Kathmandu Banks serve to the currency requirements of travelers to this fabulous city. Banks in Kathmandu are either owned locally as limited companies, or are multinational. Almost all Kathmandu banks provide retail, corporate, and deposit services to their respective customers. Majority of the Kathmandu commercial banks have foreign currency exchange and ATM facilities.
All commercial Kathmandu banks follow the guidelines of Nepal Rastra Bank, the central bank of the Kingdom of Nepal. Nepal Rastra Bank was established in 1956 with the objectives of i) formulation of monetary and foreign exchange policies to consolidate the balance of payments and maintain price stability for healthy economic development of the Kingdom as a whole; ii) creating an efficient and healthy payment system; iii) for overall supervision and monitoring of the banking operations in Nepal.
The Governor of Nepal Rastra Bank sits in their Central Office in Baluwatar, Kathmandu.
The local currency of Kathmandu in Nepal is Nepalese Rupees, the exchange rate for which is : 1 US $ = 63 Nepalese Rupee (approx.) and 1 Euro = 93 Nepalese Rupee (app.). Nepalese currency is available in the denominations of 1000, 500, 100, 50, 20, 10, 5, 2, and 1, while coins are available in denominations of 10, 25, and 50 paisa. 1 rupee = 100 paisa.
Kathmandu Commercial Banks
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The major commercial banks of Kathmandu are as follows:
- The Himalayan Bank Limited was formed in 1993 in joint collaboration with Pakistan's Habib Bank Limited. In Kathmandu this bank has branches in Maharajgunj, New Road, Pulchowk, and Thamel.
- Bank of Kathmandu Limited, another commercial bank held by the public started operations in 1995. The Kathmandu Branches are located in Kamaladi, New Road, and Thamel.
- Everest Bank started commercial operations in 1994 in joint venture with Punjab National Bank of India. In Kathmandu, this bank has branches in Lazimpath, New Baneswar, and New Road.
- Nabil Bank started officiating from 1984 as the first multinational bank of Nepal. This commercial bank has branches in Jorpati, Kamaladi, Kantipath, and New Road.
Other Kathmandu Banks include i) Standard Chartered Bank with branches in Lalitpur, Lazimpat, and New Baneswar, ii) Nepal Investment Bank with branches in Durbarmarg, New Road, and Putalisadak, iii) Laxmi Bank in Hattisar, iv) Kumari Bank in Putalisadak, v) Lumbini Bank in Durbarmarg, vi) Gorkha Development Bank in Putalisadak, vii) Nepal SBI Bank in Durbarmarg, viii) Rashtriya Banijya Bank in Bishal Bazaar, ix) Nepal Bank Limited in New Road, and x) Nepal Arab Bank in Kantipath.
The Kathmandu Banks offering money exchange facilities remain open usually from 9 am to 7 pm.
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