Nepal Rastra Bank asks commercial banks to establish branches in local levels; Previous time limit decreased by 2 months
Thu, Mar 29, 2018 12:39 PM on Latest, Featured, External Media,
Nepal Rastra Bank has directed all the commercial banks to start the operation of branches in all the local level of the country. Rastra Bank has directed the banks to establish branches in 243 local level within Baisakh end and in 116 local level within Asar end.
Beforehand, Rastra Bank had directed the banks to establish branches in 243 local level within Asar end, but the time limit has been decreased by 2 months.
Furthermore, the banks are also supposed to provide progress report about the expansion of branches on the 15th of a month and on the last day of the month with an interval of 15 days. The banks not following the directions of the Rastra Bank shall face actions as per the provisions mentioned in Nepal Rastra Bank Act, 2058.
Rastra Bank has taken this step because of the sluggish progress of the banks, and as a result has decided to decrease the given time.
