License Of 179 Financial Institutions Revoked By Rastra Bank

Nov 21, Kathmandu- Only because of mergers and acquisitions, until last Ashwin, Rastra Bank has revoked the licenses of 179 banks and financial institutions. With the aim of strengthening financial stability, the National Bank issued regulations on mergers and acquisitions of banks and financial institutions about a decade ago.

Since the release of the regulations, a total of 247 banks and financial institutions have joined the merger/acquisition process till 079 Ashwin. Out of this, the license of 179 institutions has been revoked and 68 institutions have been maintained, according to the Rastra Bank. Even now, more than half a dozen commercial banks and one and a half dozen microfinance financial institutions are in the process of merger and acquisition. After the completion of the merger of those institutions, the licenses of additional financial institutions will be revoked.