NRB stops accepting applications for new banks

Nepal Rastra Bank has stopped accepting application for opening new commercial banks and other financial institutions. The central bank officials stated that they had stopped registering new applications, as the central bank is reviewing the existing policy and processes related to the establishment and licensing of the banks and financial institutions.

However, the NRB will accept applications on establishing the category ´D´ financial institution by the commercial banks, development banks and finance companies for the purpose of operating deprived sector lending, as provisioned in the new monetary policy. NRB has said that its latest decision will not impact applicants who have already deposited 5 percent of the paid up capital and whose applications have already been publicly accepted.
Source: Republica