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Section 13
Account operation
The bank can open and operate accounts for the Government of Nepal and other government agencies, commercial banks and financial institutions, public institutions, foreign missions, foreign central banks, foreign banks and international associations and organizations. The process of opening and operating such an account will be as prescribed by the bank. However, the bank will not operate an account for any person, industry or political organization.
Nepal Rastra Bank Act, 2058 (2002)
Preamble - 0
Chapter - 2
Section 3: Establishment of the bankSection 4: The purpose of the bank isSection 5: Functions, Duties and Powers of BanksSection 6: Bank prioritySection 7: Things a bank should not doSection 8: Exemptions and facilities for the bankSection 9: Nepal Government's Bank RelationshipSection 10: Coordination with public bodiesSection 11: International cooperation and relationsSection 12: Flow of public informationSection 13: Account operation
Chapter - 3
Section 24: Resignation of directorSection 27: PermanentSection 32: Prohibition on Use of Vested Personal InterestsSection 35: Functions, Duties and Powers of Audit CommitteeSection 14: Constitution of the Board of Directors TheSection 15: Appointment of GovernorSection 16: Appointment of Deputy GovernorSection 17: Appointment of DirectorSection 18: Director's tenureSection 19: The director's salary and other benefitsSection 20: Eligibility of DirectorSection 21: Disqualification of DirectorsSection 22: Director's resignation conditionSection 23: Formation and work, duties of inquiry committeeSection 25: Public Notice of Appointment of GovernorSection 26: Filling VacanciesSection 28: Committee meetingSection 29: Work, Duties and Powers of the CommitteeSection 30: Duties, Duties and Powers of the GovernorSection 31: Delegation of AuthoritySection 33: Management CommitteeSection 34: Audit CommitteeSection 36: Bank employeesSection 37: Code of Professional Conduct and Official ResponsibilitiesSection 38: Privacy
Chapter - 5
Section 49: Loans and Reloans to Commercial Banks and Financial InstitutionsSection 44: MONETARY POLICY TheSection 45: Open market trading operationsSection 46: Compulsory Balance of Commercial Banks and Financial InstitutionsSection 47: Failure to maintain mandatory balanceSection 48: Discount transactionsSection 50: Discount rate and interest rate of re-loan
Chapter - 6
Section 59: TheSection 60: Withdrawing or withdrawing issued currencySection 61: Copy and Counterfeit CurrencySection 51: Monetary unitSection 52: Power to issue bank notes and coinsSection 53: Banknotes and coins are universally acceptedSection 54: Measurement, weight and size of coinsSection 55: Currency Issuance and SecuritySection 56: Fair arrangement of currencySection 57: False or false currencySection 58: Arrangements related to stock and issuance of currency
Chapter - 7
Section 62: FOREIGN EXCHANGE POLICYSection 63: Foreign exchange managementSection 64: Details of foreign exchange transactionsSection 65: Foreign exchange transactionsSection 66: Foreign exchange reservesSection 67: Issuance of bonds in gold and foreign currencySection 68: International Clearing and Payment Agreement
Chapter - 8
Section 73: Details, facts and documents that the bank may requestSection 74: who can consult the bank regarding law reformSection 69: Bankers, Advisors and Financial AgentsSection 70: Consultation and information on foreign loansSection 71: Deposit collectionSection 72: Functions of Financial AgentSection 75: Loans to the Government of Nepal and purchase of government bonds
Chapter - 9
Section 76: to obtain bank approval for taking deposits or making loansSection 80: Banking and financial system and credit controlSection 85: Mutual support exchangeSection 86: XXXXXXSection 86B: Commercial bank or financial institution deemed to be troubledSection 86C: which banks can take action against troubled commercial banks or financial institutionsSection 86D: Effect of bank takeover of commercial bank or financial institutionSection 86F: Bank's right to take remedial actionSection 86H: that can reduce the capital of troubled commercial banks or financial institutionsSection 88: Establishment of Credit Information CenterSection 77: Ban on interest rateSection 78: required to obtain permission from the bankSection 79: to be regulated by the bankSection 81: to be disbursed in designated areasSection 82: Notice to be submitted to the bankSection 83: Approval to issue debentures and financial instrumentsSection 84: Inspection and SupervisionSection 86A: The commercial bank or financial institution should inform the bankSection 86E: Remedial measures and powers to be exercised by the Bank or an officer appointed by the BankSection 86G: Can be taken to FarfarakhSection 86I: Right to appeal against the order of the bankSection 86J: XXXXXXSection 86K: XXXXXXSection 86L: XXXXXXSection 86M: XXXXXXSection 87: Establishment of Information Network
Chapter - 9A
Section 88B: Provisions regarding formation of Special Administration GroupSection 88C: Functions, Duties and Powers of Special Administrative GroupsSection 88F: to prepare new or betterSection 88A: Bank's right to act on variationSection 88D: The rights are automatic throughout the duration of the contractSection 88E: Notice and Registration of Deeds relating to FarfarakhSection 88G: who can recommend for improvement of financial condition of commercial bank or financial institutionSection 88H: Bridge Institution – Breeze Institution) or unit that can be establishedSection 88I: Priority of paymentSection 88J: Effects of a special administrative group taking control of a bank or financial institutionSection 88K: Deactivation of proceedings prior to the commencement of proceedings relating to reformationSection 88L: Other Provisions relating to FarfarahSection 88M: to submit the final details of the development workSection 88N: to exchange mutual supportSection 88O: Can apply for cancellation
Chapter - 11
Section 97: Government of Nepal will be dismissedSection 102: AppealableSection 95: deemed to have committed an offense under this ActSection 96: Penalty PunishmentSection 98: Bank to informSection 99: Penalties for violating bank regulations areSection 100: Penalties for Violation of Bank RegulationsSection 101: FINANCIAL FINE AND PUNISHMENT PROCEDURE
Chapter - 12
Section 103: Payment, Clearing and SettlementSection 104: Data collectionSection 105: Trust accountSection 106: Actions will not be canceledSection 106A: Not to work in a commercial banking financial institutionSection 107: not to be held accountable for actions done in good faithSection 108: SwornSection 109: According to this ActSection 110: Power to make rules and regulationsSection 111: Making and implementing guidelinesSection 112: Repeal and saveSection 113: Consequences of the Nepal Rastra Bank (First Amendment) Ordinance after its inactivitySection 160B: The services of experts should be providedSection 160C: as may be directed by the Government of Nepal