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Section 78
<br> required to obtain permission from the bank
Commercial banks and financial institutions shall obtain a license as prescribed from the bank to carry out credit and financial transactions. (2) When granting a license as per sub-section (1), the bank may determine the necessary conditions and grant the license as prescribed, and the licensed bank shall comply with such conditions. And financial institutions will have a duty.
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