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Banks
in Nepal |
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financial institutions |
Kist Merchant Banking
and Finance
Everest finance
Crystal Finance
Crystal Finance Ltd
GPO: 19390, Ktm, Bag
Durbar
Kathmandu, Nepal
Hama finance
Good deposit
schemes, 1 year fixed
7%, 3 year even 8%
Alpic everest finance
Central finance company
Nawa Durga Finance Co
Standard Finance Limited
Capital Merchant Banking
& Finance
Business Development
Finance Inst.
Nawa Kantipur
Deposit and loan schemes
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News item 29-11-2008 |
Not so very long ago, there
were more temples than
houses in Nepal. Times,
however, have changed. Nepal
is no longer just a country
of temples, it’s a land
where financial institutions
are rapidly mushrooming.
Nearly three dozen
commercial banks, five dozen
development banks, over six
dozen finance companies and
several hundred cooperatives
are chugging ahead full
steam. Currently, there are
160 licenced deposit-taking
institutions and at least
two dozen financial
institutions including five
A-class commercial banks are
in the pipeline. It’s a
mystery how a small economy
like Nepal’s which is
largely dependent on
imports, with little
industrial base, is
sustaining so many financial
institutions. The mystery
has spawned questions and
doubts. “It is high time
Nepal Rastra bank (NRB), the
regulatory authority
authority of the financial
market, analysed the impact
of mushrooming financial
institutions,” Radhesh Pant,
president of
Nepal
Bankers' Association
(NBA), said
adding that setting criteria
was not enough. There is so
much money in the market
that even the criterion of Rs 2 billion paid up capital
cannot deter people from
opening commercial banks.
People’s Bank Nepal Ltd
(proposed), with 898
promoters and Guru Prasad
Neupane as its chairman, has
a paid up capital of Rs 2
billion. Mero Bank Ltd
(proposed) — with authorised
capital of Rs 4 billion and
paid up capital of Rs 2.45
billion — has 1,328
promoters.
Century
Commercial Bank (proposed) —
with authorised capital of
Rs 2.5 billion, paid up
capital of Rs 2.23 billion
(with promoters’ Rs 1.561
billion) — is waiting for
the Letter of Intent (LoI)
from NRB. It has 618
promoters including Dr
Prafulla Kumar Kafle, former
deputy governor, and Nirmal
Pradhan. “Opportunities are
narrowing and the number of
financial institutions is
increasing. I wonder where
will they invest,” Pant
voiced concern. “If we are
hit by a financial crisis,
the government won’t be able
to inject money to rescue
them, like in the US.” Kamal
Gyawali, chief executive
officer of
Kist Merchant Banking
and Finance
Ltd that
is ready to be upgraded to
A-class commercial bank
argued that the central bank
should make licencing policy
more stringent ........
Read more
information about rise in
number of banks in Nepal
Other banking news and
articles:
Citizens Bank
International launches
three saving schemes in
Nepal (17-11-2008)
Competition Nepali
banking sector
(3-11-2008)
Nepal Rastra Bank
tightens minimum reserve
rules for banks
(23-10-2008)
Children saving scheme
by Nepal Investment Bank
(21-8-2008)
Profit of Agriculture
Development Bank
(25-7-2008)
Pashupati Development
Bank goes public
(14-7-2008)
International development bank in offing
Sunrise bank in Gabahal
Lalitpur (27-6-2008)
NIC
banks in Lahan
(14-6-2008)
NBL starts e-banking
(10-6-2008)
Nepal merchant bank -
the 25th commercial bank
in Nepal (3-6-2008)
Rastriya
Banijya Bank
privatisation (23-1-2007)
agricultural development
bank loans (24-1-07)
recovery plan for bad
loans (1-1-07)
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Easy
money and Nepali banks
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