CHITWAN, May 8: Narayangadh has lately seen a sudden outburst of opening of new bank outlets. In the main market of this emerging commercial hub, the number of banks has now exceeded the number of shops and shopping complexes.
Virtually, there is now one bank after each house in the market that stretches one kilometer from Pulchowk to Lions Chowk. As a result, new banks penetrating into the city are finding it difficult to get adequate space for their new outlets.
In the last two years, most of the major commercial banks that expanded their network in Chitwan district have opened their branches in Narayangadh´s main market. Every month at least one new branch is coming into existence here. Just a few days ago Bank of Asia Nepal opened its outlet here, taking the number of banks opening their branches in Chitwan to 25. In a few days time Himchuli Bikas Bank is opening its shop here, which will take the number to 26. On top of all these banks, there are also 30 finance companies here.
"One of the reasons why major banks are eyeing this city is because it is considered as second capital of the country," said Yogeshwor Sharma Dhakal, executive director of IME Finance Limited.
This city is also in proximity to other major cities in Nepal and is located at the center of the country, Manoj Khadka, chief of Prime Bank´s branch in Chitwan said. "We thus consider it a prime location," Khadka said. "Banks should have arrived in this district long time back."
Another reason why banks are opening branches in Chitwan is because of Nepal Rastra Bank´s policy that allows commercial banks to open one branch in the capital only after opening two branches outside Kathmandu. "This is creating an influx of financial institutions here," Padam Pani Subedi, senior officer of Narayangadh Chamber of Commerce and Industry, said.
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