cfly{s jif{ @)&*÷&( sf] df}lb|s gLltsf] ;f/f+z

 ;g\ @)@) df #=@ k|ltztn] ;+s'rg ePsf] ljZj cy{tGq ;g\ @)@! Dff ^=) k|ltztn] la:tf/ x'g]
cGt/f{li6«o d'b|f sf]ifsf] cg'dfg 5 . ;g\ @)!( df ljZj cy{tGq @=* k|ltztn] la:tf/ ePsf] lyof] .
 cfly{s jif{ @)&^÷&& df @=)( k|ltztn] ;+s'rgdf uPsf] g]kfnsf] cy{tGq cfly{s jif{ @)&&÷&* df
$=)! k|ltztn] la:tf/ x'g] s]Gb|Lo tYofÍ ljefusf] cg'dfg /x]sf] 5 .
 cfly{s jif{ @)&&÷&* df jflif{s pkef]Qmf d'b|f:kmLlt cf};t & k|ltztsf] ;Ldfleq /fVg] nIo /x]sf]df
#=^) k|ltzt sfod /x]sf] 5 . jflif{s laGb'ut cfwf/df @)&* c;f/df pkef]Qmf d'b|f:kmLlt $=!(
k|ltzt /x]sf] 5 .
 cfly{s jif{ @)&&÷&* df a}s tyf ljQLo ;+:yfsf] lgIf]k kl/rfng @!=$ k|ltztn] j[l4 eO{ ?=$,^^@
ca{ &# s/f]8 k'u]sf] 5 . cl3Nnf] jif{ lgIf]k kl/rfng !*=& k|ltztn] j[l4 eO{ ?=#,*#( ca{ &# s/f]8
/x]sf] lyof] .
 cfly{s jif{ @)&&÷&* df a}s tyf ljQLo ;+:yfsf] lghL If]qtkm{ nufgLdf /x]sf] shf{ @&=# k|ltztn]
j[l4 eO{ ?=$,)*$ ca{ *! s/f]8 k'u]sf] 5 . cl3Nnf] jif{ o:tf] shf{ !@=) k|ltztn] a9]/ ?=#,@)(
ca{ &( s/f]8 /x]sf] lyof] .
 cfly{s jif{ @)&*÷&( df pkef]Qmf d'b|f:kmLlt cf};t ^=% k|ltztleq ;Lldt /fVg] .
 k|rlnt d"Nosf] s'n ufx{:Yo pTkfbgnfO{ df}lb|s k|If]k0fsf] cfwf/sf] ?kdf lnO{ cfly{s jif{ @)&*÷&(
df lj:t[t d'b|fk|bfosf] la:tf/ !* k|ltzt / lghL If]qtkm{sf] shf{ la:tf/ !( k|ltzt x'g] k|If]k0f .
;+rfng nIo tyf pks/0f
 clgjfo{ gub cg'kft # k|ltztsf] ljBdfg Joj:yfnfO{ oyfjt /flvPsf] .
 a}+sb/nfO{ % k|ltztdf oyfjt /flvPsf] .
 Aofhb/ sl/8f]/sf] dflyNnf] ;Ldfsf] ?kdf /x]sf] :yfoL t/ntf ;'ljwf b/ % k|ltztnfO{ oyfjt\
/flvPsf] .
 sl/8f]/sf] tNnf] ;Ldfsf] ?kdf /x]sf] lgIf]k ;+sng b/nfO{ ! k|ltztaf6 j[l4 u/L @ k|ltzt / gLltut
b/sf] ?kdf /x]sf] l/kf]b/nfO{ # k|ltztaf6 j[l4 u/L #=% k|ltzt sfod ul/g] .
 jfl0fHo a}+s, ljsf; a}+s / ljQ sDkgLn] sfod ug'{kg]{ ljBdfg j}wflgs t/ntf cg'kft qmdzM !)
k|ltzt, * k|ltzt / & k|ltztnfO{ oyfjt sfod /flvPsf] .
;|f]t kl/rfng
 /fli6«o :t/sf ljsf; a}+s, ljQ sDkgL / yf]s sf/f]af/ ug]{ n3'ljQ ljQLo ;+:yfx?n] ;d]t cfˆgf]
r'Qmf k'FhLsf] @% k|ltzt C0fkq hf/L ug{] Joj:yf ldnfOg] .
 a}lsË k|0ffnLaf6 k|fKt x'g] ljk|]if0f /sd a}+s tyf ljQLo ;+:yfx?df hDdf u/]df Go"gtd ! k|ltzt
laGb' yk Aofh kfpg] Joj:yf ldnfOg] .

Monetary Policy Highlights, FY 2078-79

shf{ k|jfx
 jfl0fHo a}+sx?n] s[lif, pmhf{ / n3', 3/]n', ;fgf Pjd\ demf}nf pBdsf If]qdf ?= ! s/f]8 eGbf sd
/sdsf shf{ k|jfx ug'{kg]{ !% k|ltztsf] Go"gtd cg'kftsf] ljBdfg Joj:yfnfO{ lg/Gt/tf lbOPsf] .
 ufFpkflnsf tyf gu/kflnsfsf] ;/sf/L sf/f]af/ ;~rfng ug]{ jfl0fHo a}+ssf zfvfx?df s[lif, n3'
tyf 3/]n' shf{ ;DaGwL kmf]sn 8]:ssf] :yfkgf x'g] Joj:yf ldnfO{g] .
 sf]le8–!( sf] sf/0f ko{6g If]qdf /f]huf/L u'dfPsf JolQm :j/f]huf/ x'g]u/L Joj;fo ;~rfng ug{
k|jfx x'g] ?= !% nfv;Ddsf] shf{nfO{ ljkGg ju{ shf{df u0fgf ug{ ;lsg] .
 C0fL :jod\ /f]huf/ x'g] p2]Zon] ;jf/L ;fwg vl/b ug{ k|jfx x'g] ?= @% nfv;Ddsf] shf{nfO{ ljkGg
ju{ shf{df u0fgf ug{ ;Sg] Joj:yf ldnfOg] .
 Dflxnf pBdLåf/f n3' pBd tyf :j/f]huf/d"ns Joj;fo ;~rfng ug{ kl/of]hgfsf] lwtf]df k|jfx
x'g] ?= @) nfv;Ddsf] shf{nfO{ ljkGg ju{ shf{df u0fgf x'g] Joj:yf ul/g] .
 jf:tljs s[lif Joj;foLnfO{ ?= @) nfv;Dd s[lif Joj;fo ;~rfng ug{ kl/of]hgfsf] lwtf]df k|jfx
x'g] shf{nfO{ ljkGg ju{ shf{df u0fgf x'g] Joj:yf ul/g] .
 k'g/shf{ ;'lawf pknAw u/fpFbf n3', 3/]n', ;fgf tyf demf}nf pBd÷Joj;fonfO{ k|fyldstf lbOg] .
 sf]le8–!( dxfdf/Ln] ;du| cy{tGqdf kf/]sf] k|efj ;d]tnfO{ dWogh/ u/L a}sn] shf{ k|bfg u/]sf
C0fL kmd{, sDkgL jf ;+:yf nuftf/ @ aif{;Dd v'b gf]S;fgLdf /x]df ;"Id lgu/fgL ju{df juL{s/0f
ug'{ kg]{ Joj:yfnfO{ kl/jt{g u/L nuftf/ # jif{;Dd v'b gf]S;fgLdf /x]df dfq ;"Id lgu/fgL ju{df
juL{s/0f ug'{ kg]{ Joj:yf ul/g] .
 sf]le8–!( sf] sf/0f ljQLo cj:yf tyf gub k|jfxdf gsf/fTds c;/ k/]sf C0fLx?nfO{ a}+sn]
ljZn]if0f u/L ls:tf /sd 36fO{ e'QmfgL cjlw yk ug{ ;lsg] .
 @)&* c;f/;Dd e'QmfgL ug'{ kg]{ OPdcfO{÷OSo"cfO{ jf cGo ;fFjf Aofh e'QmfgL ug{ g;s]sf u|fxsx?sf]
ljQLo l:ylt a}+sn] d"NofÍg u/L @)&* k'; d;fGt;Dd e'QmfgL Dofb yk ug{ ;Sg] .
 sf]le8–!( dxfdf/Laf6 clt k|efljt If]qdWo] xf]6n, 6«fen, 6«]lsË / xjfO{ ;]jf nufotsf jfXo ko{6sdf
lge{/ /xg'kg]{ Joj;foL C0fLsf] xsdf cGt/f{li6«o e|d0f ;xh eO{ oy]i7 ?kdf ko{6ssf] cfudg x'g]
cj:yf gb]lvPsf] x'Fbf To:tf C0fLsf] ljQLo cj:yf ljZn]if0f u/L cfjZostf cg';f/ @)&( c;f/
d;fGt;Dd kfSg] Aofh 5'6\6} lx;fjdf /fVg] Joj:yf ul/g]5 . o:tf] /sddf yk xhf{gf / k]gfn Aofh
gnfUg] Joj:yf ldnfO{g] .
 sf]le8–!( dxfdf/Laf6 clt k|efljt If]qdWo] /]i6'/]06, kf6L{ Kofn];, ;fj{hlgs oftfoft, lzIf0f ;+:yf
/ dgf]/~hg Joj;fosf C0fLn] @)&* k';;Dd e'Qmfg ug'{kg]{ ;fFjf tyf Aofh bfloTjsf] ;dofjlw Ps
jif{;Dd yk u/L slDtdf rf/ ls:tfdf e'QmfgL ug{ ;Sg] Joj:yf ul/g] . of] Joj:yf sf]le8–!(
dxfdf/Lsf sf/0f gub k|jfx cj?4 ePsf n3', 3/]n', ;fgf / demf}nf Joj;fonfO{ ;d]t nfu" x'g] .
 sf]le8–!( af6 clt k|efljt ko{6g, rnlrq, kf6L{ Kofn];, ;fj{hlgs oftfoft tyf lzIff If]qdf k|jfx
ePsf] shf{ a}+sn] d"NofÍg u/L @)&* k'; d;fGt;Dddf k'g/;+/rgf tyf k'g/tflnsLs/0f ug{ ;Sg]
Joj:yf ldnfOg] .
 sf]le8–!( af6 clt k|efljt ;fj{hlgs oftfoft ;+Rffng÷dd{t ;Def/sf] nflu a}+s tyf ljQLo ;+:yfn]
k|lt ;jf/L ;fwg ? @ nfv;DDf yk shf{ k|bfg ug{ ;Sg] Joj:yf ldnfO{g] .

Monetary Policy Highlights, FY 2078-79

  a}+sn] @)&( c;f/ d;fGt;Dddf shf{–lgIf]k cg'kft (Credit Deposit Ratio) clwstd () k|ltzt
sfod ug'{ kg]{ Joj:yf u/L ljBdfg shf{–;|f]t kl/rfng cg'kft (CCD Ratio) ;DaGwL Joj:yf vf/]h
ul/g] .
 a}+sn] ?= ! ca{eGbf a9Lsf] shf{ nufgL ubf{ clgjfo{ ?Kfdf ;xljQLos/0fdf hfg' kg]{ Joj:yf /x]sf]df
To:tf] ;Ldf j[l4 u/L ?= @ ca{ k'¥ofOg] .
 b'u{d :yfgx?df ;]jf k'¥ofpg] OG6/g]6 ;]jf k|bfos ;+:yfx?nfO{ ljz]if k'g/shf{ pknAw u/fOg] .
 Aofh k'FhLs/0f ug{ o; a}+saf6 k"j{ :jLs[lt k|fKt u|]; cjlwdf /x]sf lgdf{0ffwLg cfof]hgfdf k|jflxt
shf{sf] @)&( c;f/ d;fGt;Dd kfs]sf] Aofh k'FhLs/0f ug{ ;lsg] Joj:yf ul/g]
 dxfdf/LhGo /f]usf] pkrf/sf] nflu dfGotf k|fKt vf]k pTkfbg ug]{ pBf]u :yfkgf ug{ a}+s tyf ljQLo
;+:yfx?af6 cfwf/ b/df shf{ pknAw x'g] Joj:yf ldnfOg] .
 z]o/ lwtf]df k|jfx x'g] dflh{g k|s[ltsf] shf{ hf]lvd Go"gLs/0f ub}{ ;fgf nufgLstf{x?sf] kx'Fr clej[l4
ug]{ clek|fon] o:tf] shf{ Ps JolQm jf ;+:yfn] Ps ljQLo ;+:yfaf6 clwstd ?= $ s/f]8 / ;du|
ljQLo k|0ffnLaf6 clwstd ?= !@ s/f]8;Dd dfq lng ;Sg] Joj:yf ldnfOg] .
ljQLo If]q ;'b[9Ls/0f
a}+s tyf ljQLo ;+:yfx?sf] k'FhLsf] cfwf/ bl/nf] agfO{ hf]lvd jxg Ifdtf ;'b[9 t'Nofpg a}s tyf ljQLo
;+:yfx? Ps cfk;df :jM:k"mt{ ?kdf ufEg], ufleg] tyf k|flKt k|lqmofdf ;xefuL x'g yk k|f]T;flxt ul/g] .
cfly{s jif{ @)&*÷&( leq jfl0fHo a}+sx? Ps cfk;df ufEg], ufleg] tyf k|flKt k|lqmofdf ;xefuL eO{ PsLs[t
sf/f]jf/ ;+rfng u/]df ljBdfg Joj:yfsf] cltl/Qm b]xfo adf]lhdsf yk ;'lawf tyf 5'6 @)*) c;f/
d;fGt;Dd k|bfg ul/g]5 .
 tf]lsPsf If]qdf shf{ k|jfx ug]{ cjlw Ps jif{ yk ul/g] .
 PsLs[t sf/f]af/ u/]sf] Ps jif{;Dd clgjfo{ gub df}Hbftsf] ;Ldfdf )=% k|ltzt laGb'n] 5'6 k|bfg
ul/g] .
 PsLs[t sf/f]af/ u/]sf] Ps jif{;Dd j}wflgs t/ntf cg'kftdf ! k|ltzt laGb'n] 5'6 k|bfg ul/g] .
 o; a}+saf6 tf]lsPsf] k|lt ;+:yf lgIf]k ;+sng ;Ldfdf % k|ltzt laGb'n] yk ul/g] .
 ;+rfns ;ldltsf ;b:o / pRr kb:y sd{rf/L kbaf6 x6]sf] slDtdf ^ dlxgf Joltt geO{ o;
a}+saf6 Ohfhtkq k|fKt cGo ;+:yfdf cfa4 x'g gkfpg] ljBdfg k|fjwfgdf 5'6 k|bfg ul/g] .
 o; a}+ssf] lgb]{zg adf]lhd sfod ug'{ kg]{ shf{ / lgIf]ksf] Aofhb/ cGt/df ! k|ltzt laGb'n] 5'6
lbOg] .
 PsLs[t sf/f]af/ yfngL ubf{ shf{ lgIf]k cg'kftn] ;Ldf gf3]df ;f] lgoldt ug{ Ps jif{sf] ;do
k|bfg ul/g] .
 PsLs[t sf/f]af/ ;+rfngsf] qmddf ! ls=ld= leqsf zfvf sfof{nox? dWo] s'g} Ps zfvf sfod
/fvL cGo zfvf ufEg jf aGb ug{ o; a}+ssf] :jLs[lt cfjZos gkg]{ Joj:yf ul/g] .
 jfl0fHo a}ssf] )=!) k|ltzt jf ;f]eGbf sd z]o/ wf/0f u/]sf ;+:yfks ;d"xsf] z]o/ wgLx?n]
o:tf] z]o/ laqmL ubf{ lkm6 P08 k|k/ 6]:6 clgjfo{ gx'g] Joj:yf ul/g] .
a}+s tyf ljQLo ;+:yfx?sf] ufEg]÷ufleg] sfo{nfO{ yk k|f]T;fxg ug{ dh{/÷k|flKt kZrft ;+:yfks / ;j{;fwf/0f
z]o/ wf/0f ug]{ z]o/wgLn] /f]h]sf] Ps ;d"xaf6 dfq ;~rfnsdf pDd]bjf/L lbg kfOg] Joj:yf ul/g]5 .

Monetary Policy Highlights, FY 2078-79

lgofdsLo tyf ;'kl/j]IfsLo Joj:yf
 jfl0fHo a}+sx?sf] nflu nfu" ul/Psf] Counter Cyclical Buffer ;DaGwL Joj:yf @)&( c;f/
d;fGt;Ddsf nflu :yug ul/Psf] .
 cfjlws k|s[ltsf shf{ l:y/ Aofhb/ (Fixed Interest Rate) df ;d]t k|bfg ug'{ kg]{ Joj:yf ul/g] .
 pBd Joj;fo ;~rfng ug{ ?= ! s/f]8 jf ;f]eGbf sd C0f pkof]u ug]{ C0fLsf] xsdf cfwf/ b/df
clwstd @ k|ltzt laGb'n] dfq lk|ldod yk ug{ ;Sg] Joj:yf ldnfOg] .
 jfl0fHo a}+s, ljsf; a}+s, ljQ sDkgL / k"jf{wf/ ljsf; a}+sn] o; a}+sdf k]z ug'{kg]{ tYofÍ tyf
hfgsf/Lx? ;'kl/j]IfsLo ;"rgf k|0ffnL (Supervisory Information System-SIS) dfkm{t\ k]z ug'{
kg]{
 a}+s tyf ljQLo ;+:yfx?sf] ;+:yfut ;fdflhs pQ/bfloTj vr{ Jojl:yt ug{ dfu{bz{g hf/L ul/g] .
 s0ff{nL k|b]z / ;'b"/ klZrd k|b]zx?df ;Dks{ sfof{no vf]Ng o; a}+ssf] :jLs[lt lng' gkg]{ Joj:yf
ul/g] .
 u|fxs klxrfg ;DaGwL Joj:yfnfO{ ;/nLs[t u/L k|ljlwdf cfwfl/t u|fxs klxrfg k|0ffnL (E-KYC)
ljsf; ul/g] .
e'QmfgL k|0ffnL
 g]kfnsf] cfˆg} e'QmfgL sf8{ k|of]udf Nofpg /fli6«o e'QmfgL :jLr :yfkgfsf] sfo{ ;DkGg ul/g] .
 ljB'tLo e'QmfgL sf/f]af/df nfUg] z'NsnfO{ pko'Qm :t/df sfod ug{ gLltut Joj:yf ul/g] .
 ;/sf/L sf/f]af/ ug]{ a}+s zfvfx?n] ljB'tLo e'QmfgLsf pkfox? cjnDag u/L ;fdflhs ;'/Iff eQf
;DalGwt JolQmn] ;xh} k|fKt ug{ ;Sg] Joj:yf ldnfO{g] .
 shf{sf] cfj]bgb]lv :jLs[lt ug]{;Ddsf] k|lqmofnfO{ ljB'tLo dfWodaf6 x'g] Joj:yfsf nflu ;xhLs/0f
ug{ l8lh6n shf{ dfu{bz{g (Digital Lending Framework) th'{df u/L sfof{Gjogdf NofOg] .

ljb]zL ljlgdo Joj:yfkg

 xjfO{ ;]jf k|bfos ;+:yfn] tf]lsPsf sfuhftsf] cfwf/df cd]l/sL 8n/ @% xhf/ jf ;f] a/fa/;Ddsf]
;]jf vl/bsf] nflu jfl0fHo a}+sx?af6 ljb]zL d'b|f ;6xL ;'ljwf pknAw x'g] Joj:yf ldnfOg] .
 8«fˆ6÷l6=l6= sf] dfWodaf6 tf]lsPsf] ;Ldf;Ddsf] e'QmfgL ubf{ Jofkfl/s ;fv ;"rgf clgjfo{ gx'g]
Joj:yf ldnfOg]5 .
 ljk|]if0f ;]jf k|bfos sDkgLx?nfO{ yk ;'b[9Ls/0f ug{ Ps cfk;df ufEg÷ufleg tyf k|flKtdf ;xefuL
x'g cfjZos Joj:yf ldnfOg] .

Monetary Policy Highlights, FY 2078-79

u|fxslxt ;+/If0f
 ckfËtf ePsf JolQmnfO{ ljQLo ;]jfdf ;xh kx'Fr ;'lglZrt ug{ :yfgLo txdf lglZrt ;+Vof eGbf
a9L zfvf /x]sf :yfgdf a}+s tyf ljQLo ;+:yfx?n] sDtLdf Ps zfvf / Pl6Pd nfp~h ePsf :yfgdf
Ps Pl6Pd ckfËd}qL agfpg'kg]{ Joj:yf ul/g]5 .
 a}+ssf sfd sf/jfxL ;DaGwL u'gf;f]sf] ;'g'jfO{ ;xh agfpg a}+s tyf ljQLo ;+:yfn] o; a}+ssf] u'gf;f]
kf]6{nsf] lnÍ cfkm\gf] j]a;fO6df /fVg' kg]{ Joj:yf ul/g]5 .
 a}+saf6 sfof{Gjogdf NofOPsf shf{ k|jfx tyf u|fxs klxrfg;Fu ;DalGwt sfuhftx?df Ps?ktf
sfod ug{ cfjZos Joj:yf ldnfOg] 5 .

Monetary Policy Highlights, FY 2078-79