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Section 60
Audit Committee
(1) The board of directors of a bank or financial institution shall constitute an audit committee consisting of three members under the coordination of a non-executive director. (2) The chairman of the bank or financial institution, the coordinator of the sub-committee and the executive head shall not be able to act in the audit committee according to sub-section (1). 3) The member of the audit committee according to sub-section (1) shall not be involved in regular daily transactions such as taking deposits, giving loans, investing in securities, spending the approved budget, etc. It will be held once a month. (5) The procedure for the meeting of the audit committee will be as determined by the same committee.
Banks And Financial Institutions Act, 2063 (2006
Preamble - 0
Chapter - 2
Section 3: Establishment of a bank or financial institutionSection 4: Before establishing a bank or financial institution, approval should be obtainedSection 5: Prior approval required to establish a bank or financial institution for foreign investmentSection 6: Prior approval to open a branch office of a bank or financial institutionSection 7: Can refuse to give prior approval
Chapter - 4
Section 18: Disqualification of operatorSection 27: Delegation of authoritySection 28: Director's Allowance and BenefitsSection 29: Appointment and condition of service of the Executive ChiefSection 14: Formation of Board of DirectorsSection 15: Director's TermSection 16: Operator QualificationSection 17: Eligibility of Independent DirectorSection 19: Inability to continue in the position of directorSection 20: Regarding the person holding the constitutional positionSection 21: Board of Directors MeetingSection 22: Functions, Duties and Powers of the Board of DirectorsSection 23: Accountability and Responsibilities of DirectorsSection 24: Details of directors to be obtainedSection 25: Owner information and recordsSection 26: which may constitute a subcommitteeSection 30: Duties, Duties and Powers of the Executive Chief
Chapter - 5
Section 33: To apply for a banking and financial transaction licenseSection 35: which may refuse to grant a licenseSection 36: as may be prescribed by the National BankSection 38: which can turn into a top class bank or financial institutionSection 39A: Provisions related to the operation of financial institutions in the provinceSection 31: No one other than a bank or financial institution shall conduct banking and financial transactionsSection 32: Use the name of the bank or financial institutionSection 34: which can grant license to carry out banking and financial transactionsSection 37: Classification of Banks or Financial InstitutionsSection 39: List to be publishedSection 40: Special Provisions Regarding Branches of Foreign Banks
Chapter - 7
Section 53: Informing about suspicious transactionsSection 54: The National Bank will issue instructionsSection 49: where a bank or financial institution can carry out banking and financial transactionsSection 50: What a bank or financial institution should not doSection 51: Provisions relating to subsidiary companiesSection 52: Do not do business with affiliates
Chapter - 9
Section 58: to keep accounting books correctSection 59: Prepare and maintain balance sheet, profit and loss accountSection 60: Audit CommitteeSection 61: Work, Duties and Powers of the Audit CommitteeSection 62: AuditSection 63: Appointment and Remuneration of AuditorSection 64: Inability to be appointed auditorSection 65: to be detailedSection 66: Duties, Duties and Powers of AuditorSection 67: Recommending action to the auditorSection 68: To be verified by the auditor
Chapter - 10
Section 70: to be merged or petitioned to be merged or acquiredSection 69: which may merge or merge or acquire a bank or financial institutionSection 71: Arrangements for Valuation of Assets and LiabilitiesSection 72: Arrangements related to agreementsSection 73: Acceptance ArrangementsSection 74: Able to receive business
Chapter - 12
Section 79: Compulsory liquidation of a bank or financial institutionSection 80: Transaction will be suspendedSection 85: which can end the transactionSection 89: Meeting of CreditorsSection 90: Repeal PlanSection 91: which can be immediately delivered to the depositorSection 94: Preference of paymentSection 95: Unaccounted for item or amountSection 78: who can petition the court for the compulsory liquidation of a bank or financial institutionSection 81: Appointment of liquidatorSection 82: Duties, Duties and Powers of LiquidatorSection 83: Effect of order relating to revocationSection 84: Cost of assets and liabilitiesSection 86: Notice of submission of claimsSection 87: that the liquidator may accept or reject the claimSection 88: Classification of ClaimsSection 92: Right to sell assetsSection 93: Claim Dismissal NoticeSection 96: Decision of DismissalSection 97: Compulsory liquidation of banks or financial institutions doing business in more than one countrySection 98: Unclaimed
Chapter - 14
Section 119: Discounts and ConvenienceSection 107: Special Arrangements Regarding Infrastructure Development BankSection 108: Deposits should be protectedSection 109: to maintain banking privacySection 110: which may instruct the account to be withheldSection 111: Claim on depositSection 112: Details of unclaimed depositsSection 113: Deposits that can be paid or confiscatedSection 114: Charges will be made from the operatorSection 115: UnclaimableSection 116: The government of Nepal will be badSection 117: Transparency ArrangementsSection 118: Provisions related to protection of consumer interestsSection 120: Expense ManagementSection 121: Statement of assets required to be submittedSection 122: Debts, obligations and rights in debt securities can be bought and soldSection 123: Dispute resolutionSection 124: not to be held accountable for actions done in good faithSection 125: Actions will not be annulledSection 126: Study committees and sub-committees may be constitutedSection 127: SwearingSection 128: Amendment of Articles of Association and RegulationsSection 129: to be made under this ActSection 130: UnblockSection 131: Can issue orders or instructionsSection 132: who can make rules or regulationsSection 133: Power to make regulations and proceduresSection 134: Repeal and save