The ancient bankers of Nepal were like other countries goldsmith, merchants and money lenders. In 1993 B.S. Prime Minister Ranoddip Singh established Tejarath Adda which was the first step towards the institutional development of banking in Nepal. Tejarath Adda didn’t collect deposit from the public but gave loans to the employees and public against the bullion.
Banking in modern sense in Nepal stared with the inception of Nepal Bank Limited on B.S. 1994 with paid up capital of Rs.85000. Nepal Bank Limited had prodigious responsibility of attracting people towards banking sectors for pre-dominant money lenders net and expanding banking services. Being a commercial bank, it was natural that NBL paid more attention to profit generating business and stated opening branches at urban centers.
Government however had responsibility of stretching banking services to the nooks and corners of the country and also managing financial system in proper way. Nepal Rastra Bank (NRB) was set up on B.S.2013/01/14 as a central bank under NRB Act 2010. Since then, it has been functioning as the government’s bank and has contributed to the growth of financial sector.
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