Bank branches reach over 750 municipalities

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Kathmandu: Branches of commercial or ‘A’ class banks have reached 750 out of 753 municipalities across the country.

Nepal Rastra Bank (NRB) had set a target of reaching at least one branch of a commercial bank in all the municipalities two years ago but it has not been able to reach branches in three municipalities yet. The number of branches in seven hundred and forty-seven municipalities has increased to seven hundred and fifty this year.

Now, branches of commercial banks have yet to reach Rubi valley in Dhading, Junichande in Jajarkot and Saipal in Bajhang.

There are 27 commercial banks, 18 development banks, 17 finance companies, 70 microfinance financial institutions and one infrastructure development bank in Nepal.

These banks and financial institutions have 10,683 branches.