Nepal Bank Meets Required Paid-up Capital

July 9: Nepal Bank Ltd has become successful in meeting the required Rs eight billion paid-up capital before the deadline of mid-July.

Nepal Bank is the second commercial bank to meet the paid-up capital requirement in the current fiscal year.

The bank led by CEO Devendra Pratap Shah since the past two years has been able to raise the paid-up capital to Rs 8.02 billion.

Government holds 62.55 percent ownership of the bank. Under the government’s financial sector reform program, the bank was run under contract management while it for some time it was under the management of Nepal Rastra Bank. But since the last two years, Shah was appointed the CEO and the bank has been operating on the basis of free competition.

The bank is currently providing services through 131 branches and is planning to start providing smart banking services from 25 branches in the upcoming fiscal year, informed the bank.