Bank: Savings

Monday, September 12, 2011

Savings

Here, We want to share something about the banking transaction. When we open savings account in any bank, they debited and credited our amount. So, we should understand that credited to our account means amount deposited to our account. Similarly, debited to our account means amount deducted from our account.

Debited= Cash Withdrawn
Credited = Cash Deposit

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Banking History in Nepal

Banking History in Nepal http://www.matinaa.com

In the context of Nepal like as in other country the goldsmiths and landlord was the ancient banker. The Nepalese people were highly exploited by Shahu Mahajan by charging higher interest rate compound interest rate and even by manipulating the principal amount .if we try to see the history of banking transaction in depth evidence of money lending function are found in practice before 8^th century. In 780 B.S. Gunakamadev the ruler of Kathmandu reconstructed Kathmandu valley by borrowing debt from the people .14^th century Tanka dhari system had been running .in the period of Ranodip Singh in Kathmandu established an office called Tejarath Adda from this office the government distributed salary to their employees and provided loans to government employment @ 5% of interest against the security of gold sliver etc. http://www.matinaa.com

Because of the development of economic activities in Nepal the above institution could not be fulfilled the need of people so in Kartik 30, 1994, BS Nepal bank limited was established as one of the semi government commercial bank which had 10 million authorized capitals. It has done the pioneering function in spreading the banking habits among the people. Having felt a need of central bank to control and direct the commercial bank and help the government for making monetary policies Nepal Rastra Bank was set up in 14 Baisakh 2013 B.S.

To fulfill the growing credit requirement of the country the commercial bank Rastriya Banijya Bank was establish in 10^th Bhadra 2022B.S Rastriya Banijya Bank is also to provide facilities for the economic welfare of the general public. Nepal is an agriculture country to develop agriculture system and industry agriculture Development Bank and Nepal Industrial Development Corporation was established in 2024BS and 2016 BS respectively.

Nepal Bank Limited which was the first commercial bank of Nepal. Nepal Rastra Bank (central bank of Nepal) was set up in 2013 and the Rastriya Banijya Bank. NBL has 110 branches and has used Pumari Banking Software in some branches and Newton Banking Software is used in Head office and other branches of Kathmandu branch. This bank plays a vital role in mobilizing and collecting deposits from customer and it has introduced Automated Teller Machine (ATM), Any Branch Banking Service (ABBS), and Credit Card, are also provided to their customers. Similar, another commercial bank was set up in 2022. Until 2040 Nepal’s financial sector was closed for joint venture of foreign banks. After 2040 the government gradually liberalized and opened up the sector, resulting in the rapid entry of foreign banks. Since then it has led to the establishment of good number of private banks. Nabil Bank was the first private commercial bank of Nepal established in 2040. And we have 31 Commercial Banks till date. Similarly, we have 87 development bank, 80 finance company, 21 micro finance and 19 cooperatives licensed by NRB. In Nepal altogether 1589 banking branches are operated all over the Nepal. We can see in following data about the increasing no of commercial banks in Nepal year by year. http://www.matinaa.com

Year ( AD)	No. of Commercial Banks in relative years
1990	5
2000	13
2007	20
2011	31 http://www.matinaa.com

Bank

Monday, September 12, 2011

Savings

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