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President Ram Chandra Paudel has said that improving the living standards of the people and achieving prosperity of the nation is the very goal of our Constitution and federal democratic republic.

During the award distribution ceremony of the Pushpalal National Award 2082 today, he mentioned that the struggles, sacrifices of senior leaders, and the great sacrifice of the Nepali people led to the attainment of the federal democratic republic, highlighting the improvement in the living standards of the people and the prosperity of the country.

The Award is instituted in the name of the founder leader of the Nepal Communist Party, late Pushpalal Shrestha. The Award carries a purse of Rs 100, 000 and it is presented by the Ministry of Culture, Tourism and Civil Aviation every year.

On the occasion, President Paudel honored Shanta Manavi from the field of politics, Dr Medini Prasad Sedai for his contributions to history, and Ram Mani Pokhrel for his work in literature.

"Through the proper utilization of our means and resources with efficiency in service delivery to the people and the promotion of good governance, the goals set by democracy and the Constitution will be achieved. Only by achieving this goal will there be a true tribute to the leaders who have dedicated themselves to democracy," the Head of State said.

The President mentioned that the late Pushpalal also contributed by meticulously documenting the economic structure, class analysis, production systems and the contradictions of society in Nepal.

The Head of State said, "Pushpalal is that personality who succeeded in creating and establishing a distinct line of thought and identity even among the communists. Though he belonged to the Marxist ideology and the theory of class struggle, he firmly believed that solutions to problems could be explored and found out through democratic processes.”

"I personally believe that Pushpalal’s ideology laid a significant intellectual foundation for taking the Nepali communists to democratic processes," the President said, adding that the 2046 BS (1990's) political transformation is a testament to prove this statement.

Also speaking on the occasion, Minister for Culture, Tourism and Civil Aviation, Badri Prasad Pandey said that Pushpalal's ideology was vital and meaningful in shaping and guiding Nepal's leftist movement.

Dr Beduram Bhusal of CPN (Unified Socialist) said the 1990's political transformation proved the relevancy of Pushpalal's ideology that advocated for taking the left-democratic wave simultaneously.

Police have apprehended an Indian national with over 1 kg gold from the Tribhuvan International Airport on Tuesday.

Meena Surjeet Singh Khemani (53) was arrested with 1. 15 kg gold-like metal from the tunnel gate of the airport's customs area last night.

She arrived in Kathmandu on an Air Arabia flight.

Police nabbed Khemani with the gold-like metal during the security check.

Further investigation into the incident is underway, said police.

Israeli warplanes pounded Iran’s capital overnight and into Wednesday as Iran launched a small barrage of missiles at Israel with no reports of casualties. An Iranian official warned Wednesday that that any U.S. intervention in the conflict would risk “all-out war," Associated Press.

Foreign Ministry spokesman Esmail Baghaei delivered the warning in an interview with Al Jazeera English, saying “any American intervention would be a recipe for an all-out war in the region.” He did not elaborate, but thousands of American troops are based in nearby countries within range of Iran’s weapons. The U.S. has threatened a massive response to any attack.

The latest Israeli strikes hit a facility used to make uranium centrifuges and another that made missile components, the Israeli military said. It said it had intercepted 10 missiles overnight as Iran’s retaliatory barrages diminish, according to Associated Press.

Recently appointed Governor of Nepal Rastra Bank, Biswo Poudel, has raised concerns over the concentration of bank and financial institution loans among a limited group of individuals and business households. Speaking during a discussion on the Bank and Financial Institutions (First Amendment) Bill in the Finance Committee, Governor Poudel emphasized the growing debate around the unequal distribution of banking loans and the need to clearly separate the roles of bankers and businesspersons.

A key concern is that a significant share of financial sector loans is directed toward high-income individuals and households, while low-income groups and rural communities remain largely underserved. This disparity has reignited calls to reform the banking structure, including proposals to limit the overlap between those who run banks and those who borrow from them.

Although the number of banks and financial institutions in Nepal has decreased—largely due to the central bank’s push for mergers and acquisitions since 2010—branch expansion has continued nationwide, increasing visibility at the local level. This expansion has intensified competition in the banking sector, often with a strong focus on profit.

On the surface, banks appear to be serving various segments of society. However, credit access remains skewed, with banks primarily extending loans to urban elites, established industrialists, and salaried employees—while collecting deposits from rural areas. Governor Poudel publicly stated this disparity, noting that banks are not providing adequate financial support to farmers, low-income earners, and those lacking formal documentation.

The consolidation of banks through mergers has enabled them to set interest rates at their discretion, which in some cases has led to unhealthy competition or even informal agreements that exclude weaker borrowers. While banks continue to report ample liquidity, reluctance to lend—especially to small and medium enterprises (SMEs)—is contributing to economic stagnation and job loss. Many such businesses, key drivers of employment and production, are struggling to access credit.

This lending imbalance has also contributed to a rise in non-performing loans. Currently, bad loans account for around five percent of total bank lending. The inability of the lower economic class to access institutional credit has pushed many into the hands of informal lenders charging high interest rates, commonly referred to as ‘meter interest’. This, observers argue, is a result of institutional failure to provide inclusive financial services.

Nepal has long been recognized as one of South Asia’s most unequal economies. Over the past four decades—alongside the growth of financial institutions—economic inequality has widened. While banks have helped the wealthy manage and grow their assets, they have done little to address the financial needs of the poor. Critics argue that those with control over banks are often selected from elite business circles, giving preferential treatment to their close associates when it comes to loan disbursement.

In this context, the proposed amendment to the Bill—to separate the roles of bankers and businesspersons—has gained renewed attention. Although discussions have stalled in the past, Governor Poudel’s recent remarks have brought the issue back into focus.

According to data from Nepal Rastra Bank, the total number of deposit accounts in banks and financial institutions has reached over 511,000—exceeding the population. However, this figure does not indicate universal financial access, as many individuals hold multiple accounts. Significantly, only about four percent of account holders have access to credit, while the remaining 96 percent do not, often due to a lack of collateral or financial literacy.

Governor Poudel’s comments underscore the need for more equitable access to financial resources, particularly for those who contribute through remittances or small rural deposits but remain excluded from formal credit. While some bankers have generated substantial profits, returns for shareholders remain modest, prompting questions about wealth distribution within the sector.

Ultimately, the broader concern is that economic development and poverty reduction will remain out of reach unless financial access is expanded equitably. Past assumptions—such as increased bank branches equating to increased financial inclusion—are misleading. What matters more is who controls capital and who benefits from credit distribution. Most banks are overseen by businesspersons, and those within their networks often enjoy easier access to loans.

Several flights to and from the Indonesian resort island of Bali have been cancelled or delayed after one of country's most active volcanoes erupted, BBC reported.

Mount Lewotobi Laki-Laki on the island of Flores spewed an ash tower more than 11 km (6.8mi) into the sky at 17:35 local time (10:35 BST) on Tuesday, the country's volcanology agency said.

There have not been any reports of casualties. Authorities have raised the highest alert level and advised residents to avoid activities within a 7km radius around the crater.

Air India, Air New Zealand, Jetstar, Juneyao Airlines, Singapore Airlines and Virgin Australia were among those that have cancelled flights to and from Bali, located west of Flores, according to BBC.

The price of gold has increased by Rs 900 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 195, 500 per tola today.

Similarly, the price of silver has increased by Rs 65 and is being traded at Rs 2, 225 per tola today.

Prime Minister Narendra Modi told Donald Trump that Operation Sindoor remains underway and that India will respond to Pakistan’s bullets with bombs, Hindustan Times reported.

Prime Minister Narendra Modi told US President Donald Trump on Wednesday the decision by India and Pakistan to halt military actions in May was made directly during talks between the armies of the two sides and without any mediation by the US, pushing back against the American leader’s claims that he brokered a ceasefire.

The issue figured in a phone conversation initiated at Trump’s request after the two leaders were unable to meet on the margins of the G7 Summit in Canada because of the US president’s return to the US ahead of schedule, foreign secretary Vikram Misri said, according to Hindustan Times.

During the 35-minute conversation, Modi told Trump that “India has never accepted mediation, does not and will never do so”, Misri said, speaking in Hindi. Modi made it clear to Trump that during the entire episode of the four days of military clashes between the two countries during May 7-10, issues such as the “India-US trade deal or mediation by the US between India and Pakistan” were not discussed “at no time [or] at any level”.

Vehicular movement along the Besisahar-Chame road section has been obstructed following a landslide triggered by incessant rainfall near the Bung Falls in Lamjung Marsyangdi Rural Municipality.

Deputy Superintendent of Police (DSP) Ramesh Bohora informed that efforts are underway to remove the landslide debris.