BFI numbers go down

KATHMANDU: With mergers going on, the number of banks and financial institutions and micro-finance institutions reduced by six in the last fiscal year. At the end of the last fiscal, the number of A, B, C and D class financial institutions decreased to 207 from the previous fiscal’s 213. Likewise, in the fiscal year 2012-13, the number of branches of commercial banks was 1,486, up from the 1,425 in the previous fiscal. The branches of development banks increased to 764 from the earlier year’s 687. The branches of finance companies decreased to 242, down from 292, thanks to mergers. Branches of micro-finance institutions also increased to 634 from 550. As of FY 2012-13, there are 31 commercial banks, 86 development banks, 59 finance companies and 31 micro finance companies. According to the central bank, a BFI branch is serving around 8,475 people. There are 11.1 million deposit accounts in commercial banks, development banks and finance companies. The number of those taking loans is 845,000.