Just three local levels out of 753 are left to have a branch of a commercial bank.
The government’s plan to extend financial services in all the local levels across the country is near completion.
According to the Nepal Rastra Bank, the Rubi Valley Municipality of Dhading, Junichande Rural Municipality of Jajarkaot, and Kanda Rural Municipality of Bajhang District are left behind to have a branch of a commercial bank.
So far, branches of commercial banks have been opened in 750 local bodies. Before April 2020, 746 local bodies had access to the branch of commercial banks. By the end of April this year, 750 local bodies had access to the commercial bank.
Central Bank informed that remaining local bodies will have branches after the completion of the security management of physical infrastructure, information and communication technology, and other needed structures.
Central Bank provides facilities and concessions to commercial banks’ established branches in rural areas.
There are 139 banks and financial institutions in the country so far. It consists of 27 commercial banks.
Source : THE RISING NEPAL,