Unless the subject or context otherwise requires, in this Act;
(a) “Bank” means a bank licensed by Nepal Rastra Bank to carry out
“A” category financial transactions, pursuant to prevailing law.
(b) “Banking Offence” means the offenses as stipulated under Chapter-2. (c) “Financial Institution” means a financial institution licensed by
Nepal Rastra Bank to carry out “B”, “C” and “D” category financial transactions, pursuant to prevailing law.
(d) “Institution” means a firm or company eligible to maintain a bank account with the bank or financial institution, pursuant to the
prevailing laws and the term also includes other corporate body or agencies established under the prevailing laws.
(e) “Borrower” means a person, firm, company or corporate body incorporated under prevailing law, which borrowed from Bank or
Financial Institution and this term also includes the person who has provided guarantee.