Mega Bank Nepal Limited (MBNL) formally commenced it operation from Friday.

The bank has been operating informally from July 23, 2010.

The central bank had issued Mega Bank its operating license on July 20, 2010 after the bank completed all the regulatory requirements to be a Class 'A' commercial bank.

The bank said that due to the aspirations of 1,219 promoters, mainly from middle class families spread over 63 districts of Nepal, investing Rs. 1 million to Rs 10 million, the bank is established as a national level Class ‘A’ full service commercial bank.

Prime Minister Madhav Kumar Nepal at the inauguration of Mega Bank Ltd...

Inaugurating the bank, Prime Minister Madhav Kumar Nepal said that most of the banks are seen based only in urban areas attracting high group clients. He urged the banking sector to move toward rural areas to facilitate low level groups and bring them in the net of the financial sector.

He also urged the financial sectors to give priority and invest on the productive sector and said that the political stability depends on the economic and social development.

On the occasion, NRB governor Yuvaraj Khatiwada and finance secretary Rameshwor Khanal also urged the bank to expand its service and investments in productive sectors.

The bank said it has an authorised capital of Rs. 4 billion, paid up capital of Rs. 2.33 billion with investment of Rs. 1.63 billion from its promoters.

The bank also informed on Friday, on its formal inauguration, it has the total deposits of Rs. 1.7 billion and loans of Rs. 2.1 billion.

According to the bank, it is committed to provide financial services to the nation's large corporate houses and businesses through its corporate division; it will service the needs of small and medium business through Mega SME and will penetrate the rural market through Mega Micro with the vision to facilitate "Financial Inclusion for Economic Empowerment". nepalnews.com