Nepal Rastra Bank recently directed all financial institutions, Nepal banks to resume essential services. Following this, commercial banks in the Kathmandu Valley have started limited operations. However, many Development banks, finance companies, and microfinance institutions remain closed.
Commercial banks, after a meeting by the Nepal Bankers’ Association, decided to open three branches in Kathmandu and two branches each in Bhaktapur and Lalitpur. These branches provide services from 10 am to 2 pm. Digital banking services are fully active across all banks.
Despite this, Development banks and other non-commercial financial institutions have not reopened. CEO of a National Development Bank told AllStocksInfo that the security situation is still not fully safe. Opening offices under these conditions is risky. Discussions among the Development Bankers’ Association reached the same conclusion. They plan to monitor the situation for a week before reopening.
Development banks are unlikely to open tomorrow. If the situation improves, limited services may start from Sunday or Monday. Finance companies and microfinance institutions are also waiting to see what development banks do before resuming their services.
