Saud NEPSE’s new GM
The government has appointed Chandra Singh Saud as the general manager of Nepal Stock Exchange Limited (NEPSE). A Cabinet meeting held on Monday took the decision to this effect. Saud has been appointed for a term of four years. The government selected Saud among three candidates as per the recommendation of the Finance Minister Gyanendra Bahadur Karki himself in the Cabinet. Saud was former general manager of Nepal Insurance Company. Earlier, the Financial Sector Management Council, under the Finance Ministry, had selected three candidates out of five candidates. Manoj Gyawali, Deputy Chief Executive Officer of Jyoti Bikash Bank, and Professor Pramod Raj Sharma were in the final race with Saud. Initially, a total of 13 candidates had applied for the post. However, the Cabinet failed to appoint new general manager of Gorkhapatra Corporation. It was reported that eight persons including a few journalists had applied for the post of GM in the state-owned media house. Meanwhile, the government decided to amend the procedure relating to providing house building loans to the earthquake victims. According to Minister Karki, the government is preparing to amend the procedure from the previous provision of receiving home loans only on the basis of collective surety by ensuring collateral surety. Banks have been denying loans to the quake victims only on the basis of collective surety. The earthquake victims following the new provision can get loans of up to Rs. 300,000 by keeping their house under construction as collateral in the banks. Loans to be provided to the victims are free of interest.