Megha Bank (MB) is starting its operation from this week. MB obtained the operating license from Nepal Rastra Bank (NRB) on Tuesday. NRB’s board meeting on Sunday had decided to provide it the operating license.
MB has Rs. 1.63 billion paid up capital and has 1219 promoters. The new bank has come at a time when the banking system is facing a severe liquidity crunch. Although the commercial banks saw sudden rise in rise in deposits in the last two months of the last fiscal year by Rs.37 billion they have not been able to elude credit crunch.
Chief executive officer of MB Anil Keshari Shah confirmed, “We are ready to operate from this week.” He also revealed that the bank would focus on all possible sectors be it small or large.