Nepal SBI Bank
Encyclopedia
Nepal SBI Bank Ltd. is the first Indo-Nepal joint venture
in the financial sector sponsored by three institutional promoters, namely State Bank of India
, Employees Provident Fund and Agricultural Development Bank
of Nepal
through a Memorandum of Understanding signed on 17 July 1992.
NSBL was incorporated as Public Limited Company
at the Office of the Company Registrar on 28 April 1993 under Regn. No. 17-049/50 with an Authorized Capital of Rs.12 Crores and was licensed by Nepal Rastra Bank
on 6 July 1993 under license No. NRB/l.Pa./7/2049/50. NSBL commenced operation with effect from 7 July 1993 with one full-fledged office at Durbar Marg, Kathmandu with 18 staff members. The staff strength has since increased to more than 500. Under the Banks & Financial Institutions Act, 2063, Nepal Rastra Bank
granted fresh license to NSBL classifying it as an "A" class licensed institution on 26 April 2006 under license No. NRB/I.Pra.Ka.7/062/63. The Authorized and Issued Capitals have been increased to Rs. 200 Crores and Rs. 87.45 Crores, respectively. The management team and the Managing Director who is also the CEO of the Bank are deputed by SBI
. SBI
also provides management support as per the Technical Services Agreement.
Fifty five percent of the total share capital of the Bank is held by the State Bank of India
, fifteen percent is held by the Employees Provident Fund and thirty percent is held by the general public.
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
in the financial sector sponsored by three institutional promoters, namely State Bank of India
State Bank of India
The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
, Employees Provident Fund and Agricultural Development Bank
Agricultural Development Bank
Agricultural Development Bank refers to a number of different institutions, including:* Agricultural Development Bank of Pakistan, also known as Zarai Taraqiati Bank* Agricultural Development Bank of Trinidad and Tobago* Agricultural Development Bank of Ghana...
of Nepal
Nepal
Nepal , officially the Federal Democratic Republic of Nepal, is a landlocked sovereign state located in South Asia. It is located in the Himalayas and bordered to the north by the People's Republic of China, and to the south, east, and west by the Republic of India...
through a Memorandum of Understanding signed on 17 July 1992.
NSBL was incorporated as Public Limited Company
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
at the Office of the Company Registrar on 28 April 1993 under Regn. No. 17-049/50 with an Authorized Capital of Rs.12 Crores and was licensed by Nepal Rastra Bank
Nepal Rastra Bank
The Nepal Rastra Bank , established in 1956, is the central bank of Nepal. It has seven offices, located at Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj, and Dhangadhi....
on 6 July 1993 under license No. NRB/l.Pa./7/2049/50. NSBL commenced operation with effect from 7 July 1993 with one full-fledged office at Durbar Marg, Kathmandu with 18 staff members. The staff strength has since increased to more than 500. Under the Banks & Financial Institutions Act, 2063, Nepal Rastra Bank
Nepal Rastra Bank
The Nepal Rastra Bank , established in 1956, is the central bank of Nepal. It has seven offices, located at Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj, and Dhangadhi....
granted fresh license to NSBL classifying it as an "A" class licensed institution on 26 April 2006 under license No. NRB/I.Pra.Ka.7/062/63. The Authorized and Issued Capitals have been increased to Rs. 200 Crores and Rs. 87.45 Crores, respectively. The management team and the Managing Director who is also the CEO of the Bank are deputed by SBI
SBI
The initialism SBI could mean:*Sound Business, Inc. a non-profit organization. College and Career Preparation for A. Philip Randolph Campus High School* SBI Group, a financial services company of Japan...
. SBI
SBI
The initialism SBI could mean:*Sound Business, Inc. a non-profit organization. College and Career Preparation for A. Philip Randolph Campus High School* SBI Group, a financial services company of Japan...
also provides management support as per the Technical Services Agreement.
Fifty five percent of the total share capital of the Bank is held by the State Bank of India
State Bank of India
The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
, fifteen percent is held by the Employees Provident Fund and thirty percent is held by the general public.