In the context of Nepal, it is very difficult to trace the correct chorological history of the Banking systems in Nepal because there are no sufficient historical records and data about Banking in Nepal. It is taken as the milestone of modern banking of the country. Nepal bank marks the beginning of a new era in the history of the modern banking in Nepal. This was established in A.
April 1, by articles 11 Comments Origin of Nigeria Banking System Orjakor— holds that the organ of the Nigerian Banking system dates back to the colonial period. The activities of the extra territorial merchants in the former West African colonies and the establishment of settle territorial government created need.
For The development of banking system in based financial institutions inthe banks for British West African was established in Lagos mainly to facilitates commerce between Nigerians and their British counterparts in business.
The Barclays banks followed by and in the national bank of Nigeria Ltd.
The first indigenous banking institution that survived the followed in is the African Continental bank. These indigenous bank were left to operte in periphery of banking business even the state governments owned banks that were established within the last ten years, were anxious to stay in the big cities where they could generate profitable business quickly, rather than see themselves as vehicle for rapid transformation an development of the rural sectors of the estates that owned them.
In the anxiety to survive, the indigenous banks have host sight of the objectives of their founders in the direction of serving the needs of the rural population and instead focused their strategy on the big cities like the foreign banks who have always been out to promote the interest of the metropolitan headquarters, while some of the estate banks were pressured politically to extend their operations to some semi urban area.
Most of the rural areas in the state or origin did not receive the slightest consideration of banking service that was the background of the state of affairs, in which by April after over three quarters of century of banking — there existed only banks branches to serve a vast population.
But I defined banks as a place where money and other valuable are kept for safe until when they are needed. Incidental to or in connection with receiving deposit and loans, there are many services that banks render which are fundamental importance to the normal functioning to our complex economic system.
For example, banks provide a safe place for the deposit of funds, which temporarily are not needed by their owner. Through the banks services in changing money, individuals may obtain currency or coin, in the dominations desired. Also through cheques, depositors can pay their bills, reducing carrying of money from place to place, thereby minimizing risks.
The banks also assist in the bookkeeping operations of his depositors record of both cash and creditor founds received and disbursed and equally rendering receipts in the form of cancelled cheques for bills discharged.
The types of operation of this banks vary from country to country. Generally they include the following: It is usually a government own bank established to take care of two major groups — the government and the banks.
To the government it serves as a banker and financial advertise. That is, the government keeps money with the central bank and also borrows from the bank when the need arises.
But more importantly, the Central bank also serves as a financial adviser to the government. It is also advices the government on monetary policy and on other economic policy matters. To other banks commercial, merchant bank and others the central bank acts as a banker and lender of last resort, it keeps money for other banks just like these other banks keep for individuals and business firms.
Furthermore, the central bank controls the activities of the other banks and supervisor them to ensue that they comply with sound banking practices.
Commercial banks are meant to be profit oriented and they render resale banking services. Commercial banks are able to provide current bank clearing house. They can clear cheques through the clearing system. For this reason, commercial banks are called clearing banks in Britain.
It should be noted that commercial banks also do most of things listed above as business of merchant banks. In Britain, their merchant bank are either called issuing houses or acceptance house.
While issuing houses deals in the issuing of newshares for companies, accepting house accept bills on behalf of their clients or add their own acceptance to bills already accepted by their client as a means of providing finance to them.
They lend out the funds so generate to individuals and firms for investment into development oriented projects.
Community banks are owned and managed by a community, a group of communities, a group of individuals or associations from the community where they are located. They operate like commercial bank. However are quite different from commercial banks in the following respects: Their operations and restricted to a given geographical area, while commercial bank in Nigeria are licensed to operate in any part of the country.
Community banks are not members of the central bank, clearing house, but commercial banks are members. Community banks are not allowed to engaged in sophisticated banking services like export financing and foreign transactions, while commercial banks do etc.
Peoples bank is therefore a single bank with small branches spread all over the country. In the yearthe federal government of Nigeria transferred the peoples bank in Nigeria operations to the Nigerian Agricultural and Co-operative bank.
The peoples bank of Nigeria has therefore, ceased to exist as a corporate body. Infact, when they existed, even school children could open an account with 10 kobo. The amount was later raised to one naira.Trust system and Software is a soloution provider in the field of Core banking Soloution,ERP Soloution,Microfinance,SAP Soloution,System and many more.
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Banking in Nepal: A History of Banking System in Nepal.
This post is about banking in Nepal, a history of banking system in Nepal. In the context of Nepal, it is very difficult to trace the correct chorological history of the Banking systems in Nepal because there are no sufficient historical records and data about Banking in Nepal.
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