Social Development Bank got license from the Nepal Rastra Bank (NRB) board on Monday to start banking operation. "The board also decided to issue licenses to all development banks, which have deposited five percent of paid-up capital in the central bank and met other criteria," said a board member. Those who have not deposited the paid-up capital will not license immediately, he said. The central bank has stopped issuing licenses to new financial institutions till a study report on number of financial institutions required for the country and supervisory capability of the NRB is submitted by the taskforce assigned for the purpose. There are already 61 development banks in the country.
Source: Kantipur
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Tuesday, September 15, 2009
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