NRB allows BFIs to open 20 percent of their branches

Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to operate on the basis of necessity.

Dev Kumar Dhakal, chief of the BFI Regulation Department of Nepal Rastra Bank said that the banks can open according to their need.

“We have already given a verbal instruction to the BFIs to open as per the customers’ need. However, they must follow proper safety guidelines to prevent the spread of coronavirus infection.”

All three district administration offices of the valley have also given permission to the BFIs to open with a limited number of staff not exceeding one-third of their full capacity. The prohibitory order will be effective until September 9.

President of Nepal Bankers’ Association Bhuwan Dahal said that the association has decided to open 20 per cent of the branches of the member banks.

“Now we can open 20 per cent of the branches with one-third,” he said.

Dahal said that a commercial bank can mobilise a total of 100 staff in branches of the three districts within the valley. Earlier, the commercial banks were allowed to mobilized only 50 staff in different branches of the valley.

Dahal added that they are planning to open more branches because there are high chances of overcrowding if they open few branches.