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The Education, Health and Information Technology Committee under the House of Representatives has directed the government to submit all the documents related to Mobile Device Management System (MDMS) and Telecommunication Traffic Monitoring and Fraud Control System (Teramocs).

A meeting of the committee held today directed the Ministry of Communications and Information Technology to submit to it the papers related to policy decision, purchase process, payment and rationale of implementation concerning MDMS and Teramocs from the start.

It also decided to ask for the ministry-level investigation report on these topics and the court decisions related to the same and to take further decisions on the basis of consultations with experts.

The committee's decision comes after discussions it held with Minister for Communications and Information Technology Rekha Sharma, Ministry Secretary Ram Krishna Subedi, among other officials of the Ministry today.

In the meeting, Minister Sharma shared that the Ministry is studying the policy decisions made by the previous governments and the works carried out by the implementing bodies.

She said the Ministry will cooperate in the investigations to be carried out by the authorized agency into the topic of any said irregularities in the implementation of these systems.

Most of the commercial banks in the country have reduced interest rate on deposits for the month of Magh (mid-January to mid-February). 

Eighteen out of the 20 commercial banks have lowered interest rates on individual fixed deposits as the banking system grapples with excess liquidity. The credit expansion of commercial banks has consistently lagged behind deposit growth in recent months.

Banks, which are sitting on a substantial amount of loanable funds amid slow credit expansion, have adopted a strategy of lowering the cost of funds by reducing interest rates on deposits.

Class ‘A’ banks, which previously had a gentleman’s agreement on fixing interest rates collectively, have broken the ‘cartel’ and have been publishing rates individually since the beginning of the fiscal year 2023/24 in mid-July last year.

The Nepal Rastra Bank (NRB) requires commercial banks to maintain a maximum difference of five percentage points between the lowest rate on savings and the highest interest rate offered on individual fixed deposits. Similarly, banks cannot change interest rates by more than 10 percent compared to the previous month.

Out of the 20 commercial banks in the country, Everest Bank Ltd and NMB Bank Ltd have kept the interest rates on personal fixed deposits unchanged at eight percent and nine percent, respectively, compared to the previous month. Consumers of NMB, however, can get nine percent interest rate only on fixed deposit schemes of more than three years.

Citizens Bank International Ltd has offered the highest interest of 9.15 percent on individual fixed deposits this month. The bank had offered 9.35 percent interest on individual fixed deposits in the previous month.

Nepal Investment Mega Bank Ltd is offering 8.6 percent interest on individual fixed deposits of more than three years. Nepal SBI is offering 8.25 percent interest on individual fixed deposits, while both Himalayan Bank Ltd and Sanima Bank Ltd are offering 8.15 percent.

Prime Commercial Bank, Siddhartha Bank Ltd, Global IME Bank, and Nabil Bank Ltd are all offering 8.1 percent interest on individual fixed deposits.

Rastriya Banijya Bank Ltd (RBBL) and Standard Chartered Bank Nepal Ltd are offering 8.07 percent interest on individual fixed deposits for the month of Magh. RBBL is offering 8.07 percent interest rates on deposits parked for a minimum of two years, while Standard Chartered is offering the interest on deposits pledged for more than five years.

Prabhu Bank Ltd and NIC Asia are both offering an interest rate of 8.065 percent on individual fixed deposits. Likewise, Machhapuchhre Bank Ltd, Laxmi Sunrise Bank Ltd, and Nepal Bank are all offering eight percent interest on individual fixed deposits.

The Nepal Stock Exchange (NEPSE) plunged by -7. 24 points to close at 2, 155.82 points on Thursday.

Similarly, the sensitive index dropped by -2. 68 points to close at 393. 62 points.

A total of 21,125,776-unit shares of 298 companies were traded for Rs 8. 17 billion.

Meanwhile, Ridi Power Company Limited, Synergy Power Development Ltd, Mahuli Laghubitta Bittiya Sanstha Limited and Ganapati Laghubitta Bittiya Sanstha Limited were the top gainers today with their price surging by 10. 00 percent.

Likewise, Terhathum Power Company Limited was the top loser as its price fell by 9. 43 percent.

At the end of the day, the total market capitalization stood at Rs 3. 38 trillion.

Deputy Prime Minister and Home Affairs Minister, Narayan Kaji Shrestha, has emphasized that hydroelectricity is the major means for reducing trade deficit and taking the country ahead towards prosperity, and the government has kept it in main priority.

Addressing a program organized on the occasion of the 24th anniversary of the Independent Power Producers' Association, Nepal (IPPAN) here today, he said the country's energy sector can take a leap only through a meaningful initiative of the government and the private sector.

DPM Shrestha stressed on the need of increasing the consumption of energy within the country, stating that the government is effortful in reducing the trade deficit by selling the surplus power. Reiterating that the government is committed to creating an environment conducive for investment in the energy sector, he said the present government is active in realizing the desire of Nepali people for economic prosperity.

"Economic prosperity, social justice and good governance are the main priorities of the government," he said. Stating that the Investment Summit is being held in coming April, DPM Shrestha maintained the bodies concerned would be consulted for legal and structural improvements for bringing foreign investment in the energy sector.

According to him, although an agreement has been made to export 10,000 megawatts of electricity to India in 10 years, the topic of increasing the domestic consumption of power is the major priority.

Minister for Energy, Water Resources and Irrigation, Shakti Bahadur Basnet, said the private sector has a contribution of 60 percent in the energy sector of the country and the national motto of building a prosperous Nepal would be fulfilled only through partnership between the government and the private sector.

He reiterated that the government is committed to addressing the demands put forth by the private sector and it has moved ahead respecting the appropriate ones. The energy minister presented the data that the energy production has increased from 800 megawatts to 3,000 megawatts over the last decade and electricity has reached 98 percent of households.

He called for thinking in a new way from today alone for bridging the gap in energy production during the monsoon and the dry season, stressing on creation of an environment for speeding up the under-construction projects, keeping in priority the reservoir-based projects and for moving ahead the concept of energy mixture.

Minister Basnet maintained that the government has not seen the energy sector only as infrastructure, but also accepted it as the main basis for economic prosperity, urging the private sector to put in investment without any qualms.

"I draw your attention, why could not the works be carried out in a notable way even for more than 10 years after taking the production license? I call upon IPPAN for taking up responsible initiation on this," he said, urging the private sector to fulfill its responsibility. The energy minister assured the private sector not to worry much about the power purchase agreement issue, saying, "You come forward and you will do a certain amount of work. Come forward completing the works that need to be done from your side. The Ministry shall facilitate in creating a conducive environment for that. The government is ready to address the demands of the private sector."

IPPAN president Ganesh Karki said the country's energy sector is moving forward on a progress trajectory and urged the government to address the demands related to power purchase agreement and the like. He also called attention to the government for addressing the security challenges of the energy sector.

Chief Minister of Koshi Province, Kedar Karki, has urged the Non-Resident Nepalis to invest in Koshi Province.

At a mobile bus handover program organized here on Wednesday, CM Karki vowed that the provincial government would protect and promote investment in the province.

The mobile bus was handed over to Nepal Red Cross Society, Sunsari for blood collection. It was provided with the assistance of the NRN Association. "Here is a huge potential for investment. You can come and explore the uncharted territory, "he called NRNs, vowing protection of capital, labor and technology.

According to him, even NRNs have a vital role in the country's development. The government would not leave any stone unturned to create a favorable atmosphere for capital mobilization. Unity among the Nepalis living in the country and abroad is important for Nepal's development, he underlined.

CM Karki also thanked the NRNA for its assistance with a mobile bus.

On the occasion, NRN Association's Chairman Dr Badri KC said although they were living abroad, they continue extending utmost support to Nepal and Nepalis and help create investment.

Sunsari chapter Chairman of Nepal Red Cross Society, Umesh Thapa, expressed happiness over the assistance received from NRN.

President Ram Chandra Paudel has assigned Deputy Prime Minister and Home Minister Purna Bahadur Khadka to work as acting Prime Minister during the absence of Prime Minister Pushpa Kamal Dahal in office.

Issuing a press statement today, the President's Office informed that as PM Dahal left for Uganda leading a Nepali delegation to attend the 19th NAM summit being held in Kampala, Uganda early this morning, the President asked DPM Khadka to carry out responsibilities of PM Dahal.

Prime Minister Pushpa Kamal Dahal has left for Uganda, leading a Nepali delegation, to attend the 19th summit of the Non-Aligned Movement (NAM). He left here early this morning via Qatar Airlines.

The NAM summit is being held in Kampala, capital city of Uganda, on January 19-20.

PM Dahal-led delegation comprises his daughter Ganga Dahal, Foreign Minister Narayan Prakash Saud, Foreign Secretary Sewa Lamsal and senior officials of Nepal government. 

PM Dahal is scheduled to address the summit that is being held under the theme, 'deepening global cooperation for shared global affluence' on Friday.

He is attending the special ceremony to be organized by the Ugandan President in honor of the visiting delegation chiefs the same day.

In the course of the summit, the PM will be holding bilateral meetings with his counterparts from the attending countries. Foreign Minister NP Saud had already left for Uganda for the ministerial meeting on the run up to the main event of the NAM summit.

It is said the 19th summit is to dwell on the ministerial report, review implementation status of the 18th NAM summit and pass a Kampala declaration.

Nepal is a founding member of NAM and has been attending the NAM summit actively since establishment. Non-alignment is one of the fundamental foreign principles of Nepal. NAM was established in 1961.

PM Dahal will return home on January 21.

On Jan 22, Indian Prime Minister Narendra Modi is scheduled to inaugurate the Ram Temple in Ayodhya, the birthplace of Lord Ram. Over 7,500 invited participants are expected to attend the opening ceremony which has drawn international attention.  In 2020, Modi laid the foundation stone of the Ram temple at Ayodhya.

Ayodhya’s Vedic ritual began from Jan 17 which included the Pran Pratishtha ceremony which marked a pivotal step in the festivities following the worship of Lord Ganesha. Thursday will witness the commencement of special rituals like Mandap entry puja, vastu puja and Varun Puja. On Jan 19, a Yagya fire pit will be prepared and on January 20, the sanctum Sanctorum of the Ram Mandir will undergo purification with the placement of 81 Kalash with water from various rivers, and on Jan 22, Indian PM Modi will inaugurate the temple.  

According to AP, the temple is being built at an estimated cost of $217m, but it is far from complete. The site is filled with roaring bulldozers and busy builders still working on the elaboration of 46 doors—42 of which will have a layer of gold totaling around 100 kilograms—and numerous carvings that will form the final architecture of the temple, AP reports.

The temple, a three-story structure clad in pink sandstone stretches across 2.9 hectares in a 28-hectare complex. According to AP, it will have a 1.3 meter idol of Lord Ram. The temple has been divided into six parts, including the sanctum sanctorum and five pavilions—Gun Mandap, Rang Mandap, Nritya Mandap, Kirtan Mandap, Prathana Mandap.

The opposition Indian Congress has declared that it would skip the inauguration ceremony dubbing it a political project of BJP and RSS. “Religion is a personal matter. But RSS\BJP have long made a political project of the temple in Ayodhya. The inauguration of the incomplete temple by the leaders of the BJP and the RSS has been obviously brought forward for electoral gain,” read a statement from senior party leader Jairam Ramesh.

The Ayodhya Ram Temple is one of important pilgrimage sites and it is significant for Hindus worldwide, including the Hindus in Nepal which constitute more than 80 percent population. Janakpurdham has dispatched bhar special gifts as offerings to Ayodhya; a team has gone there carrying the special offerings for Ayodhya under the Janakpurdham-Ayodhyadam religious procession.

According to RSS, upholding the tradition, Janakpurdham, as the maternal home of Sita, who was married to the then crown prince of Ayodhya sent the offerings. The offerings encompass various types of jewelry, utensils, clothing and sweets, decoratively arranged in specially crafted bamboo baskets.  A team of around 300 devotees has left for Aydohya with Gharbasak Bhar or gifts for a housewarming occasion. Two Shila big boulders lifted from the bank of the Kaligandaki River of Nepal were also sent last year.