NCBL to come into operation in few months
KATHMANDU, AUGUST 27: A decision has been made to move the registration process of the Nepal Cooperative Bank Limited (NCBL) forward. The sixth meeting of the ad hoc board of Directors held on last Friday (Aug 25) in the capital came up with this decision.
As part of the process, the Department of Cooperative has to permit the proposed bank to operate on the basis of the Letter of Intent issued by the Nepal Rastra Bank. Section 12 of the Cooperative Act 2017 authorizes the department to issue an operating license to a cooperative bank to offer banking services and products.
Surendra Bhandari, the president of the ad hoc board, expressed optimism about the registration process. He mentioned that they anticipate the bank to be registered and operational in a few months. The proposed bank boasts a paid-up capital of Rs 2.5 billion. Upon commencing operations, its focus will shift to expanding its presence across the nation.
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