Amendment to the Banks and Financial Institutions Act (BAFIA) 2073: Reforms and New Provisions in the Banking Sector To further strengthen and organize Nepal's banking sector, a proposal to amend the Banks and Financial Institutions Act (BAFIA) 2073 is currently under consideration in the House of Representatives. The Ministry of Finance has pushed the BAFIA amendment bill forward to implement the latest practices developed in national and international financial systems, enhance financial security, and adapt to technological changes. This bill seeks to bring four major changes to the banking sector.