Parliament of Nepal - Banks and Financial Institutions Act, 2006

Share: 

The Parliament of Nepal's Banks and Financial Institutions Act, 2006 repeals the Agricultural Development Bank Act, 1967, the Commercial Bank Act, 1974, the Finance Company Act, 1985, the Nepal Industrial Development Corporation Act, 1990, and the Development Bank Act, 1996. The act seeks to establish the trust of the general public in the overall banking and financial system of the country by promoting the rights and interests of depositors and providing quality and reliable banking and financial intermediary services to the public through healthy competition among banks and financial institutions. The act also aims to minimize risks relating to the banking and financial sector, boost and consolidate the economy of Nepal by liberalizing the banking and financial sectors and make necessary legal provisions relating to the establishment, operation, management and regulation of banks and financial institutions. The act is divided into several sections, and covers the following topics:

1. Incorporation of Banks or Financial Institutions, and Securities
2. Board of Directors and Chief Executive of Banks or Financial Institutions
3. License
4. Capital
5. Operation of Financial Transactions
6. Regulation, Inspection and Supervision
7. Accounts, Records, Returns and Reports
8. Merger of Licensed Institutions
9. Offenses and Punishment

Document Details

Document Type: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2006
Date of Document: 
Tuesday, August 1, 2006
Document Authors: 
Parliament on Nepal
Language (This Document): 
English

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.