Chapter 7

Bharat Ram Dhungana, PhD
Financial Associate Professor

Institutions and School of Business
Market Pokhara University
Pokhara, Nepal
CHAPTER SEVEN
Emerging Issues in Financial

Sectors
(4 LHs)
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• Liquidity crunch; Financial deepening;
• Financial engineering; Financial crises;
• Financial inclusion building; Financial
literacy;
• Financial sector reforms and its necessity;
Learning • Corporate governance in financial
institutions;
Outcomes
• Financial revolution, innovation and
technology;
• International level FIs and their roles;
• Empirical research Papers Discussion

• A time when cash resources are in
short supply and demand is high.
• During a liquidity crunch, businesses
and consumers are charged high
interest rates on loans which are more
Liquidity difficult to obtain.
• A liquidity crisis is a financial
Crunch situation characterized by a lack of
cash or easily-convertible-to-cash
assets on hand across many businesses
or financial institutions
simultaneously.

Liquidity
Crunch…

• In a liquidity crisis, liquidity problems
at individual institutions lead to an
acute increase in demand and
decrease in supply of liquidity, and the
resulting lack of available liquidity can
Liquidity lead to widespread defaults and even
bankruptcies.
Crunch… • Maturity mismatching, between
assets and liabilities, as well as a
resulting lack of properly timed cash
flow, are typically at the root of a
liquidity crisis.

Liquidity
Crunch…
@B. R. Dhungana_FIM for MBA 9/22/2022 7

• Financial deepening is a term used
by economists to refer to increasing
provision of financial services.
• It can refer both a wider choice of
services and better access for
Financial different socio-economic groups.
• Financial deepening has
Deepening a macroeconomic effect for a
country.
• Financial deepening generally can
increase the ratio of money supply to
GDP or some price index.

• Financial deepening is a term used often
by economic development experts.
• It refers to the increased provision of
financial services with a wider choice
of services geared to all levels of
Financial society.
• It also refers to the macro effects of
Deepening… financial deepening on the larger
economy.
• A country is said to have better
financial deepening when it has a sound
financial system and inclusion

Financial
Deepening
and
Broadening
• Financial engineering is the use of
mathematical techniques to solve financial
problems.
• It uses tools and knowledge from the
fields of computer science, statistics,
economics, and applied mathematics to
Financial address current financial issues as well as
Engineering to devise new and innovative financial
products.
• It is sometimes referred to as
quantitative analysis and is used by
regular commercial banks, investment
banks, insurance agencies, and hedge funds.

Financial
Engineering
• In a financial crisis, asset prices see
a steep decline in value, businesses
and consumers are unable to pay
their debts, and financial institutions
experience liquidity shortages.
Financial • A financial crisis is often associated
Crisis with a panic, or a bank run during
which investors sell off assets or
withdraw money from savings
accounts because they fear that the
value of those assets will drop if they
remain in a financial institution.

• A healthy and vibrant economy requires a
financial system that moves funds to
economic agents who have the most
productive investment opportunities.
• Monetarists have linked financial crises
Financial with banking panics.
• Financial crises either involve sharp
Crisis declines in asset prices, failures of both
large financial and nonfinancial firms.
• financial crises generally denotes bank
panics and their affect on the money
supply.

• A financial crisis is a disruption to
financial markets in which adverse
selection and moral hazard problems
become much worse, so that financial
markets are unable to efficiently
Financial channel funds to those who have the
most productive investment
Crisis opportunities.
• A financial crisis thus results in the
inability of financial markets to
function efficiently, which leads to a
sharp contraction in economic activity.

• A financial crisis may have multiple
causes. Generally, a crisis can occur if
institutions or assets are overvalued
Causes of and can be exacerbated by irrational
or herd-like investor behavior.
Financial • For example, a rapid string of selloffs
Crisis can result in lower asset prices,
prompting individuals to dump assets
or make huge savings withdrawals
when a bank failure is rumored.

• Contributing factors to a financial
crisis include systemic failures,
unanticipated or uncontrollable
human behavior, incentives to take
Causes of too much risk, regulatory absence
or failures, or contagions that
Financial amount to a virus-like spread of
Crisis problems from one institution or
country to the next.
• Even when measures are taken to
avert a financial crisis, they can still
happen, accelerate, or deepen.

• This crash, starting on Oct. 24, 1929,
saw share prices collapse after a period
of wild speculation and borrowing to buy
shares.
• It led to the Great Depression, which
Stock Crash was felt worldwide for over a dozen
years. Its social impact lasted far longer.
of 1929 • One trigger of the crash was a drastic
oversupply of commodity crops, which led
to a steep decline in prices. A wide range
of regulations and market-managing tools
were introduced as a result of the crash.

• OPEC members started an oil embargo
in October 1973 targeting countries
that backed Israel in the Yom Kippur
War.
• By the end of the embargo, a barrel of
oil stood at $12, up from $3.
1973 OPEC • Given that modern economies depend on
Oil Crisis oil, the higher prices and uncertainty
led to the stock market crash of
1973–74, when a bear market persisted
from January 1973 to December 1974
and the Dow Jones Industrial Average
lost 45% of its value.
• This crisis started in July 1997 with
the collapse of the Thai baht.
• Lacking foreign currency, the Thai
government was forced to abandon its
Asian Crisis U.S. dollar peg and let the baht float.
of 1997– • The result was a huge devaluation that
1998 spread to much of East Asia, also
hitting Japan, as well as a huge rise in
debt-to-GDP ratios.
• In its wake, the crisis led to better
financial regulation and supervision.

• This financial crisis was the worst
economic disaster since the Stock
Market Crash of 1929.
The 2007- • It started with a subprime mortgage
lending crisis in 2007 and expanded
2008 Global into a global banking crisis with the
Financial failure of investment bank Lehman
Brothers in September 2008.
Crisis. • Huge bailouts and other measures
meant to limit the spread of the
damage failed and the global economy
fell into recession.
The factors causing financial crises
are:
• Increases in interest rates
Financial • Stock market declines
Crisis • Increases in uncertainty
• Bank panics, and
• Unanticipated declines in the
aggregate price level

• A sound financial system is necessary
to promote financial market, wider
access of financial services, and
inclusive economic growth of the nation.
Financial • Microfinance is one of the significant
tools of financial inclusion that
Inclusion facilitates to maintain higher financial
Building inclusion through group-based lending
system to the people who are unbanked
and have no capacity to pledge any
physical collateral for the loans.

• Financial inclusion is a significant
issue around the globe, particularly in
developing countries, where large
numbers of people are still depending
on informal financial services.
Financial
• Marginalized and vulnerable people,
Inclusion… who have been exploited by the
informal lending system and unable to
pledge any physical collateral for the
loan, are the major target of financial
inclusion.
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Access to finance is associated
with innovation, job creation and
growth. A growing body of
evidence suggests that access to
Financial financial services can:
Inclusion: • reduce poverty,
• raise income and
Rationale • promote economic growth.
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Financial Inclusion_B R Dhungana_Pokhara University
Globally, about 1.4 billion adults are still unbanked—they do

not have an account at a financial institution
Financial
Inclusion: A
World
Scenario
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Around 76 percent of people worldwide have an account
Financial
Inclusion: A
World
Scenario

Unbanked Adults:
From Seven
Economies
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Reasons Behind
Unbanked
Financial Inclusion_B R Dhungana_Pokhara University 9/22/2022 29

Digital Payment
Growth in
Developed and
Developing
Economy

Account
Penetration at
FFIs

Financial
Inclusion in
South Asia

Financial
Inclusion in
other
Economies
Financial
Inclusion in
South Asia

Economic
Growth Rate in
South Asia

• Financial literacy includes the ability to
understand financial choices, plan for
the future, spend wisely, and manage the
challenges associated with life events
such as a job loss, saving for retirement,
or paying for a child's education.
Financial • Financial education is the process of
Literacy building knowledge, skills, and attitudes
to become financially literate. It
introduces people to good money
management practices with respect to
earning, spending, saving, borrowing, and
investing.

▪ Ability to understand financial products
, concepts, opportunities, and risks.
▪ Refers to a set of financial knowledge
and skills.
Financial ▪ Making informed and effective choices
through information, instructions, and
Literacy objective advice for improvement of
financial well-being.
▪ Addressing entrenched behavioural and
psychological factors.

Facilitates financial inclusion
Promotes responsible lending and
borrowings
Helps in managing money at household
level prudently and productively
Financial Sensitizes people of their
Literacy: rights/entitlements and obligations
 Develops confidence and security
Benefits
Adds value to knowledge, skill and
attitude.
Prevents debt traps/over-indebtedness,
frauds, dubious schemes, unfair practices.

• Income/expenditure/savings/investment
• Debt/borrowing and repayment
management
• Money and remittance management
• Financial planning and decision making
Contents of • Bank account opening and banking
Financial transactions
• Financial products awareness
Education
• Cost reduction/profit maximisation/assets
building
• Risk management
• Other emerging dimensions and so on.
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• Face-to-face Training
• Mass Media (Television, public
Delivery campaigns, 'road shows', and radio
Channels for programmes)
Promoting • Tools for financial education
(Brochures, posters, training
Financial videos/DVDs, and other relevant
Awareness materials

• Develop financial literacy intervention
plan in each province of Nepal.
Roadmap for • Implementation of plan through
dedicated funding arrangements under
Financial financial institutions/livelihood
Inclusion in programmes.
Nepal • Regulatory body should mandatorily
involve financial institutions to have a
policy of financial literacy campaign,
allocating funds, and preparing budget
for the purpose.

• Financial literacy should be made not an
option, but compulsion for those who
deliver/receive financial services.
• Financial literacy should be included in
the school syllabus. The basic
Roadmap for knowledge related to the financial
… literacy can be integrated with existing
subjects.
• Studies from demand perspectives
should be conducted periodically
depending on needs and capacities.

Effective national financial education
strategies include four key elements:
Financial • Coordination among major
Literacy for stakeholders, including regulatory
authorities and educational, financial,
Financial and civil society institutions;
Inclusion… • An emphasis on customer orientation
and addressing demand- and supply-
side gaps;

• The combination of broad-based
functional interventions, such as in-
Financial school curricula and targeted
Literacy for programs for vulnerable groups
according to resource availability; and
Financial
• The adoption of a long-term,
Inclusion… flexible timeline that can respond to
changing needs.

• Governance focuses primarily on the
relationship between a board and
management.
• CG is significant in improving the
efficiency of an organisation.
Corporate • Governance refers specifically to the
set of rules, controls, policies, and
Governance resolutions for the smooth operation of
in FIs organisation.
• CG involves a set of relationships
between a company's management, its
board, its shareholders, and other
stakeholders.
• The key elements of good
governance are accountability,
responsibility, fairness, and
transparency.
Corporate • The CG indicators for financial
Governance institutions include the board,
management, staff, investors,
in FIs… donors, and clients.
• Corporate governance mechanisms
improve internal controls over
financial reporting.

• The corporate governance mechanisms
include an effective board in terms of
its independence, role performance,
CEO duality, and financial expertise of
the board.
Corporate • However, board independence and CEO
Governance duality are not significant predictors of
internal controls over financial reporting
in FIs… but note that board role performance
and financial expertise are significant
predictors of internal controls over
financial reporting in financial
institutions.
• The principles of good corporate
governance include the presence of
board of directors, separation of the
roles of the chairman board of directors
and the chief executive officer, and
Corporate protection of shareholders rights and
Governance accountability.
in FIs… • CG deals with issues that result from
the separation of ownership and control.
• It helps to establish a clear relationship
between shareholders and managers.

• Technology plays a critical role at
financial institutions. It is a vital
element of the innovation taking place
to advance financial inclusion.
Innovation • Financial service providers may use
technology that can greatly improve
and organisational efficiency.
Technology • Technology promises to reduce costs
and improve transparency in delivering
financial services both of which can
translate into increased access for
large number of people.
• Modernized and automated processes
allow financial institutions to extend
services to harder-to-reach and more
costly business by replacing people and
branches with point-of-sale (POS)
Innovation devices.
and • At the same time, reducing the hassle
Technology… factor makes banking relationships
attractive for more people. Finally,
technology fastens the information and
reporting systems that are essential for
efficient financial service delivery.

• Digital Financial Services (DFS) entail
a broad range of financial products
accessed and delivered through digital
channels, including payments, credit,
Innovation savings, remittances, and insurance.
and • The digital channels includes the
internet, mobile phones, ATMs, point of
Technology… sale (POS) terminals, chips,
electronically enabled cards, biometric
devices, tablets, and any other digital
system.

• Access to finance is not only confined
to having a bank account in physical
banks.
• With the use of modern technology in
Innovation the field of banking and finance,
financial services are offered through
and mobile phones, personal computers,
Technology… internet, or via linkage of card to a
digital payment platform known as DFS.
• DFS are financial services which rely
on digital technologies for their
delivery and use by consumers.
• Access to digital finance helps to boost
the gross domestic product of the
economy by providing the service users
with wide range of digital finance
products and services.
Innovation • Government should enable legal and
and physical infrastructure to promote
digital finance in the country.
Technology…
• The use of digital technology promotes
mobile financial services across
geographical area that will significantly
enhance financial inclusion in the
country.
1.Mobile Banking
2.Agency Banking
3.Internet Banking or Connectivity
Forms of 4.ATMs or Smart Cards
Technology 5.Credit Scoring
6.Biometrics
7.Point of Sale (POS) Devices

• The access of financial services remains
low in developing countries, mobile
phone penetration is on the rise.
• Mobile credit, savings, payment, and e-
Mobile wallet help the poor access financial
Banking services, save time, and make secure
transactions anytime and anywhere.
• Clients can pay bills, deposit, withdraw
or transfer funds, view their account
balances or conduct other transactions.

Mobile
Banking
• In areas without physical branch presence,
banking agents help to extend the reach
of responsible financial services.
• A banking agent is a local merchant
contracted to process clients' financial
transactions.
Agency
• An agent could be the owner of the local
Banking hardware store, grocery stand or corner
shop.
• Each agent is equipped with a point of sale
(POS) terminal that connects to the
subsidiary banking network and client
accounts.
Agency
Banking

• Network connections helps to link
staff and branches for real-time
information exchange, transaction
processing, and distance learning.
Internet • The connectivity facilitates for
conducting banking transactions easier
Banking from any location.
• Internet banking promotes wider and
easy access of financial services, and
most relevant for higher-income
clients.

Internet
Banking

• Automated Teller Machine is used
worldwide for financial transactions.
• ATMs permit clients to withdraw
funds with credit or debit cards, enable
them to make deposits to their
ATMs accounts, and in some cases even to
transfer funds between accounts.
• ATMs are very convenient for clients,
reducing their transaction costs.
• They can avoid lines and can use
ATMs at any time.

ATM or
Smart

• Scoring is widely used in developed
countries to assess repayment risk.
• It analyses the past performance of
different client segments and tries to
predict future repayment based on this
Credit information.
• It is used together with credit bureaus
Scoring having extensive and accurate
information, promising results may be
achieved in reducing transaction and risk
costs, as lending decisions can be
automated, and as repayment is
reinforced.
Credit
Scoring
• Biometrics refers to the measuring of
a person's unique physical
characteristics like fingerprints or
facial features to verify identity.
• The technology records the clients'
biometric features - fingerprints are
most commonly used and stores this
Biometrics information.
• This technology allows clients to
access their accounts safely and
securely, giving them security, and
control over their finances without
worry about identity theft.
Biometrics

• Devices or systems, usually in retail
outlets, that perform electronic
transfers from one account to
another, often using cards.
• Each POS device uses a telephone
Point of Sale line, mobile phone connection or the
(POS) Device internet to send instructions for
transferring value from one account to
another.
• The POS is the time and place where a
retail transaction is completed
through the device.
Point of Sale
(POS) Device

• Promoting inclusive finance,
• Propelling the development of private
capital,
Contributions • Satisfying the demand of e-commerce
development,
of Digital • Reducing transaction costs and
Finance improving allocation of resources, and
• Encouraging financial product
innovation

International
Financial
System…
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The role of the World Bank as
provider of:
International • economic and development data and
intelligence,
Financial
• infrastructure project financing and
Institutions structural adjustment lending, and
• investment risk cover.

The World
Bank
73
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The World
Bank
@B. R. Dhungana_IB for MBS
• The World Bank is an international
financial institution that provides
loans to developing countries for
capital programs.
The World • The World Bank's official goal is the
Bank reduction of poverty.
• By law, all of its decisions must be
guided by a commitment to promote
foreign investment, international trade
and facilitate capital investment.

• The World Bank comprises two
institutions: the International Bank for
Reconstruction and Development
(IBRD) and the International
Development Association (IDA).
The World • The WB Group incorporates these
above two in addition to three more:
Bank… International Finance Corporation
(IFC), Multilateral Investment
Guarantee Agency (MIGA), and
International Centre for Settlement of
Investment Disputes (ICSID).

• Formation:27 December 1945
• Type: International organization
• Legal status: Treaty
The World • Purpose/focus: Economic
development, poverty elimination
Bank… • Membership: 187 countries
• Parent Organization: World Bank
Group
• Main organ: Board of Directors

• The World Bank's activities are
focused on developing countries, in
fields such as human development (e.g.
education, health), agriculture and rural
development (e.g. irrigation, rural
The WB and services), environmental protection
WBG… (e.g. pollution reduction, establishing
and enforcing regulations),
infrastructure (e.g. roads, urban
regeneration, electricity), and
governance (e.g. anti-corruption, legal
institutions development).

• In 1944 AD, toward the close of world
war II, the major allied governments
met in Bretton Woods, New Hampshire,
to determine what was needed to bring
International economic stability and growth to the
Monetary postwar world.
• As a result of the meetings, the IMF
Fund(IMF) came into official existence on
December 27, 1945 and began financial
operations on March 1, 1947.

• Central institution of the international
monetary system: a system of
international payment and exchanges
rates that enable business to take place
between countries.
The IMF… • Attempts to prevent crises by
encouraging adoption of “sound” economic
policies, and by providing funds to
address balance of payments problems.
• The IMF maintains international
monetary cooperation among its
members.

• The IMF is an international organization,
headquartered in Washington, D.C.
• It consists 190 countries working to
foster global monetary cooperation,
secure financial stability, facilitate
international trade, promote high
The IMF… employment and sustainable economic
growth, and reduce poverty around the
world.
• Formed in 1944 at the Bretton Woods
Conference primarily by the ideas
of Harry Dexter White and John
Maynard Keynes.
• To promote international monetary
cooperation
• To facilitate the expansion and
Key balanced growth of international trade
• To promote exchange rate stability.
Objectives of
• To establish a multilateral system of
IMF payments
• To make its resources available to its
members who are experiencing balance
of payments difficulties.

• Monitors economic and financial
developments and policies: Urged the
Japanese government to stimulate
growth by keeping interest rates low,
encouraging corporate and bank
What the restructuring and promoting
IMF does ? deregulation.
• Gives policy advice: Commended
Mexican authorities for prudent
economic management, supported the
move toward gradual inflation targeting

• Lends to countries with balance of
payments problems and tries to
prevent “contagion” spread of financial
crises: In 1997-98, IMF swiftly helped
What the South Korea bolster its reserves with
$21 billion to restructure its financial
IMF does ?... and corporate sectors and recover
from recession. Approved $52 million
loan for Kenya to cope with a severe
drought, under the IMF’s Poverty
Reduction and Growth Facility.

• Provides technical assistance: Helped
Baltic nations set up treasury systems
for their central banks.
What the • Provides a forum for discussion of
IMF does?... policies: uniquely placed as the only
international organization “involved in
active dialogue with virtually every
country”

• The IMF works to promote global
growth and economic stability and to
reduce poverty. The World Bank
The promotes long-term economic
development.
Functions of • The IMF is a forum for international
the IMF monetary cooperation.
• The IMF’s functions have evolved over
the decades, but its purposes remain
the same.

• Surveillance (like a doctor)
Gathering data and assessing
economic policies of countries.
The • Technical Assistance (like a teacher)
Strengthening human skills and
Functions of institutional capacity of countries.
the IMF… • Financial Assistance (like a banker)
Lending to countries to support
reforms.

• Emerging market countries with poor
central bank credibility and short-run
debt contracts denominated in foreign
The IMF: currencies have limited ability to
Lender of engage in this function.
Last Resort • May be able to prevent contagion.
• The safety net may lead to excessive
risk taking (moral hazard problem).

Asian
Development
Bank (ADB)

• The Asian Development Bank (ADB) is
a regional development bank
established on 22 August 1966 to
Asian facilitate economic development of
Development countries in Asia.
Bank (ADB)… • The bank admits the members of the
United Nations Economic and Social
Commission for Asia and the Pacific
and non-regional developed countries.

• From 31 members at its
establishment, ADB now has 67
members - of which 48 are from within
Asia and the Pacific and 19 outside.
• ADB was modeled closely on the World
The ADB… Bank, and has a similar weighted voting
system where votes are distributed in
proportion with member's capital
subscriptions. At present, both the
United States and Japan hold 552, 210
shares, the largest proportion of shares
at 12.76% each.

• Motto: Fighting poverty in Asia and
the Pacific
• Formation: 22 August 1966
• Type: Regional organization
The ADB… • Legal status: Treaty
• Purpose/focus: Crediting
• Headquarters: Manila, Philippines.
Region served: Asia-Pacific
• Membership: 67 countries

Goals of ADB
Goals of
ADB…
Goals of
ADB…
Area of Work
- ADB
▪ To provide loans / grants for specific
projects, sectors (with a large number
of sub projects) and program loans.
ADB’s ▪ To Provide technical assistance and
Principal advisory services
Functions ▪ To Promote investment for
development purposes
▪ To Assist in coordinating “developing
member countries” development
policies and plans

• It is a multilateral development bank
that aims to improve economic and social
outcomes in Asia.
• The bank currently has 103 members
Asian as well as 21 prospective members
Infrastructure from around the world.
Investment • The bank started operation on January
Bank 2016, after ratifications were received
from 10 member states holding a total
number of 50% of the initial
subscriptions of the Authorized Capital
Stock.
• The United Nations has addressed the
launch of AIIB as having potential for
"scaling up financing for sustainable
development“ and to improve the global
Asian economic governance.
Infrastructure • The Asian Infrastructure Investment
Investment Bank is a new international development
bank that provides financing for
Bank… infrastructure projects in Asia.
• The mission is to improve social and
economic outcomes in its region, Asia,
and beyond.
• Discuss the efforts made by regulatory
authority on financial sectors reforms
in brief. Why it is necessary and what
are the outcomes of the financial
sectors reforms? Explain with the help
Long of suitable examples.
Questions: • Explain the causes and consequences of
Assignment Asian Financial Crisis 1997-1998 and
Global Financial Crisis 2007-2008. What
strategies were applied to address
these crisis? Discuss.

Research Project
• Read one research paper related to
banks and financial institutions.
Empirical • Summarize it and develop a conceptual
framework of the paper related to the
Research banks and financial institutions.
Papers • Submit the reports maximum 3 to 5
pages.

Reference
Book

Thank you.
Email: dhunganabharat.pu@gmail.com
Any Query ?

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Bharat Ram Dhungana, PhD

Financial Associate Professor

Emerging Issues in Financial

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Financial Inclusion_B R Dhungana_Pokhara University 9/22/2022 35

9/22/2022 @B. R. Dhungana_FIM for MBA 36

9/22/2022 @B. R. Dhungana_FIM for MBA 37

9/22/2022 @B. R. Dhungana_FIM for MBA 38

9/22/2022 Financial Literacy by B R Dhungana 39

9/22/2022 Financial Literacy by B R Dhungana 40

9/22/2022 Financial Literacy by B R Dhungana 41

9/22/2022 Financial Literacy by B R Dhungana 42

9/22/2022 Financial Inclusion_B R Dhungana_Pokhara University 43

9/22/2022 Financial Inclusion_B R Dhungana_Pokhara University 44

9/22/2022 @B. R. Dhungana_FIM for MBA 46

9/22/2022 @B. R. Dhungana_FIM for MBA 48

9/22/2022 @B. R. Dhungana_FIM for MBA 50

9/22/2022 @B. R. Dhungana_FIM for MBA 51

9/22/2022 @BR Dhungana_Microfinance for MBA 54

9/22/2022 @B. R. Dhungana_FIM for MBA 55

9/22/2022 @B. R. Dhungana_FIM for MBA 58

9/22/2022 @B. R. Dhungana_FIM for MBA 59

9/22/2022 @B. R. Dhungana_FIM for MBA 60

9/22/2022 @B. R. Dhungana_FIM for MBA 61

9/22/2022 @B. R. Dhungana_FIM for MBA 62

9/22/2022 @B. R. Dhungana_FIM for MBA 66

9/22/2022 @B. R. Dhungana_FIM for MBA 68

9/22/2022 @B. R. Dhungana_FIM for MBA 69

9/22/2022 @B. R. Dhungana_IB for MBS 70

9/22/2022 @B. R. Dhungana_IB for MBS 71

9/22/2022 @B. R. Dhungana_IB for MBS 74

9/22/2022 @B. R. Dhungana_IB for MBS 75

9/22/2022 @B. R. Dhungana_IB for MBS 76

9/22/2022 @B. R. Dhungana_IB for MBS 77

9/22/2022 @B. R. Dhungana_IB for MBS 78

9/22/2022 @B. R. Dhungana_IB for MBS 79

9/22/2022 @B. R. Dhungana_IB for MBS 81