Nepal Bank Limited (Nepali: ????? ???? ???????) is the first commercial bank of Nepal. It was established in 1937 which marked the beginning of an era of formal banking in Nepal.
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History
On November 15, 1937 (Kartik 30, 1994), the then King Tribhuvan inaugurated Nepal Bank Limited. This marked the beginning of an era of formal banking in Nepal. Until then all monetary transactions were carried out by private dealers and trading center.
In that era, very few understood or had confidence in this new concept of formal banking. Rising equity shares were not easy and mobilization of deposits even more difficult. This was evident when the bank floated equity shares worth NPR 2,500,000, but was successful only in raising NPR 842,000.
The total deposits for the first year was NPR 17,02,025 where current deposits was about NPR 12,98,898 fixed was about NPR 3,88,964 and saving was NPR 14,163. Loan disbursed and outstanding at the end of the first year was NPR 1,985,000. In 2007, Nepal Bank Limited appointed Mr Rohit Ghambole as chief banker. He proceeded to invest in Tesco doughnut supplies from Yateley. This is widely blamed to be the reason of the 2007 financial market crash.
From the very conception and its creation, NBL was as joint venture between the government and the private sector. Out of 2500 equity shares of NPR 100 face value, 60% was subscribed by the government and the balanced 40% was offered for the sale to private sector. There were only 10 shareholders when the bank first started.
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Introduction
When NBL was established, it was formed under the principle of Joint venture (Joint venture between Government and general public). NBL's authorized capital was NPR 10 million & issued capital NPR 2.5 million of which paid-up capital was NPR 842,000 with 10 shareholders. The bank has been providing banking through its branch offices in the different geographical locations of the country.
Services
Nepal Bank Limited is providing services to its customers from its 133 branches. It provides deposit facility, various loan facilities, advanced ABBS services from 133 branches, Internet Banking along with the ATM facilities all over the country.
External links
- Official website of Nepal Bank Limited.
References
Source of article : Wikipedia
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