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Life insurance companies have posted significant growth in their profits in the current fiscal year. According to the unaudited financial reports for the third quarter of the current fiscal year, the profits of the insurers increased by 78.12 percent in the nine months of FY 2022/23. The 17 life insurance companies that are currently in operation, have posted net profits amounting to Rs 3.73 billion, an increment of Rs 1.64bn from Rs 2.09bn in the same period of the last fiscal year. However, the overall business of life insurance companies grew marginally in this fiscal year. According to Nepal Insurance Authority (NIA), the life insurance business grew by a meager 2.19 percent in the nine months of FY 2022/23. The statistics of NIA show life insurance companies collected premiums amounting to Rs 104.73bn in the review period compared to Rs 102.54bn during the same period of the last fiscal year. Insurers say their profits improved mainly due to the high-interest rates on deposits of banks and financial institutions. Insurance companies keep most of their investable capital in fixed deposits of commercial banks. Over the past year, banks increased the interest rates of deposits in response to a prolonged liquidity crunch benefitting institutional depositors such as insurance companies. According to insurers, their profits may increase further after the actuarial valuation. However, such an assessment will be done after the completion of the fiscal year, during which up to 10 percent of the insurance fund can be transferred to the profit and loss account. Suryajyoti Life Insurance has topped the chart in terms of net profit earnings. The company posted a net profit of Rs 537.683m in the nine months of the current fiscal year. Nepal Life Insurance Company came second with a net profit of Rs 446.549m followed by Sun Nepal Life Insurance with Rs 444.519m.

The price of gold has increased by Rs 800 per tola in the domestic market on Sunday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 110, 000 per tola today. The gold was traded at Rs 109, 200 per tola on Friday. Meanwhile, tejabi gold is being traded at Rs 109, 500 per tola. It was traded at Rs 108, 700 per tola. Similarly, the silver is being traded at Rs 1,385 per tola today.

Former British Gurkha soldier Hari Bahadur Budha Magar, who lost both legs above knee during a war in Afghanistan in 2010, scaled Mt Everest on Friday. The Public Relations Committee said that Magar stood atop the world’s highest peak yesterday. With this, he also set a world record by becoming the world's first double above-the-knee amputee to scale the 8,848.86-metre peak. He climbed Everest with the help of artificial legs. So far, two climbers with below-knee amputations have reached the summit of Everest. But Budha Magar is the first person who successfully scaled the world’s highest peak despite losing both legs above the knee. According to Public Relations Officer Him Bista, a team of magar stood atop the world’s tallest peak at 3 pm. Magar, who joined the British Army in 1999, was born in Mirul, Rolpa in 1979.  

The third quarterly review of the monetary policy for the current fiscal year brought hope to the struggling business community members who thought they were given breathing space by the Nepal Rastra Bank (NRB). However, their hopes have been dashed with NRB putting stringent conditions for loan restructuring and rescheduling in the unified directive for banks and financial institutions (BFIs). Issuing a circular on Wednesday, the central bank said that rescheduling and restructuring of loans can be done after the payment of at least 10 percent of the outstanding interest amount by analyzing the cash flow and income of the industry and business at the request of debtors. Bankers say the conditions set by NRB will benefit only a limited number of people while the larger number affected by the economic slowdown will not be able to get the relief. Bankers have also expressed their displeasure over the five percent provisioning condition that they say will affect the profit of BFIs. In the third quarter review of the monetary policy, NRB set the mid-July, 2023 deadline for the restructuring and rescheduling of loans. The central bank allowed restructuring and rescheduling of loans up to Rs 50m to businesses such as hotels and restaurants, animal husbandry and construction firms, and other sectors by the time frame. However, in the circular NRB has stated that the loan classified as an active loan up to Chaitra (mid-April) can only be restructured and rescheduled and the provisioning of a five percent on the restructured and rescheduled loan has to be made. According to the bankers, businesspersons will not get relief as mentioned in the monetary policy review after NRB’s directive. “Such facilities should have been given to those who paid loans regularly till Poush (mid-January),” said Bhuvan Dahal, former CEO of Sanima Bank. While the NRB has said that the construction sector is eligible for the loan rescheduling and restructuring facility, the central bank's guideline has defined only limited types of businesses under the construction sector. Based on the NRB definition, companies that own residential and non-residential apartments, housing, malls and large-scale construction projects such as highways, bridges, etc. will get the facility of loan restructuring leaving the companies producing steel, cement, paint, and bricks that have been affected the most by the current economic slowdown empty handed. Earlier, banks were required to have provisioning of 1.3 percent of all loans. In the latest directive, NRB has asked them to add 3.7 percent to the rescheduled and restructured loans. Bankers say that this will further affect their profits. Everest Bank CEO Sudesh Khaling said that the profits of banks will take a further beating due to the new provisions. “The central bank’s conditions for loan rescheduling and restructuring loans will add more pressure to the BFIs,” he said. The five percent provisioning condition, according to bankers, will not encourage BFIs to go for loan rescheduling and restructuring. “The profits are already on the lower side this year. Given the stringent conditions of the central bank, BFIs may not be keen to reschedule and restructure loans. This means the borrowers who’re in distress might not get this facility easily,” said the banker. The private sector is also dissatisfied with the latest circular of the central bank. “We were hopeful when the NRB announced a loan restructuring and rescheduling facility. But our hopes have been dashed by the directive,” said Ravi Singh, President of the Federation of Nepalese Contractors’ of Association (FCAN). “The 10 percent interest payment condition is difficult for struggling borrowers. Such is the situation that borrowers can’t even pay that 10 percent interest for their loan rescheduling and restructuring.” According to Singh, the other condition that only active loans till mid-April can be restructured and rescheduled does not address the demand of the private sector. “In fact, the loans of distressed borrowers have already been classified into the bad category. And, they should be given relief,” he said.  

The government has announced plans to revive the three defunct state-owned industries. Presenting the government’s policies and programs in the Parliament on Friday, President Ram Chandra Paudel said that the government is planning to re-operate Hetauda Kapada Udhyog, Gorakhali Rubber Udhyog and Butwan Dhago Karkhana. President Paudel said that the government is also planning to form a high-level study committee to study the operation, integration and management of industries that have been closed for a long time. The government is planning to revive the sick industries in cooperation and partnership with the private sector. Likewise, the President said that the government will provide certain resources for the cost of construction of goods and transmission lines for the industry.    

President Ram Chandra Paudel presented the government's policies and programs for the fiscal year 2023/24 in the federal Parliament on Friday. President Paudel read out the policies and programs in the joint meeting of both the houses of the federal Parliament in the Parliament Building in New Baneshwor this afternoon. At the beginning of the meeting, Prime Minister Pushpa Kamal Dahal handed over a copy of the policies and programs to the President. As per the constitutional provision, the President shall address either a meeting of any House or a joint sitting of both Houses of the Federal Parliament and summon the lawmakers. This is the first address to the Parliament after Paudel was elected to the post of the President. In the countries having parliamentary democracy, there is a practice of presenting the government's annual policies and programs in the federal Parliament and the Parliament passing the same after deliberations on them. Vice President Ram Sahay Prasad Yadav, Prime Minister Dahal, Acting Chief Justice Hari Krishna Karki, leaders of various political parties, heads and representatives of constitutional bodies, high-ranking government officials, heads of the Nepal-based diplomatic missions and distinguished persons from various walks of life were present in the parliament. Before this, Speaker Devraj Ghimire, the National Assembly Chairman Ganesh Prasad Timilsina, the Deputy Speaker Indira Rana Magar welcomed the President to the Parliament building. A contingent of the Nepali Army offered a guard of honor to the President on the occasion. The President reached the Parliament Building in a cavalcade. The House of Representatives and the National Assembly will hold their separate meetings today itself after the joint meeting is over. The Prime Minister will table a copy of the President's address to the joint sitting in the separate meetings as well. Both houses of the federal Parliament will deliberate on the government's policies and programs for some days beginning Sunday. The Prime Minister will reply to the queries raised by lawmakers in course of the deliberations. There is a constitutional provision that the finance minister should present the annual budget in the Parliament for the next fiscal year on the 15th of Nepali month of Jeth every year after the policies and programs are passed by the Parliament.  

The parliamentary committee has formed an 11-member sub-committee to discuss and submit a report on the transitional justice bill. A meeting of the Law, Justice and Human Rights Committee under the House of Representatives held on Friday decided to form the sub-committee to submit the report by holding discussions with concerned stakeholders in the transitional justice bill. The sub-committee has been asked to submit the report to the committee within three weeks of beginning of the task. Ramesh Lekhak, Jeevan Pariyar, Sushil Thing of Nepali Congress and Subash Chandra Nembang and Mahesh Bartaula of the CPN-UML are the members of the sub-committee. Other member of the sub-committee are Purna Bahadur Gharti of CPN (Maoist Center), Santosh Pariyar of Rastriya Swatantra Party, Dhruba Bahadur Pradhan of Rastriya Prajatantra Party, Ranju Kumari Jha of Janata Samajbadi Party, Goma Labh Sapkota of Janamat Party and Sher Bahadur Kunwar of CPN (Unified Socialist). Prior to this, the members of the committee stressed on the need to take the transitional justice bill ahead and complete the remaining tasks of the peace process. The bill to amend the Investigation of Enforced Disappeared Persons, Truth and Reconciliation Commission Act was registered on 9 March, 2023. Lekhak had proposed the formation of a subcommittee to conclude the bill. Meanwhile, Nembang in the meeting stressed the need for all to come together to conclude the bill.    

The Cabinet endorsed the policies and programs of the government on Friday. A Cabinet meeting held in Singha Durbar this afternoon endorsed the policies and programs of the government for fiscal year 2023/2024. The government is unveiling its policy and programs today. President Ram Chandra Paudel will present the policies and programs in the joint meeting of both houses (House of Representatives and National Assembly) of federal Parliament at 4 pm.