Nepal Bank Limited: – A bank is a financial institution established with the aim of receiving the deposit and making loans to the needy. Banks play a leading role in implementing the financial policy in all the economic sectors and play an important role in the financial stability of a country. Banks encourage the saving among the people and facilitates making the payment from one place to another by the means of cheques.
Nepal bank limited is the first bank of Nepal inaugurated on Kartik 30,1994 by his majesty, King Tribhuvan. The establishment of Nepal bank has to lead the concept of formal banking in Nepal. During the period very few were confident about the new concept of formal banking.
The establishment of Nepal bank limited in the country helped a lot of individuals in their business and enhanced the business sector by making loans. Loan disbursed and outstanding at the end of the year 1994 was NPR 1,985,000.
Nepal bank was formed by the joint effort of the government and the general public. The development of Nepal bank limited is considered as a huge and vast effort by the government for the enhancement of Nepalese. Before 1994, all the monetary transactions were carried out by the private dealers.
Before the restoration of democracy many commercial banks came into existence and today there are crowds of commercial banks in Nepal.
From the date of its establishment until the date the Nepal bank limited has been serving for the development of the nation and maximizes the efficiency of its staffs. Nepal bank has been providing its services in many areas through its branch offices. Till the date, it has been more than 60 years of its continuous service and has almost 130 branches including the head office. The head office is in Kathmandu. There are 29 branches in the Kathmandu itself.
Still now when a lot of banking institute has been inaugurated the Nepal bank is considered to be the trusted institute by the general public.
Nepal bank started its computerization system in 2048 B.S with YBPASS system in the main branch office. Few years later in 2059 B.S under the financial assistant program of World Bank an international team from Scotland was appointed to restructure Nepal bank limited.
In the period where the private banks all over the nation are concerned about their profits Nepal bank is still focusing to serve the rural people and community.
Nepal bank provides the customers a safe deposit for the valuable properties like jewels ,important documents like insurance policy, birth certificates, family records and so on.
Technology is vital for continued success in every business. With the rapid development of technology, the emergence of self-service banking technologies like ATM, mobile banking has been a major part of a banking institute.
These were the technological challenges for the Nepal bank and is committed to taking technology trends in a safe and secure manner. And now it has been able to introduce its NBL debit card which allows its customers to access a vast network of ATMs located in various points in the capital as well as within the whole country.
Also, the Nepal bank has started providing quick access to banking services for Nepal Bank customers from their mobile devices through smart mobile banking. The major services balance inquiries, recent transaction details, and bill payment.
Nepal bank has announced the internet banking for its customers. Nepal has been a dependent country on import business so with an aim to integrate the trade finance and develop the trade finance transactions Nepal bank limited commenced the centralization of trade finance through the central trade finance division.
Nepal bank has started the ASBA service since 2017.The customers having account can register C-ASBA from any branch to obtain CRN.
Nepal bank limited has recently provided cash assistant of Rs 52 lakhs to a school in Sindhupalchowk, Nepal. In a similar manner, it has been donating for the development of the rural community all around the country.
Author: Aagya Sharma