Remittance inflow might
see an increase as commercial banks can now open a liaison or representative
office outside the country.
Commercial banks that
have fulfilled the basic criterion according to the central bank's rule can now
open a representative or liaison office outside the country, Nepal Rastra Bank
(NRB), the central bank of the country, said today.
They must, however, have
minimum basic paid up capital, been maintaining one per cent more buffer
capital since the last one year, have Non Performing Assets (NPA) of less than five
per cent for the last three years, and the central bank must not have penalised
any of the directors within the last six months.
Those commercial banks
that fulfill the criterion must first apply at the central bank with financials
of the last three years, declaration of its capacity to abide by the regulation
of the regulatory authority of the concerned country where they are willing to
open a representative or liaison office, besides a feasibility study and the
bank's board decision, said NRB that will permit banks with time restriction,
if the applicant fulfills all the criteria.
Commercial banks must
get approval from the concerned country's regulatory authority within six
months and a final approval from the central bank to open a representative or
liaison office that must come into operation within six months and they must
inform the central bank.
"Commercial banks
must take approval from the Foreign Exchange Department of the central bank for
the foreign currency needed to open an office in a foreign country," NRB
added.
Commercial banks have
been asking the government and the central bank to allow them to operate
offices outside the country.
Going by the central bank criterion, out of the total 32 commercial banks only 10 banks could qualify, if they wish to open liaison or representative office out of the country.
Going by the central bank criterion, out of the total 32 commercial banks only 10 banks could qualify, if they wish to open liaison or representative office out of the country.
Some of the commercial
banks have, even, been planning to open a liaison office in the key remittance
originating countries like India to officially channel in remittance through
banks. Though a World Bank report has projected remittance inflow growth rate
to slow down, a large chunk of remittance inflow from India has not yet been
completely chanellised through formal banking channels making it difficult to
track its contribution to the total remittance.
Recently, Global IME
Bank had sought the central bank's permission to open a liaison office in New
Delhi, India, to channelise the remittance inflow through the bank.
The Monetary Policy has
also promised commercial banks to allow them to open offices outside the
country, though earlier, the Unified Directives 2010 had allowed only licensed
institutions established with foreign equity participation to open a liaison or
representative office according to the conditions stipulated by the central
bank.
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