Mega Bank that acquired an operating licence from the Nepal Rastra Bank on Tuesday is all set to open doors to customers from this week. On Sunday, the NRB board had decided to provide the operating license to the bank.A senior official of Mega Bank said the bank is ready to start operations from this week. With Mega coming into the market, the total number of commercial banks will hit the 28 mark.Three other upcoming banks—Century, Commerze and Trust and Civil Bank—have also already received letters of intent from the central bank and they will also come to the market soon. However, another upcoming bank State Bank of Nepal, withdrew from the licencing process.Mega has Rs. 1.63 billion paid up capital and has 1,219 promoters. The new bank comes at a time when the banking system has gone through a severe liquidity crunch since the beginning of the second half of the last fiscal year. Bankers say that the situation has not improved although commercial banks saw a sudden rise of Rs. 37 billion in deposits in the last two months of the last fiscal.Mega’s chief executive officer Anil Shah told the Post that the bank could attract more deposits with its promoters representing 63 districts. “As we have a bigger capital base, we can also lend well,” he said.
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