BFIs need no permission to open branch in remote areas

Bank and Financial Institutions (BFIs) from now on wards do not require permission of Nepal Rastra Bank to open branch offices outside Kathmandu Valley. As per the notice issued by the central bank on Tuesday, BFIs do not require permission to open branches outside Kathamandu Valley, Metropolitan city sub metropolitan city or in municipality. However BFI should inform the central bank within 7 days of the decision approved from the Board of Directors (BoD) regarding branch opening. Likewise, BFIs require permission of NRB for closing any of its offices, branches or merger process.