Banks and financial institutions prepared to serve during festival
KATHMANDU, OCT 1:
This Dashain, cash withdrawals will be easier for the customers as banks and financial institutions have decided to provide extended banking hours for the convenience of the customers.
The banks’ transaction also goes up by manifolds in the weeks preceding Dashain holidays due to last minute cash deposits, transfers and withdrawals. Dashain, when spending goes up due to extensive shoppings, basically, on cash instead of plastic money or cheques putting a lots of pressures not only on the ATMs of the banks and financial instititons but also at the counters. The financial institutions see large traffic for cash withdrawals during the time. The branches of banks and even ATMs of the banks run out of money.
Moreover, in Nepal, e-banking and SMS banking are rarely executed and the banking services are mainly handled through branches.
Many banks like Standard Chartered Bank, Bank of Kathmandu and Nepal Bank will be opening few of their branches even during Dashain holidays. “Along with the ATMs, ten of our branches — three in Kathmandu and seven outside valley — will be opened even during the holidays so that customers can access their accounts,” said Brinda Singh, communication officer of BoK.
Standard Chartered Bank is also opening its seven branches — five inside and two outside valley — throughout Dashain holidays. Traditionally, cash is used not only for purchases but also for Dakshina — the present that the youngsters get from their elders and visa versa, thus fresh and crisp notes of smaller denomination are highly in demand during Dashain.
“This year there will be no shortage of bank notes, as NRB has made sure that there are ample currency notes of various denominations in circulation, along with enough in banks and financial institutions reserves,” assured the spokesperson for Nepal Rastra Bank Bhaskar Mani Gyawali.
Two years back on the eve of Dashain, banks and financial institutions were not able to meet the public demand for cash withdrawals due to lack of bank notes, most of them have even stopped payments for large amount of cash withdrawals causing greater inconvenience to the greater number of public. The shortage created chaos as many public and private offices could not pay salaries to their employees and retail businesses were unable to make purchases.
But the Immediate Relief Programme and Finance and Labour Relation Committee of the Parliament had also instructed the central bank to make the required amount of notes available for the public during the Dashain.
The Dashain fiasco of 2009 caused by the incompetence and irresponsible attitude of the central bank has left most of the public doubtful about financial institutions’ ability to meet their demand for cash withdrawals during Dashain.
Last year, though, the banks were able to meet the demand for cash withdrawals but the customers had to stand for hours on serpentine queues.
Due to rush and increased demand of cash, some banks and financial institutions have been providing services even after the regular banking hours too. “Banking transaction has increased to double in Dashain compared to regular transactions, so we have been providing withdrawal service till five pm,” said Dipesh Lamsal, chief of operations of Manakamana Development Bank.
Source: THT
This Dashain, cash withdrawals will be easier for the customers as banks and financial institutions have decided to provide extended banking hours for the convenience of the customers.
The banks’ transaction also goes up by manifolds in the weeks preceding Dashain holidays due to last minute cash deposits, transfers and withdrawals. Dashain, when spending goes up due to extensive shoppings, basically, on cash instead of plastic money or cheques putting a lots of pressures not only on the ATMs of the banks and financial instititons but also at the counters. The financial institutions see large traffic for cash withdrawals during the time. The branches of banks and even ATMs of the banks run out of money.
Moreover, in Nepal, e-banking and SMS banking are rarely executed and the banking services are mainly handled through branches.
Many banks like Standard Chartered Bank, Bank of Kathmandu and Nepal Bank will be opening few of their branches even during Dashain holidays. “Along with the ATMs, ten of our branches — three in Kathmandu and seven outside valley — will be opened even during the holidays so that customers can access their accounts,” said Brinda Singh, communication officer of BoK.
Standard Chartered Bank is also opening its seven branches — five inside and two outside valley — throughout Dashain holidays. Traditionally, cash is used not only for purchases but also for Dakshina — the present that the youngsters get from their elders and visa versa, thus fresh and crisp notes of smaller denomination are highly in demand during Dashain.
“This year there will be no shortage of bank notes, as NRB has made sure that there are ample currency notes of various denominations in circulation, along with enough in banks and financial institutions reserves,” assured the spokesperson for Nepal Rastra Bank Bhaskar Mani Gyawali.
Two years back on the eve of Dashain, banks and financial institutions were not able to meet the public demand for cash withdrawals due to lack of bank notes, most of them have even stopped payments for large amount of cash withdrawals causing greater inconvenience to the greater number of public. The shortage created chaos as many public and private offices could not pay salaries to their employees and retail businesses were unable to make purchases.
But the Immediate Relief Programme and Finance and Labour Relation Committee of the Parliament had also instructed the central bank to make the required amount of notes available for the public during the Dashain.
The Dashain fiasco of 2009 caused by the incompetence and irresponsible attitude of the central bank has left most of the public doubtful about financial institutions’ ability to meet their demand for cash withdrawals during Dashain.
Last year, though, the banks were able to meet the demand for cash withdrawals but the customers had to stand for hours on serpentine queues.
Due to rush and increased demand of cash, some banks and financial institutions have been providing services even after the regular banking hours too. “Banking transaction has increased to double in Dashain compared to regular transactions, so we have been providing withdrawal service till five pm,” said Dipesh Lamsal, chief of operations of Manakamana Development Bank.
Source: THT
