As a public enterprise banking made its first beginning around the middle of 12th century in Italy and the bank of Venice. Founded in 1157 was the first public banking institution. Following if were established Bank of Barcelona and Bank of Genoa in 1401 and 1407 respectively. The bank of Venice and the bank of Genoa continued to operate until the eighteenth century. With the expansion of commercial activities in northern Europe, there sprung up a number of private banking houses in Europe and slowly it spread throughout the world.
In Nepal, modern banking starts form the establishment of Nepal Bank Ltd. In Nepal development of baking is relatively recent. The record of banking system in Nepal gives detail account of mixture of slow and steady evolution in the financial and global economy of Nepalese life. In involvement of landlord, rich merchants shopkeepers and other individual money holder has acted as fence to institutional credit in presence of unorganized money market. In Nepalese chronicle it was recorded that the new era known as Nepal Sambat was introduced by Shankhadhar, a sudra merchant of Kantipur in 879 or 880 A.
D after having paid all the outstanding debts in the country. This shows the basic of money lending practice in ancient Nepal. Towards the end of 8th century, Gunkamdev had borrowed money to rebuild the Kathmandu valley. Mall regime was an evidence of banking activities. It is beloved that financing for foreign trade with Tibet became quite popular during the regime of malla. However the absence of regulatory measures money lenders were known to have charged High rate of interest and extra on loans. When “Tejarath adda “established during the year 1877 A.
The Term Paper on Virtual Banking Network Bank
1. Introduction 1 2. Executive Summary 13. Trends in Retail Banking 24. About the Internet 25. Virtual Banking and Applications 35.01. Interactive Application 4 5. 02. Smart Cards 46. Online Banking System Security 5 6. 01.Cryptography 6 6. 02. Firewalls and Routers 7 6. 03. Trusted Operating Systems 7 7. Supervision and Regulations of Network Banking 88.Conclusion 129. References 14 Introduction ...
D. it played viral role in baking system as regulatory and promotional organ. It helped the general public to provide credit facilities at a very low rate of 5% specially on the collateral of gold and silver. Hence the establishment of Tejarath adda could be regard As pioneer foundation of banking in Nepal. The man defect of this institution soughed as there was no other financial institution set up and no effort to expand the services. Above all of defects the ‘adda’ didn’t accept Any deposit form public.
After that again for a long time, several unorganized bankers continued to flourish as the sole provide of credit and services to the general public. At the same time, the government started trade with India and Tibet and various bankers handled even the trade because transfer of money made only safe through these banker in the absence of modern banking institution. Hence, the need of banking institution realized. This was strongly supported by the situation caused during 1934 A. D. earth Quake where there was need of finance for reconstruction of KTM.
During the year 1934 AD, first commercial bank of Nepal. Nepal bank ltd established with the imperial Bank of India into existence under Nepal bank act 1937 inaugurated by king Tribhuwan November 1937. Nepal Rastra Bank, the central Bank of Nepal came into existence in 1956 under the Nepal Rastra Bank act 1955. Rastriya Banijya Bank the second commercial bank was established in1965, RBB being a largest commercial bank plays a major role in the economy, and the financial shapes of two old banks have a tremendous impact on the economy.
That is reason why these banks still exist in spite of there bad position. On the long run commercial bank act was felt. According it was established in 1974 AD. According to sectional 2 (a) of commercial bank act 1974 A. D. with opening of Nabil Bank in 1985 the door of opening commercial bank was opened to the private sector as the commercial bank grew up they stopped entertaining small project. Thus, scope of finance company emerged.
The Essay on Central Bank and Federal Reserve Act
Americans’ fear of centralized power and their distrust of moneyed interests explains why the U. S. did not have a central bank until the A) 17th century. B) 18th century. C) 19th century. D) 20th century. Answer: D 2) Bank panics in 1819, 1837, 1857, 1873, 1884, 1893, and 1907 convinced many that A) the Federal Reserve needed greater control over the banking system. B) the Federal Reserve needed ...
Though in 2042BS finance company act passed but private sector remained stonely silent tIn 2049 B. S. Nepal Housing and development finance company broke up the stoney silence on shrawon 2049 B. S. The second came in poush of same year. Nepal finance and saving company. altogether there are 25 commercial bank, 58 development bank 79 financial institute 16 cooperative (limited bank transaction only) 12 micro financial dev. Bank 46 NGO (micro credit trans. only) as at Ashad 2065.
