New monetary policy: Commercial banks are required to open provincial offices

New monetary policy: Commercial banks are required to open provincial offices

New monetary policy: Commercial banks are required to open provincial offices

The central bank of Nepal says all commercial banks of the country should establish provincial offices in seven provinces of the country within next one year.

Unveiling the new monetary policy for the next fiscal year 2018/19, Nepal Rastra Bank Governor Chiranjibi Nepal said the banks should establish the provincial offices by the end of the year (mid-July 2019).

Meanwhile, the policy states that banks and financial institutions are not required to obtain approval from the central bank to open their branches at municipal and rural municipal level so that their services will be easy and effective, and the access to banks will significantly increase.

They, however, are required to seek permission from the NRB to open branches in metropolitan cities and submetropolitan cities.

The policy has it that the net interest spread of banks has to be below 4.5 per cent. Earlier, it was 5 per cent. The provision is likely to infuriate the bankers as they were demanding the increase in the rate.

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