Kathmandu, March 8:

Government-Maoists peace accord and end of 10-year conflict has encouraged and boost the confidence of private commercial banks to expand their business network across the country.

Laxmi Bank opened its two new branches at New Baneshwor, in the capital and Damak, the eastern city of the country.

Kumari Bank has also opened its 10th branch in Narayangadh, Chitwan, the central business hub.

Similarly, Bank of Kathmandu has opened its 18th branch in Surkhet, a gateway to the Western hills of the country.

However, all the private commercial banks’ are concentrating in and around the urban areas and have yet to provide their services and products to the vast rural populace who are considered the ket source of remittance in the recent days.

According to ‘Access to financial services in Nepal,’ a report prepared by the World Bank (WB), only 27 per cent of total Nepali populace has an access to the banking services

in Nepal.

The New Baneshwor branch is Laxmi Banks’

12th branch and the fifth inside the valley, while Damak branch is the 13th branch.

According to Laxmi Bank, apart from being a full service retail branch, New Baneshwor will also house a corporate banking unit.

Similarly, the bank chose Damak due to the bank’s strategic intent of leveraging on remittance business as Damak is identified among the top ten remittance business destinations of Nepal. Laxmi Bank intends to add two more branches taking total number of branches to 15 by the end of this fiscal year.

Similarly, Kumari Bank is also opening six more branches soon.