Nepal Rastra Bank Unveils Policies to Expand Financial Access

Nepal Rastra Bank has unveiled 13 policies aimed at expanding financial access. The central bank hopes these policies will increase financial inclusion.

The central bank has put forward policies to promote inclusive financial access, financial literacy, financial education, innovation in digital technology, and the promotion of small and medium enterprises. Additionally, the policies include promoting gender and environmentally friendly banking, sustainable and broad-based economic development, development of financial infrastructure, regulatory roles concerning financial conduct, partnerships and cooperation, data collection, analysis and evaluation, and periodic surveys and measurements to enhance financial inclusion.

Formal financial services in Nepal began in 1937 with the establishment of Nepal Bank. According to a study report conducted by Nepal Rastra Bank in 2021, as of June 2020, 67.3% of the population had an account in a bank or financial institution (class "A", "B", and "C") based on at least one account per person.

A brief study report by Nepal Rastra Bank in 2019 showed that 60.9% of the total population of Nepal was included in formal financial services. The implementation of these policies is expected to bring significant progress in financial inclusion.