NRB extends deadline to submit capital plan for Nepal SBI & Standard Chartered Bank Nepal

The Nepal SBI and Standard chartered bank (SCB) had requested the Nepal Rastra Bank (NRB) to extend the deadline to submit the actual proposal for increasing the paid up capital. The both banks have to get approval from their respective parent company. Standard Chartered bank is an integral part of Standard Chartered Group having ownership of 75% with 25% shares owned by the Nepalese public. Similarly Nepal SBI bank is a subsidiary of State Bank of India (SBI) having 55% of ownership. Head of Brand & Marketing and Corporate Affairs of SCB NEpal, Mr. Diwakar Poudel, told Sharesansar that the NRB has allowed reasonable time frame for the bank to submit the capital plan. The SCB Nepal will submit their capital plan as soon as it gets approval from the Standard chartered Group, added Mr. Poudel. Mr. Ramesh Ghimire, company secretary of Nepal SBI, said that the NRB has allowed Nepal SBI till the end of Poush 2072 BS to submit their capital plan. Trilochan Pangeni, spokesperson of the NRB, confirmed to sharesansar that both banks have been granted the extension to submit the capital plan. Both banks were granted an extension as they have higher foreign investment adding the additional approval methods than the Nepalese banks, added Mr. Pangeni.