Monetary Policy (in Nepali)--2074-75 (Full Text)-New - Copy

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cfly{s j[l4 l4 / ;dli6ut cfly{s :yfloTjsf b[li6sf] li6sf]0fn] 0fn] cfly{ cfly{s jif{ @)&#÷&$ @)&#÷&$ pT;fxk|b /Xof] . pRr cfly{s j[l4, l4, Go"g d'b|bf:kmLlt |f:kmLlt / zf]wgfGt/ wgfGt/ artsf] l:yltn] l:yltn] cy{tGqdf tGqdf gofF cfzfsf] ;+rf/ rf/ hufPsf] 5 5 . cg's" s"n df};d, ;d, ko{6s 6s cfudgdf j[l4 l4 tyf ;du| cfk" cfk"lt{ l t{ Joj:yfdf Joj:yfdf cfPsf] ;' ;'wf/sf wf/sf sf/0f cy{tGq tGq ;sf/fTds lbzfdf cufl8 a9] sf] sf] 5 5 . pkef]u tyf hf]lvdo' lvdo'Qm Qm If]qdf qdf cTolws shf{ lj:tf/sf lj:tf/sf sf/0f cfly{s jif{ @)&#÷&$ @)&#÷&$ sf] klxnf] klxnf] qodf;kl5 ljQLo c;Gt' ngsf] ngsf] l:ylt l:ylt b]vf vf k¥of] . . tyflk, o; a} +sn] sn] g}lts lts bjfj tyf ljleGg gLltut pkfox? ckgfPsf sf/0f ljQLo c;Gt' ngsf] ngsf] l:yltdf xfn ;'wf/ wf/ cfPsf] 5 . a} +lsË lsË If]qdf qdf /x]sf] sf] lgIf] lgIf]k ;+/rgfdf /rgfdf ;sf/fTds kl/jt{g cfPsf] 5 5 eg] nfdf] nfdf] ;do;Dd ;do;Dd /x]sf] sf] lgIf] lgIf]ksf] ksf] Go"g Aofhb/df klg ;'wf/ wf/ b]lvPsf] lvPsf] 5 5 . kl/0ffd:j?k, s'n ufx{:Yo :Yo art cg'kft kft cl3Nnf] jif{ jif{sf] sf] #=* k|ltztaf6 ltztaf6 cfly{s jif{ @)&#÷&$ @)&#÷&$ df !)=# k|ltzt ltzt k'Ug] Ug] cg' cg'dfg dfg 5 . a} +s tyf ljQLo ;+:yfx?sf] :yfx?sf] zfvf ;+hfndf hfndf ePsf] pNn]Vo Vo lj:tf/n] ljQLo kx' Fr a9fpgdf dxTjk"0f{ of]ubfg ubfg k'¥ofPsf] ¥ofPsf] 5 . To;}u/L, u/L, art tyf C0f ;xsf/L ;+:yfx?sf] :yfx?sf] ;+Vof Vof / ;fwg kl/rfngdf ePsf] j[l4n] l4n] ljQLo ljQLo kx'r F lj:tf/df yk ;xof]u k'u] usf] ]sf] 5 . tyflk, o:tf ;xsf/L ;+:yfx?sf] :yfx?sf] lgodg tyf ;'kl/j] kl/j]If0f If0f k|efjsf/L efjsf/L agfO{ ;du| ljQLo If]qsf] qsf] :yfloTj sfod ug] { r'gf} gf}tL tL eg] a9\ a9\b}b uPsf] } uPsf] 5 .

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ef/tLo cy{tGq tGq ;g\ @)!^ df ^=* k|ltztn] ltztn] j[l4 l4 ePsf]df df ;g\ @)!& @)!& df &=@ k|ltzt ltzt / ;g\ @)!* df &=& k|ltztn] ltztn] j[ j[l4 l4 x'g]g k| ] k|If] If]k0f k0f 5 . rLgsf] cy{ cy{tGq tGq eg] ;g\ ;g\ @)!^ @)!^ sf] ^=& ^=& k|ltztsf] ltztsf] t'ngfdf ngfdf ;g\ @)!& @)!& df ^=^ k|ltzt ltzt / ;g\ @)!* @)!* df ^=@ k|ltztn] ltztn] j[ j[l4 l4 x'g]g k| ] k|If] If]k0f k0f 5 . ljsl;t d'n' nsx?sf] s ' x?sf] d' d'b|bf:kmLlt f| :kmLlt b/ ;g\ @)!& @)!& df @=) k|ltzt ltzt / ;g\ @)!* @)!* df !=( k|ltzt ltzt /xg] d'b|b|fsf] fsf]ifsf] ifsf] k|If] If]k0f k0f 5 . ;g\ @)!^ @)!^ df eg] o:tf] o:tf] d'b|bf:kmLlt f| :kmLlt b/ )=* k|ltzt dfq /x]sf] sf] lyof] lyof] . ;dli6ut dfudf x'g]g j[ ] j[l4n] l4n] ;du| ;du| d' d'b|bf:kmLltdf f| :kmLltdf bjfj kg] { cg' cg'dfg dfg ul/Psf] 5 5 . To;}u/L, u/L, ef/tsf] d'b|bf:kmLlt |f:kmLlt b/ ;g\ @)!^ @)!^ df $=( k|ltzt ltzt /x]sf] sf]df df ;g\ @)!& @)!& df $=* k|ltzt ltzt / ;g\ @)!* @)!* df %=! k|ltzt ltzt /xg] k| k|If] If]k0f k0f 5 . ;fy}, rLgsf] d' d'b|bf:kmLlt |f:kmLlt b/ ;g\ @)!^ @)!^ df @=) k|ltzt ltzt /x]sf] sf]df df ;g\ @)!& df @=$ k|ltzt ltzt / ;g\ @)!* @)!* df @=# k|ltzt ltzt /xg] k| k|If] If]k0f k0f 5 . ;g\ @))* sf] ljZj ljQLo ;+s6kZrft\ s6kZrft\ ;+o'oQm 'Qm /fHo cd]l/sfsf] l/sfsf] km]8/n 8/n l/hj{n] n] lnPsf] u}/– k/Dk/fut df}lb| lb|s gLlt kl/j{tg tg u/L ;g\ @)!% @)!% l8;]Da/b] Da/b]lv lv ;fdfGoLs/0f ub} { nu] nu]sf] sf] 5 5 . km]8/n 8/n l/he{n] n @)!& ] @)!& h'g !$ -@)&$ h]7 #!_ df gLltut b/ )=@% k|ltztn] ltztn] a9fP/ a9fP/ !=) k|ltztb] ltztb]lv lv !=@% k|ltztsf] ltztsf] nlIft nlIft ;Ldfdf sfod ug] { p2]Zo Zo /fv]sf] sf] 5 . t/ o"/f] / f] If]q tyf hfkfgdf eg] df}lb| lb|s sfo{lbzf lbzf nlrnf] g} g} /xg] /xg] cg' cg'dfg dfg 5 . cGt/f{li6« li6«o d'b|b|fsf] fsf]ifsf] ifsf] ljZj ljZj ljQLo :yfloTj k|ltj] ltj]bg, bg, @)!& n] ljQLo ljQLo :yfloTjdf qmlds ;' wf/ wf/ x' Fb}b } cfPsf] hgfPsf] 5 . cfly{s lqmofsnfkn] ult lng yfn]sf] sf], a} +s tyf aLdf sDkgLx?sf] d'gfkmf gfkmf a9]sf] sf] / bL3{sfnLg sfnLg Aofhb/df j[l4 l4 ePsf]n] n ] ljQLo If]qdf qdf ;'wf/ wf/ b]lvPsf] lvPsf] pNn]v 5 . tyflk, kl5Nnf] ljZj ljZj /fhgLlts kl/j]z tyf ;+/If0fjfbL /If0fjfbL gLlt k|ltsf] ltsf] e' msfj nufotsf sf/0f cGt/f{li6« li6«o Jofkf/ tyf k" FhL h L k|jfxdf jfxdf c;/ kg{ ;Sg] ;Sg] d' d'b|bfsf] f| sf]ifsf] ifsf] cfF cfFsng sng 5 .

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cfly{s jif{ @)&#÷&$ sf nflu g]kfn kfn ;/sf/n] ;fj{hlgs hlgs u/]sf] sf] ?= !)$( ca{sf] sf] ah]6df 6df k' FhLut hLut vr{ ?= #!@ ca{ / rfn' vr{ ?= ^!& ca{ /xg] cg'dfg dfg ul/Psf]df df @)&$ c;f/ !^ ut];Dddf ;Dddf gub k|jfxdf jfxdf cfwfl/t k' FhLut hLut vr{ #*=& #*=& k|ltzt ltzt / rfn' vr{ ^(=* ^(=* k|ltzt ltzt ePsf] 5 . o; cjlwdf ;/sf/sf] /fh:j /fh:j ;+sng sng ?= %$$ ca{ &^ &^ s/f]8 cyf{t\ t nlIft \ nlIft ?= %^% ca{ () () s/f]8sf] 8sf] (^=# (^=# k|ltzt ltzt k'u] usf] s ] f] 5 5 . ;|f]ft] kl/rfngsf] t'ngfdf ngfdf ;/sf/L vr{ Go"g ePsf]n] n @)&$ ] @)&$ c;f/ !^ ut] g]kfn kfn ;/sf/sf] g]kfn kfn /fi6« a} +sdf sdf ?= @#( ca{ #) s/f]8 gub df}Hbft Hbft sfod /x]sf] sf] 5 5 . cfly{s jif{ @)&#÷&$ @)&#÷&$ df cfGtl/s C0f ?= ** ca{ #$ #$ s/f]8 kl/rfng ePsf] Pjd\ Pjd\ ?= ?= #* ca{ &* s/f]8 e'QmfgL QmfgL eO{ v' v'b cfGtl/s C0f kl/rfng ?= $( ca{ %^ %^ s/f]8 /x]sf] sf] b]lvG5 lvG5 . cfly{s jif{ @)&#÷&$ @)&#÷&$ sf] cGTo;Dd cGTo;Dd ;/sf/sf] s'n ltg{ afFsL sL cfGtl/s C0f ?= @*# ca{ &@ &@ s/f]8 /xg] b] b]lvG5 lvG5 . cfly{s jif{ @)&#÷&$ @)&#÷&$ sf] P3f/ P3f/ dlxgf;Dddf ?= &$ ca{ @^ @^ s/f]8n] 8n] zf] z f]wgfGt/ wgfGt/ artdf /x]sf] sf] 5 . cl3Nnf] jif{ jif{sf] sf] ;f]xL xL cjlwdf zf]wgfGt/ wgfGt/ ?= !&! ca{ !% !% s/f]8n] 8n] artdf artdf lyof] . . cfoftsf] pNn]Vo Vo lj:tf/ / ljk| ]if0f if0f cfk|jfxsf] jfxsf] j[l4b/df l4b/df lu/fj6 cfPsf sf/0f zf]wgfGt/ wgfGt/ artdf sdL cfPsf] xf] xf] . . s'n ljb]zL zL ljlgdo ;l~rlt @)&# c;f/ d;fGtsf] ?= ?= !)#( ca{ @! @! s/f]8af6 8af6 #=) k|ltztn] ltztn] j[l4 l4 eO{ @)&$ @)&$ h]7 d;fGtdf ?= !)&) ca{ @^ @^ s/f]8 /x]sf] s ]f] 5 5 . cfly{s jif{ @)&#÷&$ @)&#÷&$ sf] df}lb| lb|s gLltdf sDtLdf * dlxgfsf] j:t' j:t' tyf tyf ;]jf jf cfoft wfGg] nIo nIo /flvPsf]df df rfn' cfly{ cfly{s jif{sf] sf] P3f/ P3f/ dlxgf;Ddsf] cfoftnfO{ cfoftnfO{ cfwf/ cfwf/ dfGbf a}lsË lsË If]q;F q;Fu /x]sf] sf] ljb] ljb]zL zL ljlgdo ;l~rlt

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a} +s tyf ljQLo ;+:yfx?sf] :yfx?sf] clgjfo{ clgjfo{ gub gub cg'kft kft afx]ssf] ssf] clws clws t/ntfnfO{ ljut ljut s]xL xL jif{b]blv l] v ;+rfng rfng nIosf] ?kdf ?kdf lnO{ df} df}lb| lb|s gLltsf] sfof{ sfof{Gjog Gjog xF 'b}b} cfPsf] cfPsf] 5 5 . o; qmddf o; a} +sn] sn] v' v'nf nf ahf/ sf/f]af/, af/, clgjfo{ gub cg'kft, kft, a} +s b/ / lgIf]k ;+sng sng af]nsaf] nsaf]n h:tf df}lb| lb|s pks/0fx?sf] k|of] of]u ub} { cfPsf] 5 . rfn' cfly{s jif{b]blv l] v Aofhb/ sl/8f]/ k4lt ;d]t sfof{Gjogdf Gjogdf NofOPsf] 5 5 . @)&# ;fpgb]lv lv @)&$ c;f/ @@ ;Dddf v'nf nf ahf/ sf/f]af/sf af/sf ljleGg pks/0fx?, :yfoL t/ntf ;'ljwf ljwf tyf ljb]zL zL ljlgdo vl/bdfkm{t\ t s' \ s'n ?= %$^ ca{ @( @( s/f]8 t/ntf k|jfx jfx ePsf] 5. @)&# ;fpgb]lv lv @)&$ c;f/ @@ ;Dddf v' nf nf ahf/ sf/f]af/dfkm{ af/dfkm{t\ t ?= \ ?= ^! ca{ t/ntf t/ntf k|jfx jfx ePsf] 5 . o; cGtu{ t l/kf] af]nsaf] nsaf]ndfkm{ ndfkm{t\ t\ s'n ?= ## ca{ @! s/f]8 / ;f]em} em} v/Lb af]nsaf] nsaf]ndfkm{ ndfkm{t\ t \ ?= @& ca{ &( s/f]8 t/ntf k|jfx jfx ePsf] 5 . ;fy}, ;f] cjlwdf a} +s tyf ljQLo ;+:yfx?n] :yfx?n] ?= ?= ^@ ca{ #( #( s/f]8sf] 8sf] :yfoL :yfoL t/ntf ;'ljwf ljwf pkof]u u/]sf sf 5g\ . . @)&# ;fpgb]lv lv @)&$ c;f/ @@ ;Dddf o; a} +sn] sn] jfl0fHo jfl0fHo a} +sx¿af6 sx¿af6 cd]l/sL l/sL 8n/ # ca{ (* s/f]8 v'b vl/b u/L ?= $@@ ca{ () () s/f]8 v'b t/ntf k|jfx jfx u/]sf] sf] 5 5 . ut cfly{s jif{df df ljb]zL zL ljlgdo ahf/af6 cd]l/sL l/sL 8n/ $ ca{ $% $% s/f]8 v'b vl/b eO{ ?= ?= $&! ca{ #% #% s/f]8 v'b t/ntf k|jfx jfx ePsf] ] lyof] lyof] . . @)&# ;fpgb]lv lv @)&$ c;f/ @@ ;Dddf v' nfahf/ nfahf/ sf/f]af/dfk{ af/dfk{ mt\ ?= ?= !!% ca{ % % s/f]8 t/ntf

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cfGtl/s tyf jfXo cfly{s kl/b[Zo, Zo, rf}wf+ w }f+ of]hgf, hgf, g]kfn kfn /fi6« a} +ssf] ssf] /0fgLlts /0fgLlts of]hgf, hgf, ljQLo If]q ljsf; /0fgLlt tyf g]kfn kfn ;/sf/sf] ah]6df 6df plNnlvt gLlt, sfo{ qmd qmd tyf k|fyldstf;F fyldstf;Fu tfbfTDo sfod ub} { cfly{s jif{ @)&$÷&% @)&$÷&% sf] df} df}lb| lb|s gLltsf] sfo{ sfo{lbzf lbzf to ul/Psf] 5 5 . nlIft cfly{s j[l4b/ l4b/ xfl;n ug{ ah] ah]6sf 6sf gLlt tyf sfo{qmdx?sf] qmdx?sf] sfof{ sfof{Gjogdf Gjogdf ;xof]u k'Ug] Ug] u/L u/L df}lb| lb|s gLltsf] sfo{lbzf lbzf to ul/Psf] 5 . cfly{s ultljlwdf x'g]g ] lj:tf/;Fu} u} a9\g]g ] ;dli6ut dfun] d'b|bf:kmLltdf f| :kmLltdf kg{;Sg] ;Sg] bjfjnfO{ lgoGq0f ug{ df}lb| lb|s of]ufÍx?nfO{ ufÍx?nfO{ jfl~5t ;Ldfleq /fVg]tk{ tk{ m df}lb| lb|s gLlt ;hu /x]sf] sf] 5 5 . a9\bf] bf] Jofkf/ Jofkf/ 3f6f tyf 36\bf] bf] ljk| ]if0f if0f cfk|jfx jfx j[l4b/sf l4b/sf sf/0f jfXo If]q :yfloTjdf kg{ ;Sg] k|lts" lts"n k|efjnfO{ efjnfO{ ;d] ;d]t Wofgdf /fvL df}lb| lb|s gLltsf] sfo{ sfo{lbzf lbzf to ul/Psf] 5 5 . ljQLo :yfloTj k|j4{ j4{g tyf ljQLo ;fwgsf] s'zn zn afF8kmfF 8kmfF8sf 8sf nflu Aofhb/nfO{ pko' pko'Qm Qm :t/df sfod /fVg] / / Aofhb/df cfpg] ptf/ ptf/–r9fj Go"gLs/0f g Ls/0f ug{ ]tk{ tk{ m df}lb| lb|s gLlt s]lGb| lGb|t /x]sf] sf] 5 5 . km/flsnf] x' x' Fb}b uPsf] } uPsf] Jofkf/ Jofkf/ 3f6f Go"gLs/0f g Ls/0f ug{ k|fyldstf fyldstf k|fKt fKt If]qdf qdf nufgL a9fpFb}b n} } n}hfg' hfg'kg] kg] { cfjZostf /x]sf] sf] 5 . o;sf nflu s[lif, lif, phf{, ko{6g, 6g, ;fgf, demf}nf nf tyf cGo pTkfbgd"ns n s pBf]u Joj;fodf shf{ k| k|jfx jfx a9fpg a} +s tyf ljQLo ;+:yfx?nfO{ :yfx?nfO{ k| k|f]fT;fxg T] ;fxg ug{ ] sfo{ sfo{nfO{ nfO{ df} d f}lb| lb|s gLltn] pRr pRr k|fyldstfdf fyldstfdf /fv]sf] sf] 5 5 .

g]kfn k fn /fi6« a} s +

64.

65.

66.

67.

68.

k|ltztsf] ltztsf] ;Ldfleq ;Ldfleq sfod ug] { nIo nIo lnOPsf] 5 5 . nlIft cfly{s j[l4b/, l4b/, d'b|bf:kmLlt f| :kmLlt / d'b|b|fsf] fsf] cfo cfo nf]rgzLntf rgzLntf nlIft lj:t[t d'b|b|fk| fk|bfo bfo j[l4b/ l4b/ ;Ldfsf cfwf/x? x'g\ g . \ . k|If] If]lkt lkt cfly{s j[l4b/ l4b/ tyf d'b|bf:kmLlt f| :kmLlt b/sf] cfwf/df cfwf/df ;[hgf hgf x'g ;Sg] ;du| ;du| dfusf] dfusf] cj:yfnfO{ cj:yfnfO{ b[li6ut li6ut ubf{ cfly{s jif{ @)&$÷&% df s'n cfGtl/s shf{ @&=* k|ltztn] ltztn] j[l4 l4 x'g]g] k|If] If]k0f k0f /x]sf] sf] 5 . g]kfn kfn ;/sf/sf] ah]6;F 6;Fu tfbfTDo x'g]g ] u/L cfGtl/s shf{ j[l4sf] l4sf] nIo lgwf{/0f /0f ul/Psf] 5 5 . cfGtl/s shf{sf] sf] dxTjk"0f{ 0 f{ ;Defusf] ?kdf /x]sf] sf] lghL If]qtk{ qtk{ msf] shf{ lj:tf/sf] ;Ldf @) k|ltzt ltzt /flvPsf] 5 5 . cfGtl/s tyf jfXo cfly{s Pjd\ ljQLo kl/b[Zosf Zosf cfwf/df to ul/Psf] sfo{lbzf lbzf / ;f] cg'?ksf] ?ksf] cfly{ cfly{s tyf df}lb| lb|s nIo xfl;n ug{ ;xh ;xh x'g]g u/L ] u/L df}lb| lb|s gLltsf ;~rfng nIo tyf pks/0fx? rog ul/Psf 5g\ . . df}lb| lb|s gLlt ;~rfngsf sfpG6/ kf6L{x? x? jfl0fHo a} +s, s, ljsf; a} +s / ljQ sDkgLx?n] o; o; a} +sdf sdf /fVg'kg] kg] { clgjfo{ clgjfo{ gub gub cg'kft kft afx]ssf] ssf] clws clws t/ntfnfO{ df} df}lb| lb|s gLltsf] ;~rfng ;~rfng nIosf] ?kdf ?kdf lng] Joj:yfnfO{ Joj:yfnfO{ lg/Gt/tf lg/Gt/tf lbOPsf] 5 5 . cfly{s jif{ @)&#÷&$ b]lv lv sfof{Gjogdf Gjogdf NofOPsf] Aofhb/ sl/8f]/ k4ltnfO{ ;do;fk]If If kl/dfh{g ul/Psf] 5 5 .

df}lb| l b|s gLlt @)&$÷&% 76.

77.

78.

79.

80.

clGtd C0fbftf ;'ljwf ljwf tyf ;'/If0fkqx?sf] /If0fkqx?sf] l8isfp06 ug] { k|of] of]hgsf] hgsf] nflu k|of] of]udf udf NofOg] & k|ltztsf] ltztsf] ljBdfg ljBdfg a} +sb/nfO{ sb/nfO{ oyfjt oyfjt sfod ul/Psf] 5 5 . a} +s tyf ljQLo ;+:yfx?nfO{ :yfx?nfO{ tf]lsPsf lsPsf ;'/If0fkqsf] /If0fkqsf] lwtf]df df :yfoL t/ntf ;'ljwf ljwf k|bfg bfg ubf{ xfnsf] % % sfo{lbgsf] lbgsf] ;LdfnfO{ ;LdfnfO{ & & sfo{lbg lbg sfod ul/Psf] 5 5 . o; ;'ljwfsf] ljwfsf] nflu nflu C0f–lwtf] d" d"No N o cg'kft kft () k|ltzt;Dd ltzt;Dd sfod ul/Psf] 5 5 . ;fy}, :yfoL t/ntf ;'ljwf ljwf a} +sb/df sb/df pknAw u/fpg] ljBdfg Joj:yfnfO{ lg/Gt/tf lg/Gt/tf lbOPsf] 5 5 . jfl0fHo a} +sx?n] sx?n] sfod sfod ug' {kg] kg] { j}wflgs wflgs t/ntf cg'kft kft !@ k|ltzt, ltzt, ljsf; a} +sx?n] sx?n] ( k|ltzt ltzt ljQ sDkgLx?n] * k|ltzt ltzt tyf rNtL / sn lgIf]k ;+sng sng gug] { ljsf; a} +s tyf ljQ sDkgLx?n] ^ ^ k|ltztnfO{ ltztnfO{ oyfjt oyfjt /flvPsf] 5 5 . o; a} +sn] sn] tf]lsPsf lsPsf If]qdf qdf a} +s tyf ljQLo ;+:yfx?nfO{ :yfx?nfO{ k|bfg bfg ug] { ;fwf/0f ;fwf/0f k'g/shf{ g/shf{ b/nfO{ b/nfO{ $ k|ltztdf ltztdf / ljz]ifif k'g/shf{ g/shf{ b/nfO{ b/nfO{ ! ! k|ltztdf ltztdf oyfjt sfod ul/Psf] 5 5 . o; Joj:yf cGtu{ t a} +s tyf ljQLo ;+:yfx?n] :yfx?n] ;DalGwt ;DalGwt C0fL;Fu ;fwf/0f k'g/shf{ g/shf{df df ( k|ltzt ltzt / ljz]ifif k'g/shf{ g/shf{df df $=% k|ltzt ltzt eGbf a9L Aofh lng kfpg] 5} 5}gg\ gg\ . . ?U0f pBf]u, u, 3/]n' n tyf ' tyf ;fgf pBf]u, u, j}b]blzs l] zs /f]huf/L, huf/L, blnt, hghflt, pTkLl8t, dlxnf, km/s 9+un] un] ;Ifd ;Ifd JolQm, ljkGg ju{ tyf tyf ;d'bfosf bfosf JolQmåf/f ;~rflnt ;fgf Joj;fonfO{ k| k|j¢{ j¢{g ug{ / lgof{tnfO{ tnfO{ k|f]fT;fxg T] ;fxg ug{ ! k|ltzt ltzt Aofhb/df k|bfg bfg ub} { cfPsf] ljz]ifif k'g/shf{ g/shf{ tyf tyf ljb]zL zL d'b|bfdf |fdf lgof{t k|f]fT;flxt T] ;flxt ug{ nfOaf]/ (LIBOR) df )=@% ljGb' yk u/L x'g]g ] Aofhb/df lbOg] lgof{t k'g/shf{ g/shf{ b/nfO{ b/nfO{ klg klg oyfjt /flvPsf] 5 5 .


86.

87.

88.

89.

90.

jfl0fHo a} +sx?n] sx?n] ljkGg ljkGg ju{ cGtu{ cGtu{t k|ToIf ToIf ?kdf k|jfx jfx ug' {kg] kg] { Go" Go"gtd g td @ k|ltztsf] ltztsf] shf{ shf{ cg' cg'kft kft clgjfo{ gx' gx'g]g Joj:yf ] Joj:yf ul/Psf] 5 5 . æsÆ, ævÆ / æuÆ ju{sf sf a} +s tyf ljQLo ;+:yfx?af6 :yfx?af6 l/S;f rfnsx?nfO{ cfˆ gf] gf] :jfldTjdf l/S;f vl/b u/L cfkm} ;~rfng ;~rfng ug] { k|of] of]hgsf hgsf nflu k|bfg bfg x' Fb}b } cfPsf] ljkGg ju{ shf{ ;'ljwf ljwf On]S6« S6«f]flgs l] gs l/S;f vl/bdf ;d]t k|bfg bfg ul/g] Joj:yf Joj:yf ldnfOg] 5 . ;fgf tyf demf}nf nf pBf]u / Jofj;flos s[lif lif kl/of]hgfsf] hgfsf] lwtf] lwtf]df df a} +s tyf ljQLo ;+:yfx?af6 :yfx?af6 k|jfx jfx ul/g] ?= !) nfv;Ddsf] kl/of]hgf hgf shf{nfO{ nfO{ ljkGg ju{ shf{df df u0fgf ug] { Joj:yfnfO{ lg/Gt/tf lbOPsf] 5 5 .

g]kfn kfn ;/sf/af6 @)&# k' ; @@ df :jLs[t æljQLo If]q ljsf; /0fgLltÆ df pNn] v ePsf o; a} +s;F s;Fu ;DalGwt sfo{qmdx? qmdx? qmdzM sfof{Gjog Gjog ul/g] 5g\ 5g\ . . a} +s tyf ljQLo ;+:yf :yf ;DaGwL P]g, g, @)&# df ePsf] Joj:yf adf]lhd lhd k"jf{ j f{wf/ wf/ ljsf; a} +s :yfkgfsf nflu cfjZos Ohfht gLlt, lgodg / ;' kl/j] kl/j]If0f If0f ;DaGwL gLltut Joj:yf u/L ;f] a} +s :yfkgfsf nflu ;xhLs/0f ul/g]5 . ljleGg ;+ul7t ul7t ;+:yfx?df :yfx?df /x]sf] sf] o; a} +ssf] ssf] z]o/ o/ nufgL qmdzM ljlgj]z (Divestment) ub} { nlug]5 .

df}lb| l b|s gLlt @)&$÷&% 97.

98.

99.

100.

101.

102.

103.

/fli6«o :t/sf ljsf; a} +s / ljQ sDkgLx?df ;d]t r/0fj4 ?kdf af;]n–# nfu" ug] { Joj:yf Joj:yf ldnfOg] 5 5 . cfly{s jif{ @)&#÷&$ sf] df}lb| lb|s gLltsf] c4{–jflif{s ;dLIffdfkm{t\ t \ shf{÷k| ÷k|fylds fylds k' FhL hL–lgIf]k cg'kft kft u0fgf ubf{ tf]lsPsf lsPsf If]qdf qdf k|jfx jfx ePsf] shf{ shf{sf] sf] %) %) k|ltzt ltzt 36fpg kfpg] ;'ljwfnfO{ ljwfnfO{ x6fOPsf] 5 5 . t/, shf{÷k| ÷k|fylds fylds k' FhL hL–lgIf]k cg'kft kft gf3]sf sf a}s tyf ljQLo ;+:yfx?n] :yfx?n] @)&$ @)&$ c;f]h d;fGt;Dddf tf]lsPsf] lsPsf] shf{ shf{÷k| ÷k|fylds fylds k' FhL hL–lgIf]k cg'kftsf] kftsf] ;Ldfleq ;Ldfleq NofO;Sg' kg] kg] {5 . jfl0fHo a} +sx?n] sx?n] q}dfl;s dfl;s ?kdf $ k|ltzt ltzt lne/]h cg'kft kft sfod ug' {kg] kg] { Joj:yfnfO{ Joj:yfnfO{ lg/Gt/tf lg/Gt/tf lbOPsf] 5 5 . jfl0fHo a} +sx?sf] sx?sf] nflu nflu af;]n–# df cfwfl/t t/ntf cg'udg udg k4lt t/ntfsf cfwf/df ;d]t zL3| ;' ;'wf/fTds wf/fTds sf/afxL (Prompt Corrective Action) nfu" ul/g] 5. jfl0fHo a} +sx?n] sx?n] s' s'n lgIf]kdf kdf ;+:yfut :yfut lgIf]ksf] ksf] c+ c+z ;fljssf] %) %) k|ltztaf6 ltztaf6 @)&% c;f/;Dd $% k|ltztsf] ltztsf] ;Ldfleq sfod ug' {kg] kg] { Joj:yf ul/Psf] 5 . ;fy}, a} +s tyf ljQLo ;+:yfx?n] :yfx?n] cfˆgf] s'n lgIf]k bfloTjsf] a9Ldf Ps rf}yfO{ yfO{;Dd ;Dd ;fk6L lng;Sg] Joj:yfnfO{ lg/Gt/tf lbOPsf] ] 5 5 . 3/hUuf If]qdf qdf k|jfx jfx x'g]g ] shf{ hf]lvdnfO{ lvdnfO{ Go"gLs/0f g Ls/0f ug{ ] pkfosf] ?kdf nfu" ul/Psf] s'n shf{sf] sf] @% @% k|ltzt;Ddsf] ltzt;Ddsf] l/on l/on :6]6 shf{ ;Ldf ;Ldf cg'kftnfO{ kftnfO{ lg/Gt/tf lg/Gt/tf lbOPsf] 5 5 . fylds Pp6} u|fxs, fxs, kmd{, sDkgL÷;d"xnfO{ x nfO{ sf]ifif tyf u}/–sf]ifdf ifdf cfwfl/t ;'ljwfx? ljwfx? cfˆgf] k|fylds FhLsf] hLsf] a9Ldf a9Ldf @% k|ltzt;Dd ltzt;Dd shf{ k| k|jfx ug] { Joj:yfnfO{ Joj:yfnfO{ lg/Gt/tf lg/Gt/tf lbOPsf]


111.

112.

113.

114.

sf7df8f} + pkTosfleq pkTosfleq l/on :6]6 shf{ / / To;sf] ;'/If0faLrsf] /If0faLrsf] cg'kft kft -Pn6LeL /]l;of] l;of]_ xfnsf] %) k|ltztaf6 ltztaf6 $) k|ltzt ltzt sfod ug] { Joj:yf Joj:yf ul/Psf] 5 5 . cGo :yfgsf xsdf ;fljssf] %) k|ltzt;Ddsf] ltzt;Ddsf] cg'kftnfO{ kftnfO{ lg/Gt/tf lg/Gt/tf lbOPsf] 5 . o; Joj:yfn] ;+3Lotf 3Lotf sfof{Gjog Gjog eO/x]sf] sf] ;Gbe{df df ljs]lGb| lGb|t ljsf;nfO{ ;d] ;d]t k|f]fT;flxt T] ;flxt ug] { ljZjf; ljZjf; ul/Psf] 5 5 . sf7df8f} + pkTosf leq cfjf;Lo shf{ / To;sf] ;'/If0faLrsf] /If0faLrsf] cg'kft kft -Pn6LeL /]l;of] l;of]_ %) k|ltzt ltzt sfod ul/Psf] 5 5 . cGo :yfgsf] xsdf xsdf ;fljssf] ^) ^) k|ltzt;Ddsf] ltzt;Ddsf] cg'kftnfO{ kftnfO{ oyfjt oyfjt sfod /flvPsf] 5 5 . lghL k|of] of]hgsf hgsf ;jf/L ;fwgdf C0f k|jfx jfx ubf{ ;f] ;jf/Lsf] d"NofÍgsf] N ofÍgsf] clwstd %) k|ltzt;Dd ltzt;Dd dfq a} +sn] sn] nufgL nufgL ug{ ;Sg] ;Sg] Joj:yfnfO{ Joj:yfnfO{ ^% ^% k|ltzt ltzt k'¥ofOPsf] ¥ofOPsf] 5 5 . ;fy}, JolQmut ljB'tLo tLo ;jf/L ;fwgsf] xsdf pQm ;Ldf *) k|ltzt ltzt sfod ul/Psf] 5 . t/ Go"gtd g td $) ;L6sf ;fj{hlgs hlgs oftfoft, lgdf{0f 0f sfo{ tyf tyf lzIff, :jf:Yo nufotsf ;]jfsf jfsf nflu k|of] of]u x'g]g] ;jf/L ;fwgsf] xsdf xsdf ;f] ;Ldf ;Ldf nfu" x' x'g]g 5} ] 5}g . ax'–a}lsË lsË sf/f]af/af6 af/af6 x'g ;Sg] hf]lvdnfO{ lvdnfO{ Go" Go"gLs/0f ug{ ?= ?= ! ca{eGbf a9L C0f k|jfx jfx ubf{ clgjfo{ ?kdf ;x–ljQLos/0fdf hfg'kg] kg] { Joj:yfnfO{ lg/Gt/tf lbOPsf] 5 . t/ of] Joj:yf n3'ljQ ljQ ;+:yfnfO{ :yfnfO{ lbOg] lbOg] C0fsf C0fsf xsdf clgjfo{ x' x'g]g 5} ] 5}g . xfo/kr] {h shf{ k| k|bfg bfg ug] { cg' cg'dltk| dltk|fKt fKt ;+:yfnfO{ :yfnfO{ a} a} +s tyf ljQLo ;+:yfn] :yfn] ;jf/L ;jf/L ;fwg, d]lzg/L lzg/L h:tf l:y/ ;DklQ lwtf] lnO{ lnO{ ;f] ;f]sf] sf] vl/b vl/b d"Nosf] N osf] %) %) k|ltzt;Dd ltzt;Dd shf{ k| k|bfg bfg u/L ;DklQsf] k" k"/f d"Nosf] aLdf aLdf u/]sf] sf] cj:yfdf cj:yfdf ;xljQLos/0f cfjZos gkg] { Joj:yf Joj:yf ldnfOg] 5 .


120.

121.

122.

123.

124.

vf]nL nL xfn;Dd vftf gePsf g]kfnL kfnL gful/sx?sf] vftf cfly{s jif{ @)&$÷&% leq vf]n] ndf d ] f ;DalGwt a} +s tyf ljQLo ;+:yfx?nfO{ :yfx?nfO{ k| k|lt lt @%)) vftf a/fa/ ?= ! s/f]8 lgAof{hL hL ;fk6L Ps jif{sf] sf] nflu nflu k|bfg bfg ul/g]5 . of] Joj:yf Joj:yf cfly{s jif{ @)&$÷&% @)&$÷&% ;Dd /xg]5 . ;+3Lo 3Lo ;+/rgf /rgf cg';f/ ;f/ to ePsf &$$ :yfgLo tx dWo]sf sf a} +s zfvf gePsf tf]lsPsf lsPsf :yfgLo txdf clgjfo{ ?kdf a} +s zfvf vf]Ng] Ng] lgb] {zg zg lbOg]5 . o:tf] lgb] {zgsf] zgsf] kfngf kfngf ug' { ;DalGwt a} +ssf] ssf] st{ st{Jo Jo x'g]g5 ] . lgb] {zg zg kfngf gug] { a} a} +snfO{ snfO{ g] g]kfn kfn /fi6« a} a} +s P]gdf gdf ePsf] Joj:yf Joj:yf adf]lhd lhd cfjZos sf/afxL ul/g]5 . ;fy}, o; a} +sn] sn] ;/sf/L sf/f]jf/sf jf/sf nflu k|f]fT;fxg T] ;fxg ug{ tf]lsPsf lsPsf :yfgLo txdf vf]lng] lng] zfvfnfO{ k|lt lt zfvf ?= ! s/f]8 Ps jif{sf] sf] nflu nflu lgAof{hL hL ;fk6L k|bfg bfg ug{ ]5 . Ohfht k|fKt fKt ævÆ tyf æuÆ ju{sf sf a} +s tyf ljQLo ;+:yfx?sf] :yfx?sf] sfo{If] If]qnfO{ qnfO{ r'Qmf Qmf k' FhLsf] hLsf] cfwf/df lhNnfut ?kn] tf]Sg] Sg] ul/Psf]df df ;f]nfO{ nfO{ ;+3Lo 3Lo ;+/rgf /rgf adf]lhd lhd tf]Sg] Sg] Joj:yf ldnfOg]5 . hf]lvd lvd Jo:yfkgsf nflu a} +s tyf ljQLo ;+:yfx?n] :yfx?n] cjnDag cjnDag ug' {kg] kg] { k4lt k4lt ;DaGwdf jftfj/0f tyf ;fdflhs hf]lvd lvd Joj:yfkg (Environmental and Social Risk Management) ;DaGwL lgb] {lzsf lzsf hf/L ul/g]5 . a} +s tyf ljQLo ;+:yfx?af6 :yfx?af6 k|jfx jfx x'g]g clwljsif{ ] clwljsif{ shf{ shf{ tyf tyf dfu Pjd\ rfn' rfn' k' k' FhL hL shf{ ;DaGwdf ;DaGwdf 5'§}§ lgb] } lgb] {zg zg hf/L ul/g]5 . ljQLo ;antf ;"rsfÍ r sfÍ (Financial Soundness Indicators) l/kf]l6{ l6{Ë ;+oGq oGq ljsf; ug' {sf sf ;fy}

g]kfn k fn /fi6« a} s + 131.

132.

133.

134.

135.

136.

o; a} +saf6 saf6 Ohfht k|fKt fKt ;+:yfn] :yfn] lgoldt ?kdf shf{ ;"rgf r gf s]Gb| Gb|df df ;"rgf r gf gk7fPdf To:tf] ;"rgf r gf gk7fpg] ;+ ;+:yfnfO{ :yfnfO{ sf/afxL sf/afxL ul/g]5 . g]kfnsf] kfnsf] ljBdfg ljBdfg e'QmfgL QmfgL k|0ffnLnfO{ 0ffnLnfO{ cfw' cfw'lgsLs/0f lgsLs/0f ug{ e' e'QmfgL QmfgL tyf km5\of} o {f}6 P]gsf] gsf] d:of} d:of}bf bf tof/ ul/g]5 . To;}u/L, u/L, l/on 6fOd u|; ;]6nd] 6nd]G6 G6 l;:6d (RTGS) :yfkgf ;DaGwL sfo{nfO{ nfO{ cufl8 cufl8 a9fpg'sf sf ;fy} /fli6«o ;fgf] d"No N o e'QmfgL QmfgL /0fgLlt (National Small Value Payment Strategy) th' {df df ul/g]5 . e'QmfgL QmfgL Pjd\ km5\of} o {f}6nfO{ 6nfO{ yk k|efjsf/L efjsf/L / ;'b[b9[ agfpg /fli6«o e'QmfgL QmfgL :jLr÷åf/ (National lqmof cufl8 a9fOg'sf sf ;fy} b"/;+ / ;+rf/ rf/ ;~hfndfkm{t\ t\ x'g]g] Payment Switch/Gateway) :yfkgfsf] k|lqmof sf/f]af/nfO{ af/nfO{ ;d] ;d]t o;df ;dfj]z ul/g]5 . ljQLo kx' Fr lj:tf/ ug{ / e'QmfgL QmfgL k|0ffnLnfO{ 0ffnLnfO{ ;'/lIft /lIft Pjd\ k|efjsf/L efjsf/L agfpg Financial of]unfO{ unfO{ a9fjf a9fjf lbOg]5 . To:tf] FinTech sf/f]af/sf] af/sf] cg'udg udg ug{ Technology (FinTech) sf] k|of] pko'Qm Qm lsl;dsf] Regulatory Technology (RegTech) ;+oGq oGq lgdf{0fsf] 0fsf] nflu nflu cfjZos k|lqmof lqmof cufl8 a9fOg]5 . ljB'tLo tLo e'QmfgL QmfgL sf/f]af/nfO{ af/nfO{ yk ;'b[b9[ Pjd\ hf]lvd/lxt lvd/lxt agfpg o:tf sf/f]af/x?sf] af/x?sf] lgu/fgL k|efjsf/L efjsf/L agfOg] 5 5 . (Oversight) nfO{ k| ljQLo sf/f]af/sf] af/sf] cfw' cfw'lgsLs/0f;F lgsLs/0f;Fu} u ljQLo } ljQLo dWo:ytf nfutdf sdL cfO{ shf{ shf{ tyf tyf lgIf]kaLrsf] kaLrsf] Aofhb/ cGt/ 36\b}b} hfg' hfg'kg] kg] { ;DaGwdf ;DaGwdf ;/f]sf/jfnfx?sf] sf/jfnfx?sf] Wofgfsif{ Wofgfsif{0f 0f ePsf] ;Gbe{ ;Gbe{df df o; ;DaGwL k|efjsf/L efjsf/L cg'udg udg u/L Aofhb/ cGt/nfO{ ljQLo ljQLo If]q ljsf; /0fgLltn] dfu{ dfu{lgb] lgb] {z u/] cg' cg'?ksf]

df}lb| l b|s gLlt @)&$÷&% 143.

xfn a} +s tyf ljQLo ;+:yfx?n] :yfx?n] shf{ k|jfx jfx ug] { k|of] of]hgsf hgsf nflu C0fLaf6 lng] lwtf] lwtf] ;DklQsf] d"NofÍg, lwtf] ;sf/ ;sf/ / lwtf] lnnfdL lnnfdL ug] { ;DaGwdf cfjZos dfkb08 dfkb08 tof/ ul/g]5 .

144.

g]kfndf kfndf x'g]g sf8{ ] sf8{ sf/f] sf/f]af/sf] af/sf] lx;fj lx;fj ldnfg ef/tLo d'b|bfdf |fdf ef/taf6 eO/x]sf] sf] / / To; jfktsf] z'Ns Ns e'QmfgL QmfgL tyf km5\of} o {f}6 ;d]t ef/tLo d'b|bfdf f| df ug{ 'kg] kg] { ljBdfg Joj:yfn] sf8{ sf/f]af/sf] af/sf] nfut a9fPsf] 5 . o;nfO{ ;Daf] ;Daf]wg wg ug{ ljb]zL zL ;]jf jf k|bfosx?af6 bfosx?af6 g]kfnleq kfnleq x'g]g] On]S6« S6«f]f]lgs lgs sf8{ sf/f] sf/f]af/sf] af/sf] km5\ km5\of{ o }f{6 g]kfnd} kfnd} u/L u/L v'b /sddfq e'QmfgL QmfgL x'g]g Joj:yf ] Joj:yf ldnfOg] 5 5 . Ohfht k|fKt fKt ;+:yfx?n] :yfx?n] gub kl/jTo{ ljb]zL zL d'b|bfaf6 f| af6 dfq ;6xL lbg] u/]sf sf t/ ljBdfg cj:yfdf a}lsË lsË pks/0fsf] a9\bf] bf] k|of] of]usf usf sf/0f pko'Qm Qm pks/0faf6 ;d]t ;6xL lbg ;Sg] Joj:yf ug{ cfjZos b]lvPsf] lvPsf]n] n ] lglZrt dfkb08 k"/f / f u/]sf sf Ohfhtk|fKt fKt ;+:yfx?nfO{ :yfx?nfO{ KjfOG6 ckm ;]n (PoS) dfkm{t\ t ;6xL \ ;6xL lbg ;Sg] tyf cfˆ gf] gf] ;] ;]jfsf] jfsf] e' e'StfgL StfgL lng ;Sg] Joj:yf Joj:yf ul/g]5 . cfˆgf] ;] ;]jf jf laqmL ubf{ dfq Ohfht k|fKt fKt xf]6n 6nx?n] cfˆgf] dfq ;6xL lbg ;Sg] Joj:yf Joj:yf /x]sf] sf]df df ca pk|fGt fGt xf]6ndf 6ndf a:g] cfˆ gf gf u|fxsnfO{ fxsnfO{ cfjZos k/]df df k|lt lt u|fxs fxs clwstd #)) cd]l/sL l/sL 8n/ a/fa/;Dd ;6xL lbg ;Sg] Joj:yf Joj:yf ul/g]5 . ef/t e|d0fdf d0fdf hfg]x?nfO{ x?nfO{ ef=?=! ef=?=! nfv;Dd gub} k|bfg bfg ug] { Joj:yf Joj:yf /x]sf] sf]df df lj/fdL afx]s cGo ljleGg k|of] of]hgsf] hgsf] nflu nflu ef/t hfFbf bf ef=?= %) xhf/eGbf a9Lsf] ;6xL ;6xL ;'ljwf ljwf lng'kbf{ kbf{ clgjfo{ ?kdf sf8{ jf jf a} +lsË lsË pks/0fdfkm{t\ t ;6xL \ ;6xL k|bfg bfg ug] { Joj:yf Joj:yf ul/g]5 . ljb]zL zL d' f ;6xL ;DaGwdf cgf}krfl/s krfl/s sf/f]af/nfO{ af/nfO{ lgolGqt lgolGqt ug{ ] of]hgsf] hgsf] nflu nflu k|

145.

146.

147.

g]kfn k fn /fi6« a} +s 154.

155.

156.

157.

158.

xjfO{hxfh, hxfh, b"/;+ / ;+rf/sf rf/sf kf6{k" khf{ h " f{ tyf d]l8sn l8sn OlSjkd]G6sf G6sf kf6{k" khf{ h " f{ cflwsfl/s Ph]G6dfkm{ G6dfkm{t\ t\ tTsfn} ljb]zaf6 zaf6 dufpg' k/]df df cd]l/sL l/sL 8n/ !) xhf/;Ddsf ;fdfgx? laqm] tfn] tfn] pwf/f]df df k7fOlbPdf To:tf ;fdfg lgodfg';f/ ;f/ eG;f/ hfFr kf; eO{ cfPsf] () lbgleq sfuhftsf cfwf/df e'QmfgL QmfgL k7fpg ;lsg] Joj:yf Joj:yf ul/g]5 . x'08L 08L sf/f]af/nfO{ af/nfO{ lg?T;flxt ug{ ljleGg b]zx?af6 zx?af6 k|fKt fKt x'g]g ] ljk| ]if0f if0f /sd a}lsË lsË k|0ffnLaf6 0ffnLaf6 leq\ofpg ofpg cfjZos Joj:yf ldnfOg] 5 5 . ;fy}, x'08L 08L nufotsf ljb]zL zL d'b|bf| ;DaGwL u}/–sfg"gL g L sf/f]af/df af/df ;+nUg nUg JolQm tyf ;+:yfnfO{ :yfnfO{ sfg" sfg"g sfof{Gjg Gjg ug] { lgsfox?;F lgsfox?;Fu ;dGjo u/L sf/afxL ul/g]5 . ljb]zL zL ljlgdo ;DaGwL ljBdfg cGo Joj:yfx?nfO{ oyfjt oyfjt /flvPsf] 5 5 . rfn' cfly{s jif{sf] sf] df}lb| lb|s gLltsf] c4{–jflif{s ;dLIff ubf{sf sf jvt a} +lsË lsË If]qsf] qsf] ;fwg kl/rfngdf s]xL xL bjfjsf] l:ylt /x]tf tf klg kl5Nnf] ;do o;df ;'wf/ wf/ xF 'b}b } cfPsf] 5 5 . cfly{s ultljlw lj:tf/ k|lt lt /fli6«o / cGt/f{li6« li6«o rf;f] a9]sf] sf] cj:yfdf g]kfn kfn ;/sf/sf] ah]6;F 6;Fu tfbfTDo sfod u/L th' {df df ul/Psf] cfly{s jif{ @)&$÷&% sf] df}lb| lb|s gLltsf] sfof{Gjogaf6 Gjogaf6 ;dli6ut cfly{s :yfloTj tyf nlIft cfly{s j[l4b/ l4b/ xfl;n ug{ ;xof] ;xof]u k'Ug] Ug] ck] ck]Iff Iff ul/Psf] 5 5 . k|:t' :t't df}lb| lb|s gLlt th' {dfsf] dfsf] qmddf qmddf ;xof]u k'¥ofpg] ¥ofpg] g] g]kfn kfn ;/sf/sf lgsfox?, a} +s tyf ljQLo ;+:yfx?, :yfx?, ljleGg Jofj;flos ;+ 3–;+:yfx?, :yfx?, ljåt\ ju{, ;~rf/ dfWod nufot ;a} ;/f]sf/jfnfx?nfO{ sf/jfnfx?nfO{ wGojfb 1fkg ub} { of] df}lb| lb|s gLltdf Joj:yf ul/Psf gLlt tyf


cfly{s jif{ @)&#÷&$ sf] ah]6df 6df pNn]v eP adf]lhd lhd pkef]Qmf Qmf d'b|bf:kmLlt f| :kmLlt b/nfO{ &=% &=% k|ltztsf] ltztsf] ;Ldfleq ;Ldfleq /flvg] . . slDtdf * dlxgfsf] j:t' j:t' tyf tyf ;]jfsf] jfsf] cfoft cfoft wfGg kof{Kt Kt x'g]g] ljb]zL zL ljlgdo ;l~rlt sfod ug] { . .

cfly{s jif{ @)&#÷&$ @)&#÷&$ sf] !! !! dlxgfdf cf};t ;t pkef]Qmf Qmf d'b|bf:kmLlt f| :kmLlt b/ $=^ k|ltzt ltzt sfod /x]sf] sf] . . @)&$ h]7 d;fGtdf ljb]zL zL ljlgdo ;l~rlt ?= !)&) ca{ @^ @^ s/f]8 sfod /x]sf] sf] . . rfn' cfly{s jif{sf] sf] !! dlxgf;Ddsf] cfoftnfO{ cfwf/ dfGbf pQm ;l~rlt !#=# dlxgfsf] j:t' j:t' cfoft cfoft / !!=% dlxgfsf] j:t' j:t' tyf tyf ;]jf jf cfoft wfGg kof{Kt Kt /x]sf] sf] . . g]kfn kfn ;/sf/sf] ah]6 jQmJodf plNnlvt ^=% k|ltztsf] ltztsf] cfjZostf cg';f/ ;f/ t/ntf Joj:yfkg ug] { ul/Psf] ul/Psf] . . cfly{s j[l4 l4 xfl;n ug{ ;xof]u k'Ug] Ug] u/L cfjZos t/ntfsf] Joj:yfkg ul/g] . . lj:t[t d'b|bfk| f| k|bfosf] bfosf] j[ j[l4b/nfO{ l4b/nfO{ !& !& k|ltztdf ltztdf ;Lldt ul/g] . jflif{s ljGb'ut ut cfwf/df @)&$ h]7 d;fGtdf lj:t[t d'b|bfk| f| k|bfosf] bfosf] j[l¢b/ l¢b/ !^=* k|ltzt ltzt /x]sf] sf] . . cfGtl/s shf{ lj:tf/ lj:tf/ nIo @% k|ltzt ltzt sfod ul/Psf] . jflif{s ljGb'ut ut cfwf/df @)&$ h]7 d;fGtdf s'n cfGtl/s shf{sf] sf] j[l¢b/ l¢b/ @)=( k|ltzt ltzt /x]sf] sf] . . lghL If]qtk{ qtk{ msf] shf{ shf{ @) @) k|ltztn] ltztn] a9\ a9\g]g] . jflif{s ljGb'ut ut cfwf/df @)&$ h]7 d;fGtdf lghL If]qtk{ qtk{ msf] shf{ shf{sf] sf] j[ j[l¢b/ l¢b/ @!=* k|ltzt ltzt /x]sf] sf] . . b'O{O { xKtf cjlwsf] ahf/df cfwfl/t k"j{j { lgwf{l/t l/t l/kf] /]6nfO{ 6nfO{ b'O{O xKtf { xKtf cjlwsf] l/kf] l/kf] / / lgIf]k ;+sng sng ;DaGwL sfo{ljlw ljlw ldlt @)&#÷$÷@# b] lv lv gLltut b/sf] ?kdf ?kdf lnOg] . . sfof{Gjogdf Gjogdf NofOPsf] . ;dLIff cjlwdf b'O{O { xKtf cjlwsf] l/kf] af]nsaf] nsaf]nsf] nsf] Aofhb/ clwstd $=*&%# k|ltzt ltzt / Go"gtd g td #=&@@# k|ltzt ltzt sfod /x]sf] sf] . . v'nf nf ahf/ sf/f]af/ af/ ;~rfng ;ldltn] b' b' O{O sfo{ { sfo{ lbg lbg cufl8sf] :jLs[t sfo{ljlw ljlw cg';f/ ;f/ ;dLIff cjlwdf k6s÷k6s u/L ?= #* ca{ sf] sf] l/kf] efl/t cf};t ;t cGt/– cGt/–a} +s b/df @)) a]l;; KjfOG6 ykL l/kf] /] /]6 af]nsaf] nsaf]n cfXjfg ul/Psf]df df hDdf ?= % ca{ $) $) s/f]8sf] 8sf] dfq dfq af]n k/]sf] sf] / / ;f]xL xL ?k afF8kmfF 8kmfF8 ePsf] . . lgwf{/0f /0f ug] { / ;f] b/df tf]lsPsf lsPsf sfp06/kf6L{x?nfO{ x?nfO{ 3f]lift lift cg'?k /sddf af]nsaf] nsaf]n ug{ ] / / cfjZos k/] ;dfg' ;dfg'kflts kflts 9+un] un] l/kf] l/kf] af]nsaf] nsaf]nsf] nsf] afF afF8kmfF 8kmfF8 ul/g] . . v'nf nf ahf/ sf/f]af/ af/ ;~rfng ;ldltn] l/kf] /]6 lgwf{/0f /0f ubf{ :jLs[t sfo{ljlw ljlw cg';f/ ;f/ efl/t cf};t ;t cGt/– cGt/–a} +s b/sf cfwf/df l/kf] /]6 lgwf{/0f /0f cfjZos kg] ] { efl/t efl/t cf};t ;t cGt/– cGt/–a} +s b/ u0fgf ug] { . . ug] { ul/Psf] ul/Psf] . . ahf/df cfwfl/t k"j{j lgwf{ { lgwf{l/t l/t Aofhb/df b'O{OxKt] x{ Kt] lgIf] lgIf]k ;+ sng sng @)&$ c;f/ @@ ut];Dd k6s –k6s u/L ;Dd !$ lbg] lgIf ]k ;+ sng sng af]nsaf] nsaf]ndfk{ ndfk{ mt\ k6s af]nsaf] nsaf]ndfk{ ndfk{ mt\ t/ntf t/ntf k|zf] zf]rg rg ug] { . . s'n ?= $# ca{ &% &% s/f]8 t/ntf k|zf] zf]rg rg ul/Psf] . .

g]kfn k fn /fi6« a} a}s +

v'nf nf ahf/ sf/f]af/ af/ ;~rfng ;ldltn] b' b' O{O sfo{ { sfo{ lbg lbg cufl8sf] efl/t cf};t ;t cGt/– cGt/–a} +s b/df !) cfwf/ ljGb' -a] -a] l;; l;; KjfOG6_ n] 36fO{ 36fO{ lgIf] lgIf]k ;+sng sng b/ lgwf{/0f /0f ug] { tyf tyf sfp06/kf6L{x?nfO{ x?nfO{ /sddf af]nsaf] nsaf]n ug{ cfXjfg cfXjfg ul/g] . . af]nsaf] nsaf]nsf] nsf] afF8kmfF 8kmfF8 cfjZos k/] ;dfg' ;dfg'kflts kflts ljlwdfk{ mt\ ul/g] ul/g] . . df}lb| lb|s gLltsf p2]Zo Zo / t/ntf cg'udg udg tyf k|If] If]k0f k0f ;+/rgfn] /rgfn] lgwf{/0f /0f u/]sf] sf] t/ntf kl/df0fnfO{ cfwf/ agfO{ v'nf nf ahf/ sf/f]af/ af/ ;ldltn] cfjZostf cfjZostf cg';f/ ;f/ b'O{O xKtf { xKtf cjlwsf] lgIf] lgIf]k ;+sng sng af]nsaf] nsaf]n cfXjfg ug] { . . cGt/– cGt/–a} +s Aofhb/ / b'O{O { xKtf cjlwsf] l/kf] /]6 Aofhb/ sl/8f]/leq /leq /xg] . .

cGt/a} +s Aofhb/sf] cfwf/df cfwf/df lgIf]k ;+sng sng af]nsaf] nsaf]nsf] nsf] Aofhb/ Aofhb/ lgwf{/0f /0f ul/Psf] . . @)&$ c;f/ @@ ;Dd k6s–k6s u/L !$ lbg] lgIf] lgIf]k ;+sng sng af]nsaf] nsaf]n u/L hDdf ?= $# ca{ &% s/f]8sf] 8sf] t/ntf k|zf] zf]rg rg ubf{ lgIf]k ;+sngsf] sngsf] Aofhb/ clwstd @=!(*@ k|ltzt ltzt / Go"gtd g td )=@$*& sfod ePsf] . . t/ntf cg'udg udg tyf k|If] If]k0f k0f ;+/rgfaf6 /rgfaf6 lgwf{l/t l/t t/ntf kl/df0fsf cfwf/df cfjZostf cg';f/ ;f/ lgIf]k ;+sng sng ul/Psf] . .

@)&$ c;f/ @@ ut] ul/Psf] ul/Psf] b'O{O xKtf { xKtf cjlwsf] lgIf]k ;+sng sng af]nsaf] nsaf]nsf nsf nflu lgwf{l/t l/t )=%$)& k|ltzt ltzt Aofhb/nfO{ sl/8f]/sf] /sf] tNnf] ;Ldf dfGbf cGt/ a} +s Aofhb/ / b'O{O xKtf { xKtf cjlwsf] l/kf] l/kf] /]6 sl/8f]/ leq} /x] /x]sf] sf] . . nlIft cGt/– cGt/–a} +s Aofhb/ sl/8f]/sf] /sf] tNnf] jf dflyNnf] s'g Aofhb/ sl/8f]/ sfof{Gjogsf] Gjogsf] k| k| f/lDes f/lDes r/0fdf /x]sf] sf] / / o;nfO{ ;do ;do ;fk]If If ?kdf ;Ldfdf /xG5, ;f]sf] sf] cg'ejsf] ejsf] cfwf/df Aofhb/ sl/8f]/ kl/dfh{g ub} { nlug] nlug] . . k4ltdf qmdzM ;'wf/ wf/ ub} { nlug] nlug] . . v'nf nf ahf/ sf/f]af/ af/ ljlgodfjnL, @)&! df Joj:yf ul/Psf v'nf nf ahf/ sf/f]af/ af/ ;~rfng ;ldltsf] lg0f{o adf]lhd lhd cfjZos pks/0fx?sf] lwtf]df df cfwfl/t ;f]e} e m} laqmL, vl/b, l/kf] / l/e;{ l/kf] k|of] of]u ;fljss} Joj:yf Joj:yf adf]lhd lhd eO/x]sf] sf] . . @)&$ c;f/ @@ ;Dd !@ k6sdf u/L af]nsaf] nsaf]n h:tf v'nf nf ahf/ pks/0fx?sf] ;fljss} Joj:yf ?= @& ca{ &( &( s/f]8sf] 8sf] ;f] ;f]e} e m} vl/b ul/Psf] . . To;}u/L, u/L, l/kf]dfk{ dfk{ mt\ # # k6sdf ?= @& adf]lhd lhd cfjZostfg';f/ ;f/ t/ntf Joj:yfkgsf nflu k|of] of]u ca{ *! *! s/f]8sf] 8sf] t/ntf t/ntf k|jfx jfx / l/e;{ l/kf] l/kf]dfk{ dfk{ mt\ @@ @@ k6sdf u/L ?= ^$ ca{ @% @% ul/g] . . s/f]8sf] 8sf] t/ntf t/ntf k|zf] zf]rg rg ul/Psf] . . clgjfo{ gub df}Hbft Hbft sfod ug] { cjlwnfO{ ;fljs Ps @)&#÷)%÷@& df kl/kq hf/L ePsf] . . xKtfaf6 b'O{O { xKtf ul/Psf] . o:tf] df}Hbft b}lgs lgs ?kdf &) k|ltzt ltzt sfod ug' {kg] kg] { Joj:yf ul/Psf] / 7Ls b'O{O { xKtf cufl8sf] Ps Ps xKtfsf] cf} cf};t ;t :jb]zL zL lgIf]ksf] ksf] cfwf/df cfwf/df df}Hbft Hbft cg'kft kft u0fgf ug] { Joj:yf Joj:yf ldnfOg] . . ljBdfg t/ntf cg'udg udg tyf k|If] If]k0f k0f ;+/rgfnfO{ /rgfnfO{ cfjZostf cfjZostf kl/dfh{g eO/x]sf] sf] . . cg';f/ ;f/ kl/dfh{g ul/g] . .


jfl0fHo a} +sx?n] sx?n] cfˆgf] s'n shf{sf] sf] @) k|ltzt ltzt tf]lsPsf lsPsf pTkfbgzLn If]qdf qdf k|jfx jfx ug' {kg] kg] { Joj:yfdWo] Joj:yfdWo] s[ s[lif lif tyf pmhf{ If] If] qdf qdf k|jfx jfx ug' {kg] kg] { shf{ shf{sf] sf] Go"gtd g td ;Ldf xfnsf] !@ !@ k|ltztaf6 ltztaf6 @)&$ c;f/ d;fGt;Dddf !% k|ltzt ltzt k'¥ofpg' ¥ofpg' kg] kg] { Joj:yf Joj:yf ul/Psf] . . tf]lsPsf lsPsf pTkfbgzLn If]qdf qdf Go"gtd\ g td\ shf{ k|jfx jfx ug' {kg] kg] { u/L xfn sfod /x]sf] sf] Joj:yf cg'?k ?k shf{ k|jfx jfx gu/]df df @)&$ c;f/ d;fGtb]lv lv To:tf] gk'u /sddf a} +s b/df xhf{gf gf nufOg] . . ko{6sLo 6sLo ;Defjgf /x]sf sf t/ t'ngfTds ngfTds ?kdf ljsf; x'g g;s]sf sf ko{6sLo 6sLo uGtJo kflye/f, dfOkf]v/L, v/L, xn];L, ;L, nfª6fª, :ju{åf/L, åf/L, dflyNnf] d':tfª, :tfª, u9LdfO{, hgsk'/wfd, /wfd, /f/f tyf vKt8 If]qdf qdf ;'ljwf ljwf ;DkGg :t/Lo xf]6n 6n :yfkgf ug{ ;fwf/0f ;fwf/0f k'g/shf{ g/shf{ pknAw pknAw u/fpg] Joj:yf Joj:yf ul/g] . . cfly{s jif{ @)&#÷&$ sf] ah]6df 6df pNn]v eP adf]lhd lhd o'jf jf tyf ;fgf Joj;foLx?nfO{ tf] tf]lsPsf lsPsf Jofj;flos s[lifdf lifdf k|jfx jfx x'g]g shf{ ] shf{df df % k|ltztsf ltztsf b/n] Aofh Aofh cg'bfg bfg pknAw u/fpg] tyf tyf ;f] If] If]qdf qdf a} +s tyf ljQLo ;+:yfaf6 :yfaf6 k|jfx jfx ul/g] shf{nfO{ nfO{ ;/n agfpg æo'jfx?nfO{ jfx?nfO{ Jofj;flos s[lif lif shf{df df k|bfg bfg ul/g] Aofh cg'bfg bfg ;DaGwL sfo{ljlw, ljlw, @)&!Æ df cfjZos ;+zf] zf]wg wg ug] { Joj:yf Joj:yf ldnfOg] . .

@)&#÷!)÷@% df kl/kq hf/L ePsf] ] . @)&$ h]7 d;fGt;Dddf jfl0fHo a} +sx?n] sx?n] s[ s[lif, lif, pmhf{, ko{6g, 6g, 3/]n' n tyf ' tyf ;fgf pBf]u nufotsf pTkfbgzLn If]qdf qdf s'n shf{sf] sf] !&=% !&=% k|ltzt ltzt shf{ k| k|jfx jfx u/]sf sf .

@)&#÷)%÷)* df kl/kq hf/L ePsf] . .

g]kfn kfn ;/sf/af6 ldlt @)&#÷!@÷)@ df æo'jfx?nfO{ jfx?nfO{ Jofj;flos Jofj;flos s[lif lif shf{df df k|bfg bfg ul/g] Aofh Aofh cg'bfg bfg ;DaGwL sfo{ljlw, ljlw, @)&!Æ vf/]h u/L æJofj;flos s[lif lif tyf kz'k+kIfL I+ fL shf{df df k|bfg bfg ul/g] Aofh cg'bfg bfg ;DaGwL sfo{ljlw, ljlw, @)&#Æ kfl/t ePsf] . . o; ;DaGwdf @)&#÷!@÷!* df kl/kq hf/L ul/Psf] . .

xfn;Dd a} +s tyf ljQLo ;+:yfx?sf] :yfx?sf] nlIft nlIft ju{df df gk/]sf sf / cfly{s ?kdf :ynut lg/LIf0fsf] qmddf qmddf lgoldt cg'udg udg eO/x]sf] sf] . . ljkGg ju{eGbf eGbf dfly /x]sfx? sfx? (Missing Middle) nfO{ shf{ shf{ k| k|fKt fKt ug{ ;xh ;xh xf];\ ; \ eGg] p2]Zon] Zon] a} +s tyf ljQLo ;+:yfx?sf :yfx?sf ;fgf tyf demf}nf nf Joj;fo 8]:s :s (SME Desk) nfO{ yk k|efjsf/L efjsf/L agfpg cg'udg udg ug] { Joj:yf ldnfOg] . . cfly{s jif{ @)&#÷&$ @)&#÷&$ sf] ah] ah] 6df 6df pNn]v eP cg';f/ ;f/ pBdzLn o'jfx?nfO{ jfx?nfO{ Rofn]Gh Gh km08 :yfkgf x'g g;s]sf] sf] . . nufgLsf] aLpk' FhL hL (Seed Capital) pknAw u/fpg] p2]Zon] Zon] :yfkgf x'g]g] Rofn]Gh Gh km08sf] ;' ;'ljwf ljwf k|fKt fKt ug] { o'jfx?nfO{ jfx?nfO{ cfjZos cfjZos x'g]g yk ] yk ljQLo ;fwg pknAw u/fpg a} +s tyf ljQLo ;+:yfx?nfO{ :yfx?nfO{ k| k|f]fT;flxt T] ;flxt ul/g] . .


Rofn]Gh Gh km08sf] ;' ;'ljwf ljwf k|fKt fKt ug] { o' o'jfx?nfO{ jfx?nfO{ a} a} +s tyf ljQLo ;+:yfx?n] :yfx?n] yk yk shf{ k|jfx jfx u/]df df To:tf] shf{ pTkfbgzLn shf{ tyf ljkGg ju{ shf{df df u0fgf ug] { Joj:yf Joj:yf ldnfOg] . . jfl0fHo a} +sx?n sx?n ljkGg ju{df df nufgL ug' {kg] kg] { % % k|ltztsf] ltztsf] shf{ shf{ cg' cg'kftnfO{ kftnfO{ oyfjt\ /fvL o; cGtu{t Go"gtd g td @ k|ltzt ltzt shf{ k|ToIf ToIf ?kdf nufgL ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . Jofj;flos s[lif lif kl/of]hgfsf] hgfsf] lwtf]df df a} +s tyf ljQLo ;+:yfx?af6 :yfx?af6 k|jfx jfx ul/g] ?= ?= !) nfv;Ddsf] kl/of] kl/of]hgf hgf shf{nfO{ nfO{ ljkGg ljkGg ju{ shf{ shf{df df u0fgf ug] { Joj:yf ldnfOg] . . df}lb| lb|s gLltdf plNnlvt Joj:yfx?sf] k|ultsf ultsf ;DaGwdf q}dfl;s ;dLIff ul/g] . .

@)&#÷)%÷!# df kl/kq hf/L ul/Psf] . .

@)&#÷)%÷!# df kl/kq hf/L ul/Psf] .

Dff}lb| lb|s gLltsf] k| k|yd yd q}dfl;s, dfl;s, c4{-jflif{s / t];| ;f]f| q} ] q}dfl;s dfl;s ;dLIff u/L ;fj{hlgs hlgs ul/Psf] . . jfl0fHo a} +sx?n] sx?n] ljj]szLn szLn lgodg cGtu{t @)&# ;fpgb]lv lv af;]n–# df o; cg';f/sf] ;f/sf] Joj:yf Joj:yf sfof{Gjogdf Gjogdf NofOPsf] . . cfwfl/t Go"gtd g td sdg OlSjl6 l6o/ ! k" Fh L cg'kft kft $=% k|ltzt ltzt sfof{Gjogdf Gjogdf Nofpg' kg] kg] { Joj:yf Joj:yf ul/Psf] . . a} +sx?sf] sx?sf] s' s'n hf]lvd lvd efl/t ;DklQsf] @=% @=% k|ltzt ltzt ljGb'n] n x' ] x'g]g] k' k' FhL hL Soflk6n o; cg';f/sf] ;f/sf] Joj:yf Joj:yf sfof{Gjogdf Gjogdf NofOPsf] . . sGh/e];g ;g akm/ sfod ug' {kg] kg] { Joj:yf Joj:yf ul/g] . tf]lsP lsP adf]lhd lhd sfod ug{ g;Sg] a} a} +sx?n] sx?n] gfkmfsf] gfkmfsf] /sd /sd dWo]af6 af6 k' FhLsf hLsf nflu ;+lrt lrt u/]/ dfq ljt/0f ug{ ;Sg] ;Sg] Joj:yf Joj:yf sfof{Gjog Gjog ul/g] . . jfl0fHo a} +sx?sf] sx?sf] s'n hf]lvd lvd efl/t ;DklQsf] clwstd @=% k|ltzt ltzt o; ;DaGwL Joj:yf cfjZostfg';f/ ;f/ nfu" ul/g] . . ljGb';Ddsf] ;Ddsf] cltl/Qm sfpG6/ l;lSnsn akm/ @)&$ c;f/ leq sfod ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . /fli6«o :t/sf ljsf; a} +sx?df sx?df xfn /x]sf] sf] ;dfgfGt/ ;dfgfGt/ k' FhL hL u0fgf ljlw x6fO{ @)&#÷)$÷!& df kl/kq hf/L ul/Psf] . . af;]n–@ k"0f{ 0 f{ ?kdf ?kdf nfu" ug] ug] { Joj:yf Joj:yf ldnfOg] . . /fli6«o :t/sf ljQ sDkgLx?df ;d]t ;dfgfGt/ ?kdf af;]n–@ adf]lhd lhd @)&#÷)%÷)* df kl/kq hf/L ul/Psf] . . kF "hL h L u0fgf ug] { Joj:yf Joj:yf ldnfOg] . . jfl0fHo a} +sx?sf sx?sf nflu af;]n–# df cfwfl/t t/ntf cg'udg udg k4lt nfu" o; ;DaGwL Joj:yf sfof{Gjog Gjog ug{ cfjZos cfjZos k|lqmof lqmof cufl8 a9]sf] sf] . . ug] { / / t/ntfsf cfwf/df ;d]t zL3| ;' ;'wf/fTds wf/fTds sf/afxL nfu" ul/g] ul/g] . . shf{ hf]lvdaf6 lvdaf6 a} +s tyf ljQLo ;+:yfx?df :yfx?df kg{ ;Sg] gf]S;fgLsf S;fgLsf nflu ;'Id Id lgu/fgL ug] { sfo{ sfo{ lg/Gt/ lg/Gt/ ?kdf eO/x]sf] sf] . . ;dod} tof/ /xg ;'Id Id lgu/fgL h:tf shf{ gf]S;fgL S;fgL Joj:yfnfO{ cem dha't / hf]lvddf lvddf cfwfl/t agfpFb}b} nlug] nlug] . .


jfl0fHo a} +sx?n] sx?n] q}dfl;s dfl;s ?kdf $ k|ltzt ltzt lne/]h cg'kft kft sfod ug' {kg] kg] { o; cg';f/sf] ;f/sf] Joj:yf Joj:yf sfof{Gjogdf Gjogdf /x]sf] sf] . . Joj:yf ul/Psf] . @)&% ;fpgb]lv lv o; cg'kftdf kftdf af;]n sld6Lsf] dfu{bz{ bz{gsf gsf cfwf/df k'g/fjnf] g/fjnf]sg sg ul/g] . . jfl0fHo a} +sx?n] sx?n] s'n lgIf]kdf kdf ;+:yfut :yfut lgIf]ksf] ksf] c+z ;fljssf] ^) @)&#÷)$÷!& df kl/kq hf/L ul/Psf] . . @)&$ h]7 d;fGtdf jfl0fHo k|ltztaf6 ltztaf6 36fO{ %) %) k|ltztsf] ltztsf] ;Ldfleq ;Ldfleq /fVg'kg] k ] g] { Joj:yf Joj:yf ul/Psf] . . a} +sx?sf] sx?sf] ;+:yfut :yfut lgIf]ksf] ksf] c+z $^=(* k|ltzt ltzt /x]sf] sf] . @)&# c;f/df o:tf] lgIf] lgIf]ksf] ksf] c+ c+z %!=# k|ltzt ltzt /x]sf] sf] . . a} +s tyf ljQLo ;+:yfx? :yfx? -3 -3 ju{sf sf afx]s_ s_ n] cfˆgf] s'n lgIf]k bfloTjsf] @)&#÷)$÷!& df kl/kq hf/L ul/Psf] . . a9Ldf Ps rf}yfO{ yfO{;Dd ;Dd ;fk6L lng ;Sg] Joj:yf Joj:yf ul/Psf] . . dflh{g k|s[ s[ltsf] ltsf] shf{sf] sf] ;'/If0f /If0f jfkt ;]o/sf] o/sf] d"NofÍg N ofÍg ubf{ kl5Nnf] !*) @)&#÷)%÷)* df kl/kq hf/L ul/Psf] . . lbgsf] clGtd clGtd d"Nosf] N osf] cf};t ;t d"No N o jf ;]o/sf] o/sf] k|rlnt rlnt ahf/ d"NodWo] N odWo] h'g sd x'G5 G5 ;f]sf] sf] a9Ldf a9Ldf %) k|ltzt ltzt /sd;Dd dfq shf{ k| k|jfx jfx ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . ;]o/sf] o/sf] lwtf] lwtf]df df shf{ k|jfx jfx ug] { k|of] of]hgsf] hgsf] nflu nflu ;+:yfks ;]o/sf] o/sf] d"NofÍg @)&#÷)%÷)* df kl/kq hf/L eO{ lgoldt cg'udg udg eO/x]sf] sf] . . ubf{ ;fwf/0f ;fwf/0f ;]o/sf] o/sf] kl5Nnf] kl5Nnf] !*) !*) lbgsf] cf} cf};t ;t d"Nosf] N osf] a9Ldf a9Ldf %) k|ltzt ltzt jf ;+:yfks :yfks ;]o/sf] o/sf] clGtd sf/f]af/sf] af/sf] d"NodWo] N odWo] h'g sd x'G5, G5, ;f]sf] sf] cfwf/df sfod ug' {kg] kg] { / o;/L sfod ul/Psf] d"Nosf] N osf] a9Ldf %) k|ltzt ltzt /sd;Dd dfq shf{ lbg lbg ;lsg] Joj:yf Joj:yf ul/Psf] . . l/on :6]6 shf{ / To;sf] ;'/If0faLrsf] /If0faLrsf] cg'kft kft -Pn6LeL cg'kft_ kft_ xfnsf] @)&#÷)%÷)* df kl/kq hf/L ul/Psf] . . ^) k|ltztaf6 ltztaf6 a9Ldf %) k| ltzt ltzt sfod ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . cfjf;Lo l/on :6]6 shf{sf] sf] -Pn6LeL -Pn6LeL cg'kft_ kft_ ^) k|ltzt;Dd ltzt;Dd /xg] Joj:yf Joj:yf @)&#÷)%÷)* df kl/kq hf/L ul/Psf] . . ul/Psf] . . ?= %) s/f]8 jf ;f]eGbf eGbf a9Lsf] ax'–a}lsË lsË shf{ pkof]u ug] { C0fLx?sf] @)&#÷)%÷)* df kl/kq hf/L ul/Psf] . . shf{nfO{ nfO{ ;xljQLos/0f shf{df df kl/0ft ug' {kg] kg] { ;Ldf j[l4 l4 u/L ?= ! ca{ sfod ul/Psf] . . ljQLo If]q ljsf; /0fgLlt :jLs[t ePkZrft\ pQm /0fgLltdf plNnlvt ljQLo If]q ljsf; /0fgLltdf pNn]lvt lvt sfo{tflnsf tflnsf adf]lhd lhd o; sfo{qmdx? qmdx? r/0fj¢ ?kdf sfof{Gjog Gjog ub} { nlug] nlug] . . a} +s;F s;Fu ;DalGwt sfo{x? x? r/0fj4 ?kdf sfof{Gjog Gjog ul/g] . . a} +s tyf ljQLo ;+:yf :yf nufotsf ;"rs r s ;+:yfx?n] :yfx?n] ;DklQ z'l4s/0f l4s/0f Pjd\ goAML Software Install eO{ k|of] of]udf udf Nofpg ;a} æsÆ ju{sf sf lgjf/0f ;DaGwL tof/ ug' {kg] kg] { ljj/0f tyf k| ltj] ltj]bg bg cfjZos ;ˆ6j]o/ o/ a} +sx?nfO{ sx?nfO{ Schema pknAw u/fO{ pQm Software k|of] of]u ug] { ljlwsf] lgdf{0f 0f u/L ljB'tLo tLo dfWodaf6 k7fpg'kg] kg] { Joj:yf Joj:yf ul/g] . . af/]df df cfjZos hfgsf/L u/fOPsf] / / pQm Software k/LIf0f k|of] of]usf] usf] qmddf /x]sf] sf] . .


;DklQ z' 4Ls/0f lgjf/0f tyf cft+ssf/L ssf/L lqmofsnfkdf ljQLo nufgL lgoGq0f ;DaGwL lgodg, lg/LIf0f tyf ;'kl/j] kl/j]If0fsf If0fsf sfo{x?nfO{ x?nfO{ yk k|efjsf/L efjsf/L ?kdf cufl8 a9fpg /fli6«o hf]lvd lvd d"NofÍg N ofÍg k|ltj] ltj]bgnfO{ bgnfO{ ;d]t cfwf/ dfgL hf]lvddf lvddf cfwfl/t ;'kl/j] kl/j]If0f If0f k|0ffnL 0ffnL qmlds ?kdf nfu" ul/g] ul/g] . . a} +s tyf ljQLo ;+:yfx?n] :yfx?n] dxfgu/kflnsf dxfgu/kflnsf tyf pk– pk –dxfgu/kflnsf If]qleq qleq / gu/kflnsfsf s]Gb| Gb| afx] afx]ssf ssf :yfgx?df zfvf vf]Ng Ng Pjd\ @)&@ @)&@ a}zfvsf] zfvsf] e"sDkaf6 s Dkaf6 clt k|efljt efljt sf7df8f} + pkTosf afx]ssf ssf lhNnfx?df /x]sf sf Ohfhtkq k|fKt fKt ;+:yfsf :yfsf zfvf :jLs[t :yfgdf /xg c;'ljwf ljwf x'g uPdf ;f]xL xL lhNnfsf] cGo cGo pko'Qm Qm :yfgdf To:tf] zfvf zfvf :yfgfGt/0f ug{ o; o; a} +ssf] ssf] k" k"j{j { :jLs[lt lt lng' gkg] gkg] { Joj:yf Joj:yf ul/Psf] . . b"u{ u {d tyf u|fdL0f fdL0f e]udf udf /x]sf sf ;j{;fwf/0fsf] ;fwf/0fsf] ljQLo ljQLo ;]jfdf jfdf kxF 'r k'uf] uf];\ ;\ eGg] eGg] x]t' tn] n ' O{ ] O{ –DoflkËsf cfwf/df to ul/Psf ljQLo kx' Fr sd ePsf lhNnfx?df a} +s tyf ljQLo ;+:yfx?n] :yfx?n] clgjfo{ clgjfo{ ?kdf ?kdf zfvf vf]Ng' Ng'kg{ k ]g{ Joj:yf Joj:yf ldnfOg] . . åGåsfndf lj:yflkt ePsf a} +sx?sf sx?sf zfvfsf] k'g:yf{ g:yf{kgfnfO{ kgfnfO{ k|efjsf/L efjsf/L agfOg] tyf lghL If]qsf qsf a} +sx?nfO{ sx?nfO{ ;d]t To:tf :yfgdf zfvf vf]Ng Ng k|f]fT;flxt T] ;flxt ul/g] . .

hf]lvddf lvddf cfwfl/t ;'kl/j] kl/j]If0f If0f k|0ffnL 0ffnL qmlds ?kdf nfu" ug] { sfo{ eO/x]sf] sf] . . @)&#÷)^÷!! kl/kq hf/L ul/Psf] .

O{–DoflkË ;DaGwL sfo{ clGtd clGtd r/0fdf /x]sf] sf] . .

@)&#÷)%÷!# df kl/kq hf/L ul/Psf] . g]kfn kfn a} +s lnld6]8, 8, /fli6«o jfl0fHo a} +s lnld6]8 / s[lif lif ljsf; a} +s lnld6]8sf 8sf åGåsfndf lj:yflkt #!* zfvfx?dWo] @)&# r}t d;fGt;Dddf !%& zfvf k'g:yf{ g:yf{kgf kgf ePsf . k"jf{ j f{wf/sf wf/sf If]qdf qdf nufgL ug{ lghL lghL If]q ;d]tsf] tsf] ;xeflutfdf ;xeflutfdf k"jf{ j f{wf/ wf/ ljsf; k"jf{ j f{wf/ wf/ ljsf; a} +s :yfkgf ug{ gLltut gLltut k|lqmof lqmof cufl8 a9fOg] . . a} +s :yfkgf ug{ ] sfo{ sfo{ cufl8 cufl8 a9fOg] . . ;du| a} +lsË lsË k|0ffnLsf] 0ffnLsf] ;+:yfut :yfut ;'zf;g zf;g Pjd\ hf]lvd lvd Joj:yfkgsf] u'0f:t/ 0f:t/ @)&#÷(÷@^ df kl/kq hf/L ul/Psf] . . ;'wf/ wf/ ug{sf sf nflu kf/blz{tf tf, v'nf;f, nf;f, :jfy{sf] sf] åGå, åGå, cg'kfngf kfngf nufotsf ljifodf cGt/f{li6« li6«o c;n cEof; ;d]6L 6L a} +s tyf ljQLo ;+:yfsf :yfsf ;~rfnsx?nfO{ cled'vLs/0f vLs/0f ug{ æ;~rfns æ;~rfns lzIff sfo{ qmdÆ qmdÆ ;~rfng ul/g] . . jfl0fHo a} +sx?df sx?df g]kfn kfn kmfOgflG;on l/kf]l6{ l6{Ë :6\of088{ of088{ (NFRS) nfu" ug{ ] o; ;DaGwdf Uniform Chart of Accounts sf] d:of} d:of}bfnfO{ bfnfO{ clGtd clGtd k|of] of]hgsf hgsf nflu dfu{bz{ bz{g hf/L ul/Psf] . pQm dfu{bz{ bz{g adf]lhd lhd jfl0fHo ?k lbO{ NFRS nfu" ug] ug] { ;DaGwL ;DaGwL k|lqmof lqmof cufl8 a9fpg] qmddf qmddf /x]sf] sf] . . a} +sx?n] sx?n] tof/ tof/ ug' {kg] kg] { ljQLo ljQLo ljj/0fx?sf] 9fF 9fFrf rf ;DaGwL d:of}bf bf ;d]t tof/ eO{ NFRS sfof{Gjog Gjog ug] { qmddf ljBdfg lgb] {zgdf zgdf ug' {kg] kg] { ;+zf] zf]wgx?sf] wgx?sf] klxrfg u/L gofF dfu{ dfu{bz{ bz{g hf/L ul/g] . . cGo a} +s tyf ljQLo ;+:yfx?df :yfx?df ;d]t nfu" ug] ug] { Joj:yf Joj:yf klxnf] r/0fdf jfl0fHo a} +sdf sdf nfu" ePkZrft\ cGo a} +s tyf ljQLo NFRS nfO{ cGo ldnfOg] . . ;+:yfx?df :yfx?df qmlds ?kdf nfu" ul/g] ul/g] . .


;fdflhs ;'/Iff /Iff eQf a} +s vftfdfkm{t\ t \ pknAw u/fpg tyf ;a} g]kfnLsf] kfnLsf] o; ;DaGwdf cfjZos gLltut Joj:yf ug{ g]kfn kfn ;/sf/, ;+3Lo 3Lo a} +s vftf cleofg ;~rfng ug] { ;DaGwdf ;DaGwdf cfjZos Joj:yf ldnfOg] . . dfldnf tyf :yfgLo ljsf; dGqfnosf] cu'jfO{ jfO{df df ;dGjo ug] { sfo{ eO/x]sf] sf] . . a} +s tyf ljQLo ;+:yfx?n] :yfx?n] ;+:yfut :yfut pQ/bfloTj ;DaGwL sfo{df df yk @)&#÷(÷@^ df hgzlQm bIftf clej[l4 l4 ug] { ;DaGwdf / lqmofzLn x'g cfˆgf] d'gfkmfsf] gfkmfsf] sDtLdf ! k| ltzt ltzt /sd 5' § \ ofpg' o\ fpg' kg] { / @)&#÷!)÷!@ df ;+:yfut :yfut pQ/bfloTj ;DaGwdf kl/kq hf/L cfˆgf] hgzlQmsf] bIftf clej[l4sf l4sf nflu s'n sd{rf/L rf/L vr{sf] sf] Go"gtd # ul/Psf] . . k|ltzt ltzt /sd tflnd tyf j[lQ lQ ljsf;df vr{ ug' ug' {kg] kg] { Joj:yf Joj:yf ul/g] . . Gfub sf/f]af/af6 af/af6 x'g]g hf] ] hf]lvd lvd Go"gLs/0f g Ls/0f ug{ ?= ?= %) nfveGbf a9Lsf] sf/f] sf/f]af/ af/ @)&#÷)%÷)* df kl/kq hf/L eO{ lgoldt cg'udg udg eO/x]sf] sf] . . clgjfo{ ?kdf ?kdf r]sdfkm{ sdfkm{t\ t\ ug' ug' {kg] kg] { Joj:yf Joj:yf /x]sf] sf]df df pQm ;LdfnfO{ 36fO{ 36fO{ ?= ?= #) nfv sfod ul/Psf] . . æ/fi6«C0f C0f dfu{bz{ bz{g, g, @)^)Æ df cfjZos kl/dfh{g ul/g] . dfu{bz{ bz{g kl/dfh{gsf] gsf] sfo{ sfo{ clGtd clGtd r/0fdf /x]sf] sf] . . ;/sf/L C0fkqx?sf] k|df0fkqnfO{ df0fkqnfO{ cef}ltsLs/0f ltsLs/0f u/L e'QmfgL QmfgL Joj:yfnfO{ ;/nLs[t ug{sf sf nflu gofF ;ˆ6j] ;ˆ6j]o/ o/ k|of] of]udf udf NofOg] . . g]kfnsf] kfnsf] ljBdfg ljBdfg e'QmfgL QmfgL k|0ffnLnfO{ 0ffnLnfO{ cfw' cfw'lgsLs/0f lgsLs/0f / Jojl:yt ug{ ;fem] ;fem]bf/ bf/ ;+:yfx?sf] :yfx?sf] ;dGjodf l/on 6fOd u|; ;]6nd] 6nd]G6 G6 l;:6d, ;]G6« G6«n ;]So' So'l/l6h l/l6h l8kf]lh6/L lh6/L tyf g]zgn zgn k]d] dG6 G] 6 :jLr÷u]6j] 6j] h:tf h:tf ljifox?df cWoog ul/g] . .

o; ;DaGwdf sfo{bn bn u7g eO{ ;f]dfk{ dfk{ mt\ tof/ ug] { sfo{ sfo{ clGtd clGtd r/0fdf /x]sf] sf] . .

Business Requirement

cWoog u/L RTGS, CSD, National Payment Switch/Gateway sf] cWoog ;f] ;DaGwL ;DaGwL 5'§f5' §f5'§}§} k| k| ltj] ltj]bg bg tof/ ug] { qmddf qmddf RTGS :yfkgf ;DaGwL k|ltj] ltj]bg bg tof/ eO;s]sf] sf] . ;fy}, CSD, National Payment Switch/Gateway :yfkgf ;DaGwL k|ltj] ltj]bg bg tof/ kfg] { sfo{ sfo{ eO/x] eO/x]sf] sf] . . n3'ljQ ljQ ;+:yfx?dfk{ :yfx?dfk{ mt\ x'g]g] ax'–a}lsË lsË sf/f]af/nfO{ af/nfO{ Jojl:yt ug{ pQm n3'ljQ ljQ ;+:yfx?nfO{ :yfx?nfO{ ;" ;"rgf r gf s]Gb| Gb|df df cfj4 u/fOPsf] . . ;+:yfx?nfO{ :yfx?nfO{ shf{ ;"rgf r gf s]Gb| Gb|df df cfj4 x'g'gkg] k' g] { Joj:yf ldnfO{ shf{ ;"rgf r gf k|0ffnLnfO{ 0ffnLnfO{ k| k|efjsf/L efjsf/L t'NofOg] NofOg] . . n3'ljQ ljQ ;+:yfx?n] :yfx?n] shf{ nufgL ubf{ u|fxs;F fxs;Fu lng] Aofhb/ ;DalGwt @)&#÷(÷@^ df kl/kq hf/L eO{ lgoldt lgoldt cg'udg udg eO/x]sf] sf] . . ;+:yfsf] :yfsf] sf] sf]ifsf] ifsf] nfut nfut (Cost of fund) df a9Ldf & k|ltzt ltzt :k| ]8 sfod u/L Aofhb/ lgwf{/0f /0f ug] { Joj:Yff Joj:Yff ldnfOg] . . ;+3Lo 3Lo ;+/rgf /rgf tyf O{–DoflkËsf] cWoog k|ltj] ltj]bg bg ;d]tnfO{ tnfO{ b[li6ut li6ut u/L @)&#÷)^÷!! df ;"rgf r gf hf/L ul/Psf] . . n3'ljQ ljQ ;+:yfx?sf] :yfx?sf] ljQLo kx' Frsf] rsf] cj:yf, :t/ j[l4, l4, dh{/÷k| /÷k|flKt flKt tyf ;+rfng rfng ;DaGwdf cWoog u/L cfjZos gLltut Joj:yf ul/g] / o:tf] Joj:yf geP;Ddsf nflu n3'ljQ ljQ ;+:yf :yf :yfkgf Pjd\ ljQLo ljQLo sf/f]af/ af/ ug{ Ohfhtkqsf] nflu nflu cfj]bg bg lng] sfo{ sfo{ :yug :yug ul/Psf] . .


ljQLo ;]jfsf] jfsf] kx' Fr sd /x]sf sf dgfª, x'Dnf, Dnf, h'Dnf, Dnf, 8f]Nkf, Nkf, sflnsf]6, 6, d'u' u,' hfh/sf]6, 6, aemfª, afh'/f /f / bfr' {nf nf lhNnfdf k|wfg wfg sfof{no no :yfkgf u/L pQm !) lhNnf sfo{If] If]q /xg] n3'ljQ ljQ ;+:yf :yf :yfkgfsf] nflu ljBdfg Ohfht gLltnfO{ oyfjt oyfjt /flvPsf] . /fli6«o :t/sf] yf]s shf{ k|bfg bfg ug] { n3'ljQ ljQ ;+:yfx?n] :yfx?n] @)&% c;f/ d;fGt;Dd Go"gtd g td r'Qmf Qmf k" FhL h L ?= ^) s/f]8 sfod ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . n3'ljQ ljQ ;+:yfx?af6 :yfx?af6 k|jfx jfx x'g]g shf{ ] shf{ ;Ldf ;Ldf lgDg cg';f/ ;f/ sfod ul/Psf] M M -s_ ljkGg tyf Go"g cfo ePsf JolQmnfO{ ;fd' ;fd'lxs lxs hdfgLdf n3'pBd pBd jf Joj;fo ;~rfng ug{ k|lt lt ;d"x ;b:o ?= ! nfvaf6 ?= # nfv / ljut b'O{O jif{ { jif{b]b]lv lv shf{ pkof] pkof]u u/L c;n ju{df df k/]sf sf ;d"x ;b:osf] xsdf ?= # nfvaf6 ?= % nfv . -v_ gjLs/0fLo pmhf{ k|ljlw ljlw cGtu{t ;f]nf/ nf/ l;:6d /÷jf afof]Uof; Uof; k|of] of]hgsf] hgsf] nflu nflu k|lt lt kl/jf/ ?= ^) xhf/af6 ?= @ nfv . -u_ ljkGg tyf Go"g cfo ePsf JolQmnfO{ lwtf] lwtf] lnO{ n3'pBd pBd jf Joj;fo ;~rfng ug{ k|lt lt ;d"x ;b:o ?= # nfvaf6 ?= % nfv / ljut b'O{O jif{ { jif{b]b]lv lv shf{ pkof] pkof]u u/L c;n ju{df df k/]sf sf ;d"x ;b:osf] xsdf ?= % nfvaf6 ?= & nfv . -3_ a} +s tyf ljQLo ;+:yf :yf gePsf uf=lj=;=x?df n3'ljQ ljQ ;+:yfx?af6 :yfx?af6 :jLsf/of]Uo Uo lwtf] lnO{ ;d"xdf x df cfa4 ePsf tyf gePsf JolQmx?nfO{ n3'pBd pBd ;~rfng ug{ ?= ?= & nfvaf6 ?= !) nfv . -ª_ ;d"xdf x df cfj4 gePsf ljkGg tyf Go"g cfo ePsf JolQmnfO{ lwtf] lwtf] lnO{ lnO{ ?= ^) xhf/af6 ?= # nfv . lgwf{l/t l/t k' FhLsf] hLsf]ifif sfod gug] { n3' n3'ljQ ljQ ;+:yfx?nfO{ :yfx?nfO{ zL3| zL3| ;' ;'wf/fTds wf/fTds sf/afxL ug] { ;DaGwdf ;DaGwdf 5'§}§ gLltut } gLltut Joj:yf ul/g] . . hg;fwf/0fnfO{ ljQLo ;]jfsf] jfsf] pkof]u ug{sf sf nflu k|f]fT;fxg T] ;fxg ug{, ljQLo ;]jfsf jfsf u|fxsx?sf] fxsx?sf] lxt lxt ;+/If0f /If0f ug{ tyf tyf ljQLo ;dfj]zLs/0f zLs/0f a9fpg g]kfn kfn ;/sf/af6 /fli6«o ljQLo ;fIf/tf gLlt :jLs[t ePkZrft\ ;f] ;f] cg' cg';f/sf] ;f/sf] sfo{ sfo{ cufl8 a9fOg] . . nlIf0f sf]l/of, l/of, Oh/fon, ci6« ]lnof lnof nufotsf b]zaf6 zaf6 cfk|jfx jfx x'g'gkg] k' g] { ljk| ljk| ]if0f if0f /sdsf] clwstd\ c+z a}lsË lsË k|0ffnLaf6 0ffnLaf6 leq\ofpg] ofpg] ;DaGwdf cfjZos gLltut Joj:yf ul/g] . .

@)&#÷)^÷!! df ;"rgf r gf hf/L ul/Psf] . .

@)&#÷)%÷)* df kl/kq hf/L ul/Psf] . . @)&$ h]7 d;fGtdf pQm ;+:yfx?sf] :yfx?sf] s' s'n r'Qmf Qmf k" FhL h L ?= ! ca{ %) %) s/f]8 /x]sf] sf] . . @)&#÷)%÷)* df kl/kq hf/L ul/Psf] / o; cg'?k ?k cg'udg udg eO/x]sf] sf] . .

o; ;DaGwL zL3| ;' ;'wf/fTds wf/fTds sf/afxL ljlgodfjnL nfu" eO;s] sf] sf] . . ljQLo ;fIf/tf gLltsf] d:of}bf bf :jLs[ltsf] ltsf] nflu g]kfn kfn ;/sf/, cy{ dGqfnodf k]z ul/Psf] . . klxnf] r/0fdf blIf0f sf]l/ofsf] l/ofsf] nflu g]kfn kfn ;/sf/ cy{ dGqfnoaf6 cfjZos gLltut Joj:yf ug{ @)&# df3df sld6L u7g eO{ sfo{ cl3 a9]sf] sf] .


ef/t afx]s t];| ;f]f| ] d'n' nsx?af6 s ' x?af6 8«fˆ6–6L=6L=sf] fˆ6–6L=6L=sf] dfWodaf6 j:t' cfoft ubf{ Ps k6sdf a9Ldf cd] l/sL l/sL 8n/ $) xhf/ a/fa/;Ddsf] kl/jTo{ ljb]zL zL d'b|bf| e'QmfgL QmfgL lbg kfOg] Joj:yf Joj:yf /x]sf] sf]df df ;f] ;Ldfdf ;Ldfdf j[l4 l4 u/L cd]l/sL l/sL 8n/ %) xhf/ sfod ul/g] . . ef/taf6 kl/jTo{ ljb] ljb]zL zL d'b|bf| e'StfgL StfgL x'g]g u/L ] u/L ;ˆ6j] o/ o/ vl/b ug{ 'k/] k/]df df xfn Psk6sdf a9Ldf cd]l/sL l/sL 8n/ !) xhf/ ;Ldf /x]sf] sf]df df o;nfO{ j[l4 l4 u/L cd]l/sL l/sL 8n/ !% xhf/;Ddsf] ;ˆ 6j] 6j]o/ o/ Pn=;L=dfkm{t\ t \ cfoft ug{ kfpg] Joj:yf ul/g] . . o; a} +sdf sdf k|ToIf ToIf j}b]blzs l] zs nufgLsf] n] n]vfÍg vfÍg clgjfo{ ?kdf ?kdf cBfjlws ug' {kg] kg] { Joj:yf ul/g] . . Ohfhtkq k|fKt fKt ;+:yfx?nfO{ :yfx?nfO{ sf/f] sf/f]af/sf] af/sf] ljj/0f ljj/0f k]z ug{ a} +ssf] ssf] sfof{ sfof{nodf nodf cfO{ ljj/0f ljj/0f a'emfpg' emfpg' kg] kg] { Joj:yfn] Joj:yfn] ;] ;] jfu| jfu|fxLnfO{ fxLnfO{ k/] k/] sf] sf] sl7gfO{ sl7gfO{nfO{ nfO{ ;dfwfg ;dfwfg tyf Jojl:yt ug] { p2]Zon] Zon] Ohfhtkq k|fKt fKt JolQm÷;+:yfaf6 :yfaf6 cgnfOg tYofÍ lng] Joj:yf Joj:yf ul/g] . . ljk| ]if0f if0f Joj;fodf ;+nUg nUg ;+:yfx?n] :yfx?n] qmdzM lgDg adf]lhd lhd Go"gtd g td r'Qmf Qmf k' FhL hL sfod ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . -s_ /]ld6\ ld6\ofG; ofG; sf8{ hf/L hf/L ug] { sDkgLsf] sDkgLsf] xsdf xsdf ?= @% s/f]8 . -v_ lk|lG;kn lG;kn sDkgL eO{ sf/f] sf/f]af/ af/ ug] { ljk| ljk| ]ifs ifs kmd{, sDkgL jf ;+:yfn] :yfn] ?= ?= % s/f]8af6 8af6 ?= !) s/f]8 . -u_ ljb]zl:yt zl:yt lk|lG;kn lG;kn sDkgLsf] Ph]G6 G6 eO{ ljk| ljk| ]if0fsf] if0fsf] sf/f]af/ af/ ug] { kmd{, sDkgL jf ;+:yfn] :yfn] ?= ?= ! s/f]8af6 8af6 ?= @ s/f]8 . dlgr]~h/ ~h/ Joj;fodf ;+nUg nUg ;+:yfx?n] :yfx?n] qmdzM qmdzM lgDg adf]lhd lhd Go"gtd g td r'Qmf Qmf k' FhL hL sfod ug' {kg] kg] { Joj:yf Joj:yf ul/Psf] . . -s_ ef/tLo ?k}ofF ofF vl/b– vl/b–laqmL sf/f]af/sf af/sf nflu ?= % nfvnfO{ oyfjt oyfjt . -v_ kl/jTo{ ljb]zL zL d'b|bfsf] f| sf] vl/b sf/f]af/sf af/sf nflu ?= !) nfvaf6 ?= !% nfv . -u_ pk/f]Qm Qm b'a}a sf/f] } sf/f]af/ af/ ug] { ;+ ;+:yfsf :yfsf nflu ?= !% nfvaf6 ?= @) nfv . kl/jTo{ ljb]zL zL d'b|bfdf f| df vftf x'g]g] g]kfnLn] kfnLn] cfˆgf] vftfaf6 j:t' tyf ;] jf jf vl/b ug] { k| k| of] of]hgsf hgsf nflu jflif{s cd]l/sL l/sL 8n/ !% xhf/;Dd e'QmfgL QmfgL lbg ;Sg] Joj:yf Joj:yf ul/g] . .

@)&#÷)$÷@* df kl/kq hf/L ul/Psf] . .

@)&#÷)$÷@# df kl/kq hf/L ul/Psf] . .

k|ToIf ToIf j}b]blzs l] zs nufgLsf] n]vfÍg vfÍg ug] { ;DaGwdf @)&#÷!@÷#! Dff ;fj{hlgs hlgs ;"rgf r gf hf/L ul/Psf] . . @)&$÷)@÷)! df ;fj{hlgs hlgs ;"rgf r gf hf/L ul/Psf] . .

@)&#÷)%÷)% df kl/kq hf/L ul/Psf] . .

@)&#÷)%÷)% df kl/kq hf/L ul/Psf] . .

@)&#÷)$÷@# df kl/kq hf/L ul/Psf] . .


sf8{sf] sf] k|rng rng a9\b}b } uPsf] / ljb]zL zL ko{6sx?n] 6sx?n] klg To:tf sf8{ NofO{ o; ;DaGwL cWoog sfo{ ;dfKt eO{ k|ltj] ltj]bg bg tof/ ug] { sfo{ sf] . . ;f]af6 af6 g]kfnL kfnL ?k}ofF ofFdf df ;6xL ln+bf bf dlgr]~h/x?n] ~h/x?n] klg kf]OG6 OG6 ckm ;]n eO/x]sf] t\ sf8{ sf8{af6 af6 ;6xL lbg ;Sg] Joj:yfsf Joj:yfsf ;DaGwdf cWoog ul/g] . . (PoS) dfkm{t\ kl/jTo{ ljb] ljb]zL zL d'b|b|fsf] fsf] dfunfO{ dfunfO{ b[ b[li6ut u/L vl/bb/ dfq pNn] v x' g]g ljb] ] ljb]zL zL @)&#÷)$÷@$ df kl/kq hf/L ul/Psf] . . d'b|bfx?sf] f| x?sf] vl/bb/ vl/bb/ / laqmLb/ b'a}a tf] } tf]sL sL laqmL ug] { Joj:yf Joj:yf ldnfOg] . . >d :jLs[lt lt lnO{ sfo{ sfo{ ul//x] ul//x]sf sf ljb]zL zL gful/sx?n] kl/jTo{ kl/jTo{ ljb]zL zL d'b|bfdf f| df @)&#÷)%÷@# df kl/kq hf/L ul/Psf] . . t];| ;f]f| d' ] d'n' nsdf s ' df kfl/>lds k7fpg' kbf{ kbf{ tf] tf]lsP lsP adf]lhdsf] lhdsf] sfuhft sfuhft lnO{ tf] tf]lsP lsP adf]lhdsf] lhdsf] /sd a} +s tyf ljQLo ;+:yfx?af6 :yfx?af6 ;f]em} em} e'QmfgL QmfgL ug] { Joj:yf ldnfOg] . . j}b]blzs l] zs /f]huf/ huf/ artkqsf] af/]df df hgr]tgf tgf hufO{ ;f] artkqsf] laqmL o; ;DaGwL k|j4{ j4{gfTds gfTds sfo{ ;DkGg ;DkGg ePsf] . . k|j4{ j4{g ug{ a9L a9L ;+Vofdf Vofdf g]kfnLx? kfnLx? j}b]blzs l] zs /f]huf/df huf/df /x]sf sf k|d' dv ' d'n' nsx?df s ' x?df g]kfn kfn ;/sf/sf ;DalGwt lgsfo, laqmL Ph]06sf 06sf ljb]zl:yt zl:yt sfof{nox? nox? tyf /]ld6\ ld6\ofG; ofG; sDkgLx? nufotsf] ;dGjodf r]tgfd" tgfd"ns k|j4{ j4{gfTds gfTds sfo{qmd qmd ;~rfng ul/g] . .

df}lb|s gLlt @)&$÷&%

-?= s/f] 8df_ 8df_

!= v'b j}b]b]lzs lzs ;DklQ !=! j}b]b]lzs lzs ;DklQ !=@ j}b]b]lzs lzs bfloTj s= ljb]zL zL d'b|b|f lgIf]k v= cGo j}b]lzs lzs bfloTj @= v'b cfGtl/s ;DklQ @=! s'n cfGtl/s shf{ s= ;/sf/nfO{ uPsf] uPsf] v' v'b shf{ c= ;/sf/dflysf] bfjL bfjL cf= ;/sf/L lgIf]k v= u} +/–ljQLo /–ljQLo ;/sf/L ;+ :yfx?nfO{ :yfx?nfO{ uPsf] uPsf] shf{ shf{ u= ljQLo ;+:yfx?nfO{ uPsf] :yfx?nfO{ uPsf] shf{ shf{ c= ;/sf/L cf= u}/–;/sf/L /–;/sf/L 3= lghL If]qnfO{ qnfO{ uPsf] uPsf] shf{ shf{ @=@ v'b cdf}lb| lb|s bfloTj #= lj:t[t d'b|b|f k|bfo bfo -Pd@_ #=! d'b|b|f k|bfo bfo -s±v_, Pd!± s= d'b|b|f k|bfo bfo -Pd!_ d'b|b|f rNtL lgIf]k v= art tyf sn lgIf]k #=@= cfjlws lgIf]k $= lj:t[t df}lb| lb|s t/ntf -Pd#_ c – cg'dfg dfg k| – – k|If] If]lkt lkt 1/

ljb]zL zL ljlgdo b/ d" NofÍg NofÍg gfkmf gfkmf ?= !(&*=!$ s/ f]8 ;dfof]hg hg

2/

ljb]zL zL ljlgdo b/ d" NofÍg NofÍg gf]S;fg S;fg ?= @%^#=$$ s/f]8 ;dfof]hg hg

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s[lif lif tyf jg dT:okfng

vfgL tyf pTvgg pTkfbg pBf]u ljB't, t, Uof; tyf kfgL lgdf{0f 0f

yf]s tyf v'b|b|f Jofkf/ xf]6n 6n tyf /]i6' i6'/]/]G6 G6 oftfoft, e08f/0f tyf ;+rf/ rf/ ljQLo dWo:ytf 3/ hUuf, ef8f tyf Jofj;flos Jofj;flos ;]jfx? jfx? ;fj{hlgs hlgs k|zf;g zf;g tyf /Iff lzIff :jf:Yo tyf ;fdflhs sfo{ cGo ;fd'bflos, bflos, ;fdflhs tyf JolQmut ;]jfx? jfx?

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- 2 013.9

- 3119.8

12.5

76.8

- 195.0

- 197.5

- 2 06.9

-2 10.0

- 107.4

6 .1

- 48.1

- 1896.6

- 22 51.0

- 2 366.9

- 2607.4

- 24 2464.7

2 4.8

4.1

- 56506.8

-63587.9

-5 - 594 37.8

- 67177.3

- 80351.8

5.2

35.2

2 902 .1

342 4.3

2 916.0

34 00.4

2 615.7

0.5

- 10.3

3707.6

42 83.2

3730.6

4308.5

464 9.7

0. 0.6

- 805.4

- 858.9

- 814.6

-908.1

- 2 034.0

1.1

- 53604.6

- 60163.7

-56521.8

-63776.8

- 77736.1

5.4

2 4.6 149.7 37.5


-?= s/f] 8df_ 8df_

–

!= ;'g, g, P;=l8=cf/=, cfOPdPkmdf /x]sf] sf] l/hj{ l/hj{ @= ljb]zL zL ljlgdo ;l~rlt kl/jTo{ ckl/jTo{

2362.3

29 2991.7

3062.0

2921.2

26.6

-4.6

70306.1

86 931.6

88701.1

91512.4

23.6

3.2

51745.7

6 5257.4

67245.8

68190.6

26.1

1.4

1856 0.4

216 74.2

21455.3

23321.8

16.8

8.7

kl/jTo{ ckl/jTo{

11484.3

14498.0

14400.6

14628.4

26.2

1.6

615.2

744.4

819.4

885.0

21.0

8.0

kl/jTo{ s'n ;l~rltdf c+ z -k|ltztdf_ ltztdf_ ckl/jTo{ s'n ;l~rltdf c+ z -k|ltztdf_ ltztdf_

63230.0

79755.4

816 46.4

82819.0

26.1

1.4

16.9

8 .7

cfoft Ifdtf -dlxgfdf_ s'n ljb]zL zL ljlgdo ;l~rlt j:t' j:t' tyf tyf ;] jf jf s'n a}b]b]lzs lzs ;DklQ

76.7

78.1

78.6

77.4

19175.6

22418.6

22274.7

24206 .9

23.3

21.9

21.4

22.6

13.0

16.8

16.5

13.3

11.2

14.3

14.1

11.5


-/sd s/f] 8df_ 8df_


33.3

3,403.9

-

-

33.3

3,403.9

22.1

2,362.9

-

-

22.1

2,362.9

2,050.2

32.0

1,743.7

26.0

37.7

3,988.7

-

-

37.7

3,988.7

31.7

3,387.4

-

-

31.7

3,387.4

1,457.8

22.0

2,539.9

38.0

41.7

4,353.5

-

-

41.7

4,353.5

38.8

4,143.2

-

-

38.8

4,143.2

392.0

6.0

1,732.8

26.0

35.1

3,681.7

-

-

35.1

3,681.7

36.4

3,893.7

-

-

36.4

3,893.7

1,049.5

16.0

2,671.6

40.0

40.0

4,255.6

-

-

40.0

4,255.6

34.8

3,789.4

-

-

34.8

3,789.4

35.0

3,730.2

-

-

35.0

3,730.2

40.1

4,358.1

-

-

40.1

4,358.1

1,864.5

31.8

3,448.7

-

-

31.8

3,448.7

29.3

3,177.1

-

-

29.3

3,177.1

34.6

3,771.2

-

-

34.6

3,771.2

36.4

3,890.2

-

-

36.4

3,890.2

40.7

4,332.8

-

-

40.7

36.2

3,758.0

-

-

36.2

3,758.0

41.7

4,258.4

-

-

41.7

4,258.4

32.1

3,303.6

-

-

32.1

3,303.6

2,129.0

32.0

29.5

3,165.4

-

-

29.5

3,165.4

36.6

3,769.4

-

-

36.6

3,769.4

2,147.1

32.0

44.0

44.0

4,745.0

2 3.8*

2 457.3 *

2 457.3 *

1 ,889.6

28.0

* c;f/ @@ ut] ;Dd ;Dd .

4,745.0

4,332.8

23 .8*

1,997.7

30.0

1,771.4

26.0

28.0

2,851.7

42.0

2,438.0

38.0

2,576.6

38.0

1,773.2

26.0

2,408.2

36.0

3,335.7

50.0

3,258.5

50.0

1,031.5

16.0

2,189.6

34.0

1937.3*

30.0*

Monetary Policy (in Nepali)--2074-75 (Full Text)-New - Copy

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