Kavre, September 30

Minister of Finance Yubraj Khatiwada today said banking service would reach all local levels by mid-January.

Inaugurating the central office of Abhiyan Laghubitta Bittiya Sansthan Limited in Panauti of Kavre, Khatiwada said banking service would be expanded to the remaining 17 local levels by mid-January next year.

Minister Khatiwada said the number of bank branches had reached 9,850 in the country. He stressed the need to improve quality of service in banks, finance and micro-finance institutions. “Instead of increasing the number of financial institutions, the government is working on mergers among banks and financial institutions to ensure quality,” he stated. He argued it was pointless to have banks that could not expand their branches.

Khatiwada said the government was planning to amend Insurance Act, Securities Board of Nepal Act and Act related to Banks and Financial Institutions. He claimed that Nepal would be able to build its capacity to drive financial services in the country and added that the government was working to create employment opportunities and provide jobs to 1.1 million people living under poverty and bring down poverty to zero level within three years.

Minister Khatiwada clarified that province and federal governments had not imposed double tax on the public. “The double tax system has come to an end. Province governments will look after community forest now onwards,” he informed.