cfpF5 .clwsf+z jfl0fHo a}+s -!& j6f_ / ljQ sDkgL -%$ j6f_ sf7df8f } +pkTosfdf :yflkt ePsf5g\ -x]g'{; tflnsf g+=@_ .

o;/L w]/}h;f] a}+s tyf ljQLo ;+:yfx¿zx/ s]lGb|t dfq ePsf]n] hgdfg;dfcy{tGqsf] cfsf/sf] t'ngfdf logLx¿sf] ;+VofcfjZostf eGbf a9L ePsf] xf] ls eGg] rrf{klg rn]sf] 5 . g]kfn /fi6« a}+ssf] lg/LIf0ftyf ;'kl/j]If0f bfo/f aflx/ kg]{ ;xsf/L;+:yfx¿ klg 7"nf] ;+Vofdf :yfkgf eO;s]sf5g\ . ltgLx¿dWo] cflwsf+zn] ;xsf/L P]g,lgod ljkl/t a}+s tyf ljQLo ;+:yfx¿n] ug]{cfly{s sf/f]jf/ ul//x]sf 5g\ . ltgLx¿sf];+Vof klg sf7df8f}+df a9L s]lGb|t ePsf]n]a}+s tyf ljQLo ;+:yfx¿ a9L g} ePsf x'gls h:tf] dx;'; x'G5 . t/ dfkg ug]{ e/kbf]{/ ljZjfl;nf] cfwf/sf] cefjsf sf/0fljBdfg ;+Vof a9L xf] jf xf]Og eGg] ljifov'nf cy{Joj:yfdf ls6]/ eGg ;lsFb}g . o:tf;+:yfx¿sf] plrt ;+Vof slt xf] eGg] s'/f

ahf/n] g} lgwf{/0f u5{ eGg] wf/0ffk6s k6s JoQm eO/x]sf] 5 .

lgZro klg sf7df8f }pkTosfdf a} +s tyf ljQLo;+:yfx¿sf] pkl:ylt b]zsf cGoefusf] t'ngfdf a9L 5 . t/ g]kfn/fi6« a}+sn] u/]sf] Ps cWoogn] s]b]vfPsf] 5 eg] pkTosfdf ;+rflnta}+s tyf ljQLo ;+:yfx¿sf] ;+VofPl;ofnL d'n's yfONof08sf] /fli6«ocf};t eGbf sd / >Ln+sfsf] /fli6«o

cf};t;+u a/fa/ dfq 5 . cg';Gwfgn] g]kfnsfljleGg ljsf; If]qaLr ljQLo kx'Frsf] 7"nf]cGt/ /x]sf] klg b]vfPsf] 5 .

cg';Gwfgs} qmddf yfONof08 nufot;fs{ d'n'sx¿ ef/t, kfls:tfg / >Ln+sfsf]eGbf g]kfnsf] k|lt a}+s zfvf hg;+Vof (Popu-lation per bank branch) a]kQf a9L /x]sf]b]lvPsf] 5 . tL d'n'sx¿sf] k|lt a}+s zfvfhg;+Vof @),))) eGbf sd t/ g]kfnsf]%),))) eGbf a9L b]lvPsf] 5 . of] tYof+scfk}mdf g]kfndf a}+s tyf ljQLo ;+:yfx¿sf];+Vof a9L eof] eGg]x¿nfO{ ultnf] hjfkm xf] .

g]kfndf a}+s tyf ljQLo ;+:yf :yfkgfug{ Tolt ;lhnf] eg] kSs} 5}g . jfl0fHo a}+ssfnflu Go"gtd r'Qmf k"FhL ?= @ ca{ tf]lsPsf]5 . a9Ldf &) k|ltzt;Dd nufgL ug{ kfOg]eP tfklg ;+:yfksx¿n] %! k|ltzt dfq nufgLug]{ xf] eg] ! ca{ @ s/f]8 ?k}ofF rflxG5 . To:t}/fli6«o :t/sf ljsf; a}+s tyf ljQ sDkgL:yfkgf ug{ klg ?= !) s/f]8b]lv ?= ̂ $ s/f]8sf]Go"gtd r'Qmf k"FhL cfjZos k5{ . olt /sdh'6fpg ;lhnf] kSs} 5}g . olb s;}n] cfjZosGo"gtd r'Qmf k"FhL nufgL u/]/ ljQLo ;+:yfvf]N5', s]Gb|Lo a}+ssf] lgodg, lg/LIf0f /;'kl/j]If0fdf ljQLo sf/f]jf/ ;+rfng u5'{ /d'gfkmf sdfpF5' eG5 eg] p;nfO{ g]kfn /fi6«a}+sn] /f]Sg] s'/f klg ePg .

d'gfkmfdf ;+rfng, ljZjfl;nf] lg/LIf0f tyf;'kl/j]If0f, kf/bzL{ Joj:yfkg, hgzlQmsf]pknJwtf, :jb]zL Joj;fo cflbsf sf/0f dflg;x¿a}+s tyf ljQLo ;+:yf :yfkgf ug{ cu|;/ ePsfx'g\ . xfn;Dd vf;u/L lghL nufgLdf v'n]sfa}+s tyf ljQLo ;+:yfx¿ ljut %–& jif{otf 6f6kN6]sf] / ;f]sf] sf/0f aGb ePsf] cj:yf b]lvFb}g .o;sf] sf/0f klg o;tkm{ cfsif{0f a9]sf] xf] .cfjZostf eGbf a9L o:tf ;+:yfx¿ :yfkgf ePk|lt:kwf{sf sf/0f s]xL ;+:yfx¿ 6f6 kN6]/ aGbx'g]5g\ / ahf/sf] cfjZostf cg';f/sf] ;+Vofdfq afFsL /xG5g\ . o;/L ljQLo ;+:yfx¿sf]plrt ;+Vof ahf/n] g} lgwf{/0f ug]{ cfly{spbf/Ls/0fsf] l;4fGt klg xf] .

g]kfnL ljQLo k|0ffnLsf] lj:tf/à /fdsfhL vfOh"

tflnsf g+= !a}+s tyf ljQLo ;+:yfx?sf] ;+VofTds pkl:ylt

:yfkgf ldlt hDdf s v u 3 ª r@)^) cl3 !$$ !* !) %@ !! !& #^@)^) df !# ) # # ) ) &@)^! df !$ ) ( @ ) ) #@)^@ df !$ ) ^ & ) ) !@)^# df !% ! * ^ ) ) )@)^$ klxnf] ^ dlxgf #^ $ @@ ( ! ) )@)^$ c;f]hdf dfq @$ # !^ % ) ) )@)^$ c;f]h;Dd @#^ @# %* &( !@ !& $&

tflnsf g+= @a}+s tyf ljQLo ;+:yfx?sf] ef}uf]lns pkl:ylt

:yfg k|ltzt hDdf s v u 3 ª rsf7df8f}+ pkTosfdf $$=% !)% !& !@ %$ @ % !%pkTosf aflx/ %%=% !#! ^ $^ @% !) !@ #@hDdf !)) @#^ @# %* &( !@ !& $&

;+s]t M s= jfl0fHo a}+s, v= ljsf; a}+s, u= ljQ sDkgL, 3= n3' ljQ ljsf; a}+s,ª=;xsf/L ;+:yf -;Lldt a}+lsª sf/f]jf/ ug]{_, r= u}/;/sf/L ;+:yf -n3' shf{ sf/f]jf/ ug]{_

d"nwf/

7

g]kfn /fi6« a}+s ;dfrf/

7

@)^$ c;f]hsf] klxnf] lbg *!*ljGb'af6 z'? ePsf] g]K;] ;"rsf+s (NepseIndex) To;kl5 psfnf] nfUg z'? u¥of] .klxnf] ;ftfd} o;n] **) ljGb' 5'g ;kmneof] . s]xL ptf/ r9fjsf ;fy;fy} c;f]hdlxgfsf] t];|f] xKtfsf] clGtd sf/f]jf/ lbgof] clxn];Dds} pRr ljGb'df k'Uof] . c;f]h!& ut] ljlxjf/sf] lbg g]K;] ;"rsf+s *((=$@k'Uof] . s]xL lbg;Dd of] l:y/ /x\of] . o;dfz]o/ ljZn]ifsx¿sf] egfO{df nufgLsf]jftfj/0f ;'l3|P/ / pTkfbsTj a[l4 eP/ of]efp a9]sf] xf]Og . of] a[l4 t a}lsË ;"rsf+sdfePsf] a[l4sf] kl/0ffd dfq xf] . s]xL a}+styf ljQLo ;+:yfsf] z]o/ d"Nodf cToflwsa[l4n] ubf{ g]K;] ;"rsf+s cfsfl;Psf] xf] .a}+s tyf ljQLo ;+:yfx¿n] nfef+z lbg],jf]g; z]o/ lbg] / xsk|b z]o/ hf/L ug]{u/]sfn] a}lsË ;"rsf+s a9\g uPsf] xf] .

g]kfn /fi6« a}+sn] a}+s tyf ljQLo;+:yfx¿sf] Go"gtd r'Qmf k"“hL @)^# r}t !#ut]b]lv a9fPsf] lyof] . ;f] ldlt klxn] g};+rfngdf cfO;s]sf a}+s tyf ljQLo;+:yfx¿n] @)&) ;fn leqdf r/0fa4 ?kdfk"“hL a9fP/ gof“ k|fjwfg cg'?ksf] k"“hL k'¥ofpg'kg]{ Joj:yf ul/Psf] 5 . o;}u/L @)^# c;f/@( ut] ;Dddf ;+:yf :yfkgfsf nflu lgj]bglbPsf t/ ;}4flGts ;xdlt kfOg;s]sf] xsdfgof“ Joj:yf adf]lhdsf] r'Qmf k"“hL @)^&;fnleqdf k'¥ofpg' kg]{ k|fjwfg 5 . o;n]ubf{ a}+s tyf ljQLo ;+:yfx¿n] k"“hL a[l4 ug]{gLlt cg'?k af]g; z]o/ tyf xsk|b z]o/hf/L ug]{5g\ . To;}n] o;qmdsf] a[l4 @)&);fn;Dd /xg] cg'dfg ul/Psf] 5 .

sl/j ()) sf] xf/fxf/Ldf k'u]sf] g]K;];"rsf+s c;f]h @! ut]af6 cf]/fnf] nfUgz'? u/]/ c;f]h @# ut] *#& df emg{ k'Uof]-x]g'{; u|fkm_ .

o;sf] sf/0f lyof] g]kfn /fi6« a}+sn]c;f]h @) ut] hf/L u/]sf] lgb]{zg . a}+styf ljQLo ;+:yfnfO{ hf/L ul/Psf] ;f]lgb]{zgdf ;+:yfks -k|df]6;{_ z]o/sf] ljqmLv'nf ug]{ tyf z]o/sf] lwtf]df lbg] shf{(Margin Lending) df s8f Joj:yful/Psf] lyof] . of] lgb]{zgsf] kmn:j?k

à ab|Lgfy g]kfnck|Tofl;t ?kdf cfsfl;Psf] z]o/ ahf/ s]xLzfGt x'g k'u]sf] xf] . jf:tjd} z]o/ jhf/dfo;cl3 dfu cToflws a9L / To;sf] k"lt{cToGt} Go"g /x]sf] lyof] . k|df]6;{ z]o/sf]ljqmL v'nf u/]kl5 ahf/df z]o/sf] k"lt{ a9Lx'g hfg] / d"No cfsfl;gaf6 /f]lsg] cg'dfgul/Psf] 5 . c;f]hsf] rf}+yf] / kf“rf}+ ;ftfsf]g]K;]sf] 6«]08 nfOgsf] cWoog ubf{ of] s'/f:ki6 emlNsG5 . g]kfn /fi6« a}+sn] c:jfefljs?kdf al9/x]sf] z]o/ ahf/df w]/}{ klxn]b]lvgsf/fTds k|efjx¿ b]lv/x]sf] lyof] . z]o/sf]z'? lgisf;g -cfO{= lk= cf]=_ df cfj]bgug{sf nflu a}+s tyf ljQLo ;+:yfx¿n] lbg]C0fnfO{ lg?T;flxt t'Nofpg @)^# r}tdfs8f lgb]{zg hf/L ul/Psf] lyof] . h;n] ubf{s'g} a}+ssf] z]o/ z'? lgisf;g x'“bf ;of}+

u'0ff;Ddsf] cfj]bg kg]{ uYof]{ eg] To;kl5 of]kl/kf6L 36]sf] 5 . z]o/ ahf/sf ;§]jfhx¿n]s[ltd ?kdf l;h{gf u/]sf] z]o/ d"No a[l4nfO{xtf]T;flxt ug]{tkm{ g]kfn /fi6« a}+s k|of;/tlyof] . o;}qmddf o; If]qsf lj1x¿sf];Nnfxdf g]kfn /fi6« a}+sn] k|df]6;{ z]o/ ljqmLv'Nnf u/]sf] xf] .

o;}aLr c;f]h @$ ut] g]kfn ljsf;a}+snfO{ g]kfn /fi6« a}+s P]g @)%* sf] bkmf*^-v_ adf]lhd ;d:ofu|:t 3f]if0ff ul/of] .g]kfn /fi6« a}+sn] To; a}+snfO{ hdfgt k|bfgug{, gof“ zfvf—sfof{no vf]Ng / l:y/ ;DklQvl/b ug{ k|ltaGw nufof] . To;j]nf a}+ssf]kl5Nnf] ljQLo ljj/0fsf cfwf/df a}+ssf]k|ltz]o/ cfo ?= !$* n] C0ffTds b]lvPsf]lyof] . t/ To;sf] 7Ls ! lbg cufl8 g]kfn:6s PS;r]~hdf g]kfn ljsf; a}+ssf] z]o/k|lt lsQf ?= !^^ df lsga]r ePsf] lyof] .a}+ssf] ljQLo l:ylt k|lt z]o/ ?= !$* n]C0ffTds x' “bfsf] cj:yfdf klg o;sf]

z]o/df ?= !^^ nufgL ul/Psf] b]lvof] .o:tf] cj:yfdf nufgLstf{x¿nfO{ ;';"lrtug'{ b]zsf] df}lb|s tyf ljQLo If]qsf]kx/]bf/sf lx;fjn] g]kfn /fi6« a}+sn] cfk\mgf]bfloTj 7fGof] .

x/]s a}+ssf] n]vfk/LIf0f ul/Psf ljQLoljj/0fx¿sf] /]s8{ g]kfn /fi6« a}+sdf /xG5 .lgZro klg oL ;+:yfx¿n] gfkmf sdfPsf5g\ . t/ gfkmfsf] sf/0fn] dfq ltgLx¿sf]z]o/sf] d"No olt lj£g a9]sf] xf]Og . o;tkm{

g ]kfn /fi6 « a } +ssf gLltlgdf{tfx¿nfO{ z+sf pTkGgePs} lyof] . o;} ;Gbe{df Psljrf/ uf]i7Lsf] klg cfof]hgful/of] . h;df a}+s tyf ljQLoIf]qsf kbflwsf/Lx¿, z]o/ljZn]ifsx¿, z]o/ bnfnx¿ /g]kfn :6s PS;r]~h tyflwtf]kq af]8{sf kbflwsf/Lx¿sf]pkl:ylt /x]sf] lyof] . o; ljrf/uf]i7Ldf z]o/sf] dfu cToflws

/x]sf] t/ k"lt{ eg] ;Lldt ePsf]n] o:tf] l:yltb]vfk/]sf] eGg] lgSof]{n lg:Sof] . cg'dfg -speculation_ sf] cfwf/df a9]sf] z]o/ahf/ Pslbg w/f;foL x'g] 8/ lyof] .cfsfl;bf] d"NonfO{ /f]Sg]tkm{ s'g} kxn sbdLrfNg' cTofjZos b]lvPsf] lyof] . o;sf] k|of;:j?k g]kfn /fi6« a}+sn] a}+s tyf ljQLo;+:yfx¿nfO{ c;f]h @) ut] Ps lgb]{zg hf/Lu/]sf] xf] . ;f] lgb]{zgcg'?k k|df]6;{ z]o/sf]ljqmL v'Nnf ul/gfn] ahf/df z]o/sf] k"lt{cTolws x'g] eof] . csf]{tkm{ z]o/sf] ;'/If0fsf]cfwf/df a}+sx¿n] k|bfg ug]{ shf{ (Mar-gin lending) df s8f gLlt cjnDag ubf{;§]jfhx¿n] z]o/sf] d"No a9fP/ 7"nf] /sdsf]C0f lng] k/Dk/fdf x|f; cfpg] g]kfn /fi6«a}+ssf] cg'dfg l7s ;fljt eof] . o;df;j{;fwf/0f nuftLstf{n] a'e\mg' kg]{ s'/f s]x'G5 eg] s'g} klg ;+:yfsf] z]o/dfly nufgLubf{ To;sf] ljQLo l:yltsf] /fd|f];+u cWoogug'{ h?/L 5 .

g]K;]sf] ptf/ r9fj

;fdlosL

z]o/ ljZn]ifsx¿sf] egfOdfnufgLsf] jftfj/0f ;'lw|P/ /pTkfbsTj j[l4 eP/ of] efpa9]sf] xf]Og . of] j[l4 ta}lsË ;"rsfÍdf ePsf]j[l4sf] kl/0ffd dfq xf] .

g]kfn /fi6« a}+s ;dfrf/

8

sfo{sf/L lgb]{zs >L a:ofn sf]l/ofdfcy{dGqfno sfhdf /xg'ePsf sfo{sf/L

lgb]{zs >L 6'n/fh a:ofn sf]l/ofdf cfof]lht'Public-Private Partnership for InfrastructureDevelopment of Asia and the Pacific' ljifos;Dd]ngdf efu lng c;f]h !# ut] To;tkm{ k|:yfg ug'{eO{c;f]h @) ut] sf7df8f}+ kms{g'eof] .

cjnf]sg e|d0f;fdfGo ;]jf ljefusf ;xfos lgb]{zs >L dgf]x/ a:g]t

/ k|wfg ;xfos >L s'df/ sfsL{ a}+ssf] r]sa's 5kfO{ ;DaGwLsfo{sf] cjnf]sgsf nflu c;f]h & ut] ef/tsf] d'DaO{tkm{k|:yfg ug'{eO{ c;f]h !# ut] sf7df8f}+ kms{g'eof] .

sfo{zfnfdf ;xeflutfcg';Gwfg ljefusf k|wfg ;xfos >L k|Nxfb lu/L Delnet,

New Delhi åf/f ef/tsf] gofF lbNnLdf cfof]lht 'New Trendsin Library and Information Services' ljifos sfo{zfnfdfefu lng c;f]h ( ut] To;tkm{ k|:yfg ug'{eO{ c;f]h !# ut]sf7df8f}+ kms{g'eof] .

tflnd ultljlw

a}+s;{ k|lzIf0f s]Gb|n] c;f]h!# b]lv !* ut];Dd sf7df8f}+dfdf}lb|s tyf ljQLo Joj:yfkg(Monetary and Fiscal Man-agement) ljifos tflnd;+rfng u¥of] . df}lb|s tyfljQLo If]qsf ljljw ljifosf]hfgsf/L lbg] p2]Zon] tflnd;+rfng ul/Psf] lyof] . tflnddfg]kfn /fi6« a}+saf6 !%, /fli6«oof]hgf cfof]uaf6 @, cy{dGqfno, dxfn]vf lgoGqssf]sfof{no / s]Gb|Lo tYof+sljefuaf6 !÷! u/L s'n @)hgfsf] ;xeflutf /x]sf] lyof] .

tflndsf] pb\3f6g s]Gb|sf

sfodd'sfod lgb]{zs >L jf;'b]jclwsf/Ln] ug'{ePsf] lyof] . pQmcj;/df pxf“n] ;+qmd0fsfnLgcj:yfdf s]Gb|Lo a}+ssf] df}lb|sgLlt / ;/sf/sf] ljQ gLlt ;xLtj/af6 sfof { Gjog ug {r'gf}ltk"0f{ x'g] wf/0ff /fVg'eof] .

c;f]h !* ut] cfof]lhttflndsf] ;dfkg sfo{qmddfs]Gb|sf lgldQ sfo{sf/L lgb]{zs>L ch'{gaxfb'/ clwsf/Ln];xefuLx¿nfO{ k|df0fkq ljt/0fug'{eof] . ;f] cj;/df pxf“n]tflndaf6 xfl;n u/]sf 1fg /l;k ;xefuLx¿n] cfk\mgf ]sfo{If]qdf pkof]u ug]{ ck]IffJoQm ug'{eof] .

sfo{qmddf tflnd ;+of]hs>L k|]dk|;fb Gof}kfg]n] tflndsf]

df}lb|s tyf ljQLo Joj:yfkg tflnd;du| d"Nof+sg k|ltj]bg k|:t'tug'{ePsf] lyof] . ;xefuLx¿sf]tkm{af6 /fli6«o of]hgf cfof]usf>L a'l4axfb'/ u'?ªn] dGtJoJoQm ug'{eof] .

tf lnddf ;dli6utcy{zf:q, Joj:yfkg, df}lb|sl;4fGt, g]kfndf df}lb|s gLltsf];~rfng, df}lb|s gLltdf C0fJoj:yfkgsf] k|efj, ljQLol;4fGtsf] ;'wf/sf If]qx¿,;/sf/L C0fsf] If]q, g]kfndfof]hgf / ah]6 nufotsfljifoj:t' ;dfj]z ul/Psf] lyof] .

o;}u/L s]Gb|n] c;f]h ! b]lv$ ut];Dd sf7df8f}+df Com-

puter Operation sf]tflnd ;+rfng u¥of] .tf lnddf a } +ssfpkTosfl:yt ljefutyf sfof{nosf !$ hgf; x f o s : t / L osd{rf/Lx¿n] efulnPsf lyP .

tflndsf] z'ef/Des]Gb|sf sfodd'sfod lgb]{zs >Ljf;'b]j clwsf/Ln] ug'{ePsf]lyof] . o;}u/L lgldQ sfo{sf/Llgb ] {zs >L ch' {gaxfb '/clwsf/Ln] ;xefuLx¿nfO{k|df0fkq ljt/0f ug'{ePsf] lyof] .;xefuLx¿sf] tkm{af6 a}+s; 'k l/j ] I f0 f ljefusfsfodd'sfod ;xfos lgb]{zs>L ?b|/fh clwsf/Ln] dGtJoJoQm ug'{ePsf] lyof] .

;xfefuLx¿nfO { MSWord, Network Security, E-mail & Internet, Utility Soft-ware and Trouble Shootingcflbsf] k|lzIf0f lbOPsf] pQmtflndsf ;+of]hs a}+s;{ k|lzIf0fs]Gb|sf >L a'l4jxfb'/ yfkfx'g'x'GYof] .

a} +s;{ k|lzIf0f s]Gb|n]sf7df8f}+df /fi6« C0f Joj:yfkg/ Ifdtf clej[l4 tflnd ;DkGgu/]sf] 5 .

s]Gb|n] ebf} @# b]lv @^ut];Dd 'Public Debt Manage-ment' ljifos tflnd ;+rfngu¥of] . /fi6« C0f Joj:yfkg;DaGwL gof“ Joj:yf / sfo{ljlwaf/] hfgsf/L lbg cfof]lht pQmtflnddf g]kfn /fi6« a}+ssf *,ljleGg jfl0fHo a}+s tyf ljsf;a}+ssf #÷#, ljQ sDkgLsf % /gful/s nufgL sf]ifsf ! u/LhDdf @) hgfsf] ;xeflutf/x]sf] lyof] .

tflndsf] z'ef/De s]Gb|sfsfodd'sfod lgb]{zs >L jf;'b]jclwsf/Ln] ebf} @# ut] ug'{ePsf]lyof] . pQm cj;/df pxf“n] g]kfn

/fi6« C0f Joj:yfkg tyfIfdtf clej[l4 tflnd

/fi6« a}+ssf ;fy} cGo a}+s tyfljQLo ;+:yfx¿n] klg ;/sf/LC0fkqsf] ahf/ lgdf{tfsf] sfo{;Dkfbg ug]{ ePsf]n] tflnddf;DalGwt ;a} kIfnfO{ ;xefuLu/fOPsf] hfgsf/L lbg'eof] .

pQm tflnddf ;xefuL–x¿nfO{ cfGtl/s tyf jfx\oC0fsf] kl/ro, /fi6« C0fJoj:yfkg / df}lb|s gLltaLrsf]cGt/;DaGw, cNksfnLg tyfbL3{sfnLg C0fkqsf] k|fylds tyfbf];|f] ahf/, /fi6« C0f ;DaGwLP]g, lgod tyf sfo{ut k|lqmof,af]nsaf]n k|yfåf/f lgisfzg,ljsf; C0fkqsf] k|fylds tyfbf];|f] ahf/ sf/f]jf/ ;DaGwdfhfgsf/L u/fOPsf] lyof] .

ebf} @^ ut] cfof]lhttflndsf] ;dfkg ;df/f]xdf

afFsL

df}lb|s tyf ljQLo Joj:yfkg tflndsf ;xefuLx¿

9

g]kfn /fi6« a}+s ;dfrf/

cfly{s dLdf+;fsf] gofF g]kfn ljz]iffª\s k|sflzt

ljljw

g]kfn ljQLo ;+:yfsd{rf/L ;+3 g]kfn /fi6«a}+sn] cfk\mgf] k|sfzgcfly{s dLdf+;fsf] gofF c+sk|sfzg u/]sf] 5 . gofFg]kfn ljz]iffÍsf] ?kdfk|sflzt pQm k':tssf]ljdf]rg dfggLo cy{dGqL8f= /fdz/0f dxQn]]yfkfynLl:yt Snaejgdf c;f]h !& ut]cfof]lht Ps sfo{qmddfug'{ePsf] lyof] .

k':ts Osf]gf]lds kf]ln;L, km]8/lnHd,Osf]gf]dL, dgL, a}lsË P08 kmfOgfG; u/L rf/v08df ljeflht 5 . k|To]s v08df ljåfgn]vsx¿sf] n]v ;dfj]z ul/Psf] 5 . k':tsdf;dfj]; ul/Psf] !( j6f jfl0fHo a}+ssf] k|f]kmfOnk':tssf] cfsif{0fsf] ?kdf /x]sf] 5 .

cy{dGqL 8f= /fdz/0f dxQ, sfodd'sfodueg{/ >L s[i0faxfb'/ dfgGw/, k|yd ueg{/ >Llxdfno zdz]/ ha/f, 8f= afa'/fd e§/fO{, >Le/tdf]xg clwsf/L;+u lnOPsf] ;d;fdlos

s]Gb|sf lgldt sfo{sf/L lgb]{zs>L ch'{gaxfb'/ clwsf/Ln]k|lzIffyL{x¿nfO{ k|df0fkq ljt/0fug'{ePsf] lyof] . pQm cj;/dfpxf“n] ;xefuLx¿sf] tkm{af6k|fKt Jofjxfl/s k|lzIf0fdf hf]8lbg' kg]{, cNkcjlwsf] tflnddfklg vfhfsf] Joj:yf x'g' kg]{nufotsf ;'emfj s]Gb |n ]sfof{Gjog ub}{ hfg] hfgsf/Llbg'eof] .

;df/f]xdf tflnd ;+of]hs>L k]|dk|;fb Gof}kfg]n] d"Nof+sgk|ltj]bg k|:t't ug'{ePsf] lyof] .;xefuLx¿sf] tkm{af6 s[lifljsf; a}+ssf >L /fh]Gb| dfsh'n]dGtJo JoQm ug'{ePsf] lyof] .

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;xof]uL sd{rf/Lx¿sf] kbLolhDd]jf/L, cfwf/e"t sfo{utl;kx¿, sfof{no ;/;kmfO{ tyf;hfj6, :jf:Yo / ;'/Iff ;d"xdfsfd ug]{ sd{rf/Lsf] cfr/0f,Jojxf/ tyf ysfg / tgfj sdug]{ pkfox¿ nufotsf ljifotflnddf ;d]l6Psf] lyof] .

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lji fosf ] cGtjf {tf {k ' :tssf ] k |d 'vljz]iftfsf] ?kdf /x]sf]5 . k':tsdf ljåfgn]vsx¿ /fli6«o of]hgfcfof ]usf ;b:odfggLo >L bLk]Gb|axfb'/If]qL, g]kfn /fi6« a}+s; +rfns ;ldltsf;b:oåo 8f=k f l y { j ] Z j / k | ; f bltldlN;gf tyf 8f=ljZjDe/ Kofs'¥ofn,

8f= df]xgdfg ;}+h", 8f= z+s/k|;fb zdf{, >Lk|lbk lu/L, >L dx]z cfrfo{, 8f= k|sfzz/0fdxQ, s0f{ zfSo nufotsf n]vx¿ ;dfj]zul/Psf 5g\ .

s'n $)) k[i7sf] ;f] k':tssf] ;fwf/0fd"No ? #)).– / ;+:yfut d"No ? %)).– tf]lsPsf]5 . k':tssf k|wfg ;Dkfbs ;+3sf s]Gb|LocWoIf >L ;+ho ld> x'g'x'G5 eg] ;Dkfbsx¿df;j{>L eujtL rfkfufOF, pd]zrGb| uf}td /?b|/fh clwsf/L /xg'ePsf] 5 .

8 ] k ' 6 L ueg { / > LjL/ljqmd /fodfemLn] a}s;{k|lzIf0f s]Gb|åf/f cfof]lhtProblem Banks and Corpo-rate Governance ljifostflndsf ;xefuLx¿nfO{ ebf}& ut ] c fo f ] lht Ps;df/f]xdf k|df0fkq ljt/0fug'{eof] .

pQm cj;/df pxf “n ]; +:yfut ;'zf;gsf ] sdLg ]k fnL a } +s tyf ljQLo;+:yfx¿sf] Ps d'Vo ;d:ofePsf] atfpg'eof] . g]kfn /fi6«a}+ssf] lgodg tyf lgb]{zgOdfGbf/Lk"j{s kfngf u/]sf]v08df tL ;+:yfx¿ :j:ytl/sfn] ;+rfng x'g] pxf“sf]

8]k'6L ueg{/ >L /fodfemLåf/f k|df0fkq ljt/0fwf/0ff lyof] .

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g]kfn /fi6« a} +ssf &,ljleGg jfl0fHo a}+ssf !@ /ljsf; a}+ssf ! u/L hDdf @)hgfsf] ;xeflutf /x]sf] pQmtflnd ebf} @ ut] ;'? ePsf]lyof] . tflnddf ljQLo ;+:yf

;'kl/j]If0f ljefusf sfo{sf/Llgb]{zs >L ef]nf/fd >]i7 /:6f088{ rf6{8{ a} +s g]kfnlnld6]8sf k|d'v sfo{sf/L k|d'v>L ;'lht d'08nn] ProblemBanks and CorporateGrovernance af/] jftf{ k|:t'tug'{ePsf] lyof] .

tflnddf ;xefuLx¿nfO{ljZjJofkL ljQLo ahf/M cj;// r'gf}tL, jf;]n II sf] tof/L,k|of ]u, k|d'v l;4fGt tyfcg'udg, ;d:ofu|i6 a}+ssf]kl/efiff, o;sf sf/0f, klxrfg/ ;dfwfg tyf ;+:yfut;'zf;g / ltgsf] ;fGble{stfnufotsf ;d;fdlos ljifodfhfgsf/L u/fOPsf] lyof] .

cy{dGqL 8f= dxt k':ts ljdf]rg ug{'x'Fb}

g]kfn /fi6« a}+s ;dfrf/

10

g]kfnu~hdf cGt/lqmofg]kfn /fi6« a}+s, g]kfnu~hn] c;f]h !! ut] afFs]sf]

g]kfnu~hdf z+sf:kb g]kfnL, ef/tLo tyf kl/jTo{ ljb]zL d'b|fsf]klxrfg ljifos Ps cGt/lqmof sfo{qmdsf] cfof]hgf u¥of] .

g]kfn /fi6« a}+s, g]kfnu~hsf d'Vo Joj:yfks >L s[i0faxfb'/yfkfsf] k|d'v cfltYodf ;DkGg ePsf] pQm sfo{qmddf d'b|fJoj:yfkg ljefusf sfodd'sfod sfo{sf/L lgb]{zs >Ldgdf]xgs'df/ >]i7n] æz+sf:kb g]kfnL ?k}ofFsf] klxrfgÆ ljifossfo{kq k|:t't ug'{ePsf] lyof] . pQm cj;/df sfodd'sfodsfo{sf/L lgb]{zs >L >]i7n] g]kfnL gf]6sf] 5kfO{ k|lqmof, gf]6sf];'/Iffy{ /x]sf b[Zo tyf cb[Zo ljz]iftfx¿sf] ;}4flGts Pj+Jofjxfl/s ?kdf k|i6 kfg'{ePsf] lyof] . ;fy}, pxfFn] cGt/lqmofdf;xefuLx¿af6 p7fOPsf ;d;fdlos a}+lsË tyf cfly{sultljlw ;DaGwL lh1f;fsf] hjfkm lbg'ePsf] lyof] .

o;}u/L sfo{qmddf a}lsË sfof{nosf k|wfg ;xfos >Lbfdf]b/ cfrfo{n] æz+sf:kb ef/tLo tyf kl/jTo{ d'b|fsf]klxrfgÆ ljifodf csf]{ sfo{kq k|:t't ug'{ePsf] lyof] . pxfFn]ef/tLo d'b|fsf gf]6df /flvPsf ;'/Iff Joj:yf af/] hfgsf/LlbFb} hfnL tyf ;SsnL ef/tLo d'b|f klxrfg ug]{ tl/sfatfpg' ePsf] lyof] . ;fy}, pxfFn] kl/jTo{ ljb]zL d'b|fx¿dWo]cd]l/sL 8n/ / o"/f]sf gf]6df /x]sf ;'/Iff ljz]iftf af/]df;}4flGts tyf k|of]ufTds jftf{ k|:t't ug'{ePsf] lyof] .

af+s] lhNnfl:yt a}+s tyf ljQLo ;+:yfx¿ Pj+ dlgr]~h/sfk|ltlglwx¿sf] ;xeflutf /x]sf] pQm sfo{qmddf g]kfn /fi6« a}+s,g]kfnu~hsf sfodd'sfod Joj:yfks >L xl/uf]kfn clwsf/Ln]:jfut dGtJo JoQm ug'{ePsf] lyof] eg] sfo{qmdsf] ;+rfngk|wfg gub ;xfos >L e'jfgLk|;fb uf}tdn] ug'{ePsf] lyof] .

l;4fy{gu/ / a'6jndf d"No uf]i7Lg]kfn /fi6« a}+s, l;4fy{gu/n] c;f]h !! ut] l;4fy{gu/

/ c;f]h !% ut] a'6jndf d"No tYofÍ uf]i7L ;DkGg u¥of] .tL b'a} uf]i7Lsf] ;efkltTj g]kfn /fi6« a}+s, l;4fy{gu/sf

d'Vo Joj:yfks >L Vofdgf/fo0f 9sfnn] ug'{ePsf] lyof] .pQm cj;/df pxfFn] pBf]uL Pj+ Jofkf/Lju{af6 pknJw d"NotYof+ssf] cfly{s tyf df}lb|s gLlt lgdf{0fdf dxTjk"0f{ e"ldsf/xg] ePsf]n] jf:tljs / oyfy{k/s d"No pknJw u/fpgcfu|x ug'{eof] .

l;4fy{gu/df cfof]lht uf]i7Ldf l;4fy{gu/ pBf]u afl0fHo;+3, ?kGb]xLsf cWoIf >L s[i0fk|;fb zdf{n] / a'6jndf cfof]lhtuf]i7Ldf ?kGb]xL Jofkf/ ;+3sf cWoIf >L z+s/ e§/fO{n] æd"NotYofÍ ;Íngdf Jofkf/L tyf pBdL ju{sf] e"ldsfÆ ljifodfsfo{kq k|:t't ug'{ePsf] lyof] .

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uf]i7Lsf] z'?df g]kfn /fi6« a}+s, l;4fy{gu/sf Joj:yfks>L e'jg sF8]nn] :jfut dGtJo JoQm ub}{ uf]i7Lsf] p2]Zo,d"No ;+sng s]Gb|, d"No ;+sng ;dofjlw tyf d"No ;+sngul/g] j:t'x¿sf] af/]df hfgsf/L lbg'ePsf] lyof] . uf]i7Lsf]cGtdf g]kfn /fi6« a}+s, l;4fy{gu/sf ;xfos Joj:yfks >L;kgf kf}8]nn] wGojfb 1fkg ug'{ePsf] lyof] .

d"No ;+sng sfo{df a}+snfO{ k|ToIf ;xof]u ub}}{ cfPsfJofkf/L tyf pBdLx¿sf] ;xeflutf /x]sf] pQm uf]i7Ldf cGoJofkfl/s ;+3÷;+u7gsf kbflwsf/Lx¿sf] ;d]t pkl:ylt /x]sf]lyof] .

lhNnfl:yt sfof{no ultljlw

g]kfn /fi6« a}+s, sd{rf/L ;+3 zfvf;ldlt lj/f6gu/sf] kfFrf} zfvf clwj]zgc;f]h $ ut] lj/f6gu/df ;DkGg eof] .clwj]zgsf] pb\3f6g g]kfn /fi6« a}+s,lj/f6gu/sf d'Vo Joj:yfks >L dx]ze§/fO{n] ug'{ePsf] lyof] .

;df/f]xdf cGt/a}+s sd{rf/L ;+3,s]Gb|Lo sfo{;ldltsf pkfWoIf >L u0f]zlu/L, k]zfut dxf;+3 g]kfn lhNnfsfo{;ldlt df]/Ësf pkfWoIf >L s]bf/sfsL{, s[lif ljsf; a}+s sd{rf/L ;+3 If]qLo;ldltsf cWoIf >L dft[sfk|;fb cfrfo{,g ]kfn /fi6 « a} +s, k "j {sd{rf/L ;+3,lj/f6gu/sf cWoIf >L s[i0faxfb'/ sfsL{,g]kfn ljQLo ;+:yf sd{rf/L ;+3, g]kfn

kfFrf} zfvf clwj]zg ;DkGg gofF sfo{;ldltsf kbflwsf/Lx?

cWoIf >L 6]saxfb'/ >]i7 -lgjf{lrt_

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zfvf ;ldltsf lgjt{dfg cWoIf >Lu0f]zk|;fb uf}tdsf] ;efkltTjdf ;DkGgpQm sfo{qmdsf] ;+rfng ;ldltsf ;lrj>L z+s/ j:tLn] ug'{ePsf] lyof] .

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11

g]kfn /fi6« a}+s ;dfrf/

g]kfn /fi6« a}+sn] g]kfn ljsf; a}+s,x]l/6]h Knfhf, sf7df8f}+nfO{ ;d:ofu|:ta}+s 3f]if0ff u/]sf] 5 . pQm a}+ssf] ljQLocj:yf ;'w|g'sf] ;§f x|f;f]Gd'v b]lvPsf]nufotsf sf/0f a}+ssf lgIf]kstf{ Pjd\nufgLstf{x¿sf] lxt ;+/If0f ug{ tTsfn7f]; ;'wf/fTds sbd rfNg' kg]{ cfjZosb]lvPsf] x'Fbf g]kfn /fi6« a}+s P]g, @)%*sf] bkmf *^ v adf]lhd a}+sn] c;f]h @$ut] Ps ;"rgf hf/L u/L pQm a}+snfO{;d:ofu|:t 3f]if0ff u/]sf] xf] .

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o; cl3 g]kfn /fi6« a}+sn] pQm a}+snfO{ldlt @)^!.#.@$ ut]b]lv lgIf]k ;+sngdfk|ltaGw nufPsf] lyof] .

shf{ tyf hdfgtk|bfg ug{, gofF zfvftyf sfof{no vf]Ng /l:y/ ;DklQ vl/b ug{gkfpg] u/L k|ltaGwnufOPsf] 5 .

g]kfn /fi6« a}+sn]pQm a}+snfO{ @)^%c;f/;Dddf kof{Ktk"FhLsf]if sfod ug{,v/fa shf{sf] cg'kfta9Ldf ( k|ltztdfemfg { , ;Dk "0 f {u}/a}lsª\u ;DklQljqmL ug{ eg]sf] 5 . dgf]/Ghg, Joj;fok|j4{g, j}b]lzs e|d0f nufotsf vr{ s6f}tLu/L a}+snfO{ slDtdf nfexfgL kf/ljGb'(break-even point) df k'¥ofpg lgb]{zglbOPsf] 5 . o;}u/L pQm a}+ssf] sd{rf/L;+Vof / vr{nfO{ Joj;fo Pjd\ sf/f]jf/;+ucfj4 u/L To:tf] vr{ @)^# c;f/sf]t'ngfdf slDtdf cfwf 36fpg, a} +s;+rfnsnfO{ k|lta}7s a9Ldf ?= Ps xhf/afx]s cGo eQf, ;'ljwf, ;x'lnot k|bfggug{, a}+s tyf ljQLo ;+:yf ;DaGwL P]g,

g]kfn ljsf; a}+s ;d:ofu|:t 3f]lift

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o; }u/L ;xfosJoj:yfksx¿ g]kfn /fi6« a}+s,wgu9Lsf ;j{>L lji0f'dl0fuf}td ;fdfGo ;]jf ljefudf/ dLgf rGb 7s'/L a}lsËsfof{nodf, g]kfn /fi6« a}+s,jL/u~hsf cg'h bfxfn ljQLo;+:yf ;'kl/j]If0f ljefudf,g]kfn /fi6« a}+s, hgsk'/sflul/hfk|;fb sf]O/fnf tyfg]kfn /fi6« a}+s, l;4fy{gu/sfaf;'b]j e§/fO{ a}+s ;'kl/j]If0fljefudf / 6S;f/ dxfzfvfsfOn]lS6«sn Ol~hlgo/ ;lrguf]vf{nL ;fdfGo ;]jf ljefudf;?jf x'g'ePsf] 5 .

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Baroda, Gujarat,India af6ljBfjfl/lw pkflwxfl;n u/]sf]n] pxfF

of] kbsåf/f lje"lift x'g'ePsf] xf] .ljqmd ;+jt @)$@ ;fndf a}+s;]jfdf k|j]z ug'{ePsf 8f= e]6'jfnn]'Assessing the Effectiveness ofFinancial Sector Reform inNepal' ljifodf ljBfjfl/lw pkflw

xfl;n ug' {ePsf] hgzlQmJoj:yfkg ljefun] hgfPsf] 5 .

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