Introduction:
“Bank” means a corporate body incorporated to carry on banking and
financial transactions pursuant to Sub-Section (1) of Section 49 and the term
also includes a branch office of a foreign bank located in Nepal, a branch
office opened outside of Nepal by a bank incorporated in Nepal and an
Infrastructure Development Bank to carry on functions pursuant to subSection
(5) of Section 49 and branch office of the same bank.
Financial institution” means a corporate body incorporated to carry on
banking and financial transactions pursuant to sub-sections (2), (3) or (4) of
Section 49 and the terms also includes a branch office of a development bank,
finance company, micro finance institution or a branch office of a foreign
finance company located in Nepal or a branch office opened in abroad by a
financial institution incorporated in Nepal
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