Five banks merged

Kathmandu, Jan 1: Five banks—Nepal Credit and Commerce Bank, Infrastructure Development Bank, Apex Development Bank, Supreme Development Bank and International Development Bank– have been merged today. Banking transaction has been initiated in the name of Nepal Credit & Commerce Bank from after the merger today. With this, paid up capital of the bank has reached above Rs 4 billion.Inaugurating the integrated transaction, Governor of the Nepal Rastra Bank, Dr Chiranjivi Nepal, directed the bank employees and administration to maintain financial discipline.Governor Nepal said that although the number of banks and financial institutions has increased, there was no increase in the capital.NRB has been carrying out supervision of all banks and financial institutions, according to him.Similarly, Chief Executive Officer, Rameshraj Aryal, shared the information that 60 percent population across the nation still has no access to financial network. RSS

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