Banks And Financial Institutions Act, 2063 (2006
Section 28
Prohibition On Carrying On Financial Transactions By Any One Other Than Bank Or Financial Institution
No one other than a bank or financial institution incorporated pursuant to this Act shall carry on the financial transactions referred to in this Act. Provided that nothing herein shall be deemed to prevent any body
corporate, other than a bank or financial institution, which has been established under the laws in force and licensed under the Nepal Rastra Bank Act, 2058 (2002) to accept deposits and extend credit, from carrying on such transaction.
(2) No person shall use the name of a bank or financial institution for the purpose of carrying on the financial transactions, without obtaining the approval of the Rastra Bank.
(3) Notwithstanding anything contained in Sub-section (1) or (2), any bank or financial institution which has obtained approval to carry on the financial transactions pursuant to the laws in force at the commencement of this Act may carry on the financial transactions using the name existing at the time of obtaining the approval to carry on such transactions.
(4) Notwithstanding anything contained elsewhere in this Act, class “B”, class “C” and class “D” licensed institutions shall be entitled to use the names development bank, finance company and micro- finance development bank, respectively.
(5) The conditions required to be observed by the banks and financial institutions which have obtained approval pursuant to Sub- section (3) in the course of carrying financial transactions shall be as prescribed by the Rastra Bank.
Banks And Financial Institutions Act, 2063 (2006
Chapter - 4
Section 28: Prohibition On Carrying On Financial Transactions By Any One Other Than Bank Or Financial InstitutionSection 29: Application To Be Made For License To Carry On Financial TransactionsSection 30: License To Be Issued To Carry On Financial TransactionsSection 31: Classification Of Licensed InstitutionsSection 32: Power To Refuse To Issue License To Carry On Financial TransactionsSection 33: Power Of Rastra Bank To Prescribe ConditionsSection 34: Special Provisions Relating To Opening Of Office By Foreign Bank Or Financial InstitutionSection 35: Suspension And Cancellation Of LicenseSection 36: Conversion Of Licensed Institution Of Lower Class Into Licensed Institution Of Higher ClassSection 37: Conversion Of Licensed Institution Of Higher Class Into Licensed Institution Of Lower ClassSection 38: Liquid Assets Required To Be MaintainedSection 39: List Of Licensed Institutions To Be Published
Chapter - 12
Section 76: Permission To Be Obtained For Voluntary LiquidationSection 77: Order Of Priority In Settlement Of Liabilities On Liquidation Of Licensed InstitutionSection 78: Arbitration/mediationSection 79: Secrecy To Be MaintainedSection 80: Power To Give Directive To Freeze AccountsSection 81: Claim Or Title To DepositsSection 82: Particulars Of Unclaimed Deposits Or DividendsSection 83: Recovery From Or Confiscation Of DepositsSection 84: Management ExpensesSection 85: Power To Remove DifficultiesSection 86: Exemptions And FacilitiesSection 87: Not To Be Liable For Act Done In Good FaithSection 88: Oath-takingSection 89: Acts And Actions Not To Be InvalidatedSection 90: Power To Frame RulesSection 91: Power To Frame Bye-lawsSection 92: Laws In Force To GovernSection 93: Repeal And SavingSection 94: Effect Of Inoperativeness Of The Banks And Financial Institutions Ordinance, 2062(2005 )