Banks And Financial Institutions Act, 2063 (2006

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Section 5
Prior approval required to establish a bank or financial institution for foreign investment

(1) When a foreign bank or financial institution applies for the purpose of obtaining prior approval to establish a bank or financial institution in accordance with this Act as a subsidiary company in a joint venture with an organized organization established in Nepal or a Nepali citizen or as a subsidiary company as determined by the National Bank, Section In addition to the documents mentioned in sub-section (1) of 4, the following documents and details must also be submitted along with the documents specified by the National Bank:- (a) Copy of the foreign bank or financial institution's management deed, regulations and certificate of registration of the said bank or financial institution in the respective country and capital. Structure, (b) Copy of the license obtained by the foreign bank or financial institution to conduct banking and financial transactions in the respective country, (c) Details regarding the main place of business, (d) Balance sheet and profit of the last three financial years of the audited foreign bank or financial institution. -Certified copy of the loss account, (e) the proposed business plan, commercial strategy and type of business to be conducted in Nepal, details related to internal control and risk management, (f) the decision of a foreign bank or financial institution to open a bank or financial institution in Nepal in accordance with the law of the respective country and the authority given by the regulatory body of such country. (2) Upon examination of the application received for pre-approval and the documents attached thereto, if it is deemed appropriate to grant approval, within one hundred and twenty days of the receipt of the application, the foreign bank or The financial institution may give prior approval to establish a bank or financial institution for share investment or joint investment up to the specified limit. can own shares. (4) This ActNotwithstanding anything written elsewhere in this Act, any investment made by any foreign bank or financial institution or any other foreign institution in any bank or financial institution after obtaining approval in accordance with the prevailing law, shall be deemed to remain in that bank or financial institution.
Banks And Financial Institutions Act, 2063 (2006
Chapter - 4
Section 18: Disqualification of operatorSection 27: Delegation of authoritySection 28: Director's Allowance and BenefitsSection 29: Appointment and condition of service of the Executive ChiefSection 14: Formation of Board of DirectorsSection 15: Director's TermSection 16: Operator QualificationSection 17: Eligibility of Independent DirectorSection 19: Inability to continue in the position of directorSection 20: Regarding the person holding the constitutional positionSection 21: Board of Directors MeetingSection 22: Functions, Duties and Powers of the Board of DirectorsSection 23: Accountability and Responsibilities of DirectorsSection 24: Details of directors to be obtainedSection 25: Owner information and recordsSection 26: which may constitute a subcommitteeSection 30: Duties, Duties and Powers of the Executive Chief
Chapter - 12
Section 79: Compulsory liquidation of a bank or financial institutionSection 80: Transaction will be suspendedSection 85: which can end the transactionSection 89: Meeting of CreditorsSection 90: Repeal PlanSection 91: which can be immediately delivered to the depositorSection 94: Preference of paymentSection 95: Unaccounted for item or amountSection 78: who can petition the court for the compulsory liquidation of a bank or financial institutionSection 81: Appointment of liquidatorSection 82: Duties, Duties and Powers of LiquidatorSection 83: Effect of order relating to revocationSection 84: Cost of assets and liabilitiesSection 86: Notice of submission of claimsSection 87: that the liquidator may accept or reject the claimSection 88: Classification of ClaimsSection 92: Right to sell assetsSection 93: Claim Dismissal NoticeSection 96: Decision of DismissalSection 97: Compulsory liquidation of banks or financial institutions doing business in more than one countrySection 98: Unclaimed
Chapter - 14
Section 119: Discounts and ConvenienceSection 107: Special Arrangements Regarding Infrastructure Development BankSection 108: Deposits should be protectedSection 109: to maintain banking privacySection 110: which may instruct the account to be withheldSection 111: Claim on depositSection 112: Details of unclaimed depositsSection 113: Deposits that can be paid or confiscatedSection 114: Charges will be made from the operatorSection 115: UnclaimableSection 116: The government of Nepal will be badSection 117: Transparency ArrangementsSection 118: Provisions related to protection of consumer interestsSection 120: Expense ManagementSection 121: Statement of assets required to be submittedSection 122: Debts, obligations and rights in debt securities can be bought and soldSection 123: Dispute resolutionSection 124: not to be held accountable for actions done in good faithSection 125: Actions will not be annulledSection 126: Study committees and sub-committees may be constitutedSection 127: SwearingSection 128: Amendment of Articles of Association and RegulationsSection 129: to be made under this ActSection 130: UnblockSection 131: Can issue orders or instructionsSection 132: who can make rules or regulationsSection 133: Power to make regulations and proceduresSection 134: Repeal and save