KATHMANDU, May 29: Citizens' access to finance has increased significantly in the country of lat, according to the data shown by the economic survey, 2022/23 released by the government on Sunday.
Although the incidents of bank mergers are also on rise, the expansion of banking and financial institutions is wider, thereby ensuring citizen's financial access.
Till Falgun 2079, the number of depositors stood at 49205,000 while the number of credit accounts stood at 1.8 million. There are 20.6 million mobile banking users. As many as 1.7 million people received internet banking service till this period, according to an economic survey.
The merger and acquisition of banks has not discouraged digital banking.
The number of people opting for digital payment via QR Code also rose significantly. The national economy is gradually coming back to track following the COVID-19 crisis further exacerbated by the impact of the Russia-Ukraine crisis. Import increased last year resulting in liquidity and investable means. It further triggered interest rates.
Till the survey period, there were 21 commercial banks, 17 development banks, 17 financial companies, 64 micro finances and one infrastructure development bank totaling 120 banking and financial institutions.
The number of insurance companies including re-insurance ones stands 36, and 31, 373 cooperatives.
In terms of the property of the financial system and liability, the banking sector occupies a significant size- 86.6 percent.