New provision to open branch

KATHMANDU:

Financial institutions can open a branch in Kathmandu Valley only after opening three branches outside capital, the central bank has said, issuing a circular today. Earlier, financial institutions were required to open two branches outside Kathmandu to be allowed to open a branch in the capital. “Moreover, banks have to open one branch in the 14 designated remote districts and two branches outside Kathmandu Valley —with at least one a VDC and non-headquarter areas,” informed spokesperson for Nepal Rastra Bank Bhaskar Mani Gyanwali, adding that this will encourage financial institutions to venture into unbanked areas. The 14 designated districts include Bhojpur, Okhaldhunga, Manang, Rukum, Salyan, Jumla, Mugu, Humla, Kalikot, Dolpa, Jajarkot, Bajhang, Bajura and Darchula.

Source: THT