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Background of The Banking and The Organization
Background of The Banking and The Organization
Background of The Banking and The Organization
CHAPTER 2
It’s supposed that the term 'bank' was originated from the Latin word ' bancus'.
Italian word "banca" and Thailand word "banque" which all mean "bench". The
"Banks of Venice" of Italy established in 1157 A.D. is the first bank of world.
Ancient Rome perfected the administrative aspect of banking and saw greater
regulation of financial institutions and financial practices.
The second banking institutions namely the "Bank of Barcelona" of Spain was
established in 1401 A.D. and "bank of Geneva" in 1907. Lot of banks in different
parts of the world came into existence after the establishment of “the bank of
Venice” there came a remarkable change in the process of establishing the banking
institution after the evolution of “Bank of England” in 1694 A.D. as joint stock bank
and later on it became the first central bank in the world. The "Bank of Hindustan"
was established in 1770 is the first bank of India.
As in other countries goldsmiths and money lenders were the ancient bankers of
Nepal, which are known as "Sahu Mahajan" in Nepal. "Tejarath Adda" established
during the tenure of the prime Minister Ranodip Singh (B.S. 1993) was the first step
towards the institutional development of banking in Nepal. Tejarath Adda did not
collect deposits from the public but gave loans to employees and public against the
gold.
Banking in true sense of term started with the inauguration of Nepal Bank Limited
on 30th Kartik 1994 B.S. Right from inception it carried out functions of a
commercial bank Having felt the need of development of banking sector and
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monetary policies "Nepal Rastra Bank act 2012" was established on 14 th Baishak
2013. Since then it has functioning as a government bank
The largest two and old commercial bankers provided poor services to public and
public were not satisfied with them. They could not fulfill the public needs. NABIL
was established as a first joint venture bank in 1984, which was proved as milestone
in the history of banking sector in Nepal. The second joint venture bank in Nepal is
“Nepal Indosuez Bank" which was established in 2042 B.S. "Nepal Grindlys Bank
was established in 2043 B.S. "Himalayan Bank Ltd." was established in 2049 B.S.
"Nepal SBI Bank Ltd." was established in 2050 B.S. "Nepal Bangladesh Bank Ltd."
was established in 2049 B.S. "Everest Bank Ltd." was established in 2051 B.S.
"Bank of Kathmandu Ltd." was established in 2051 B.S. Now a day many
commercial bankers, Joint venture bankers, financial companies and cooperative
institutions are providing banking services in Nepal.
Objectives of BOK:
The chairman of BOD of the organization is Mr. Prithivi Bahadur Pande. CEO and
Management are under BOD.
Company Secretary
General Manager
Head Head
Head
Human Resource Internal Audit and
Credit Administration
Compliance
Head
Research & Development
Figure: 1.1
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2.3 MAJOR SERVICES OF THE BANK
BOK provides various services to its customers. Besides conducting the core
functions of accepting deposits, providing loans and performing other trade related
such as issuing Traveler’s cheque, issuing drafts, issuing letters of credit (LC),
transferring funds etc. BOK also provides services that are different and unique in
the Nepalese banking sector. By providing services that are out of the mind of
customer the BOK not only becomes recognized as a caring one but also a daring
one in terms of customers care in the eye of customers. Following are the major
services that are different and unique in the Nepalese banking sector.
Real time any where banking: BOK is one of the few banks in Nepal providing
‘real time, anywhere banking’ service. This world class service allows the bank’s
customer to operate their account from any branch in the country.
ATM/Debit Card: BOK also provides facilities of Debit Card/ATM services to its
customers. BOK is a member of SCT (Smart Choice Technologies) Network. The
Bank deployed additional 10 ATM’s during the year, totaling to 58 ATM’s in our
network including our consortium member’s ATM. The Bank also leads in card
issuance as it issued over 140,000 cards and altogether there are 175,000 card
holders in BOK network now.
Credit Facility: in order to assist the customers cope with their business
requirement BOK offers various credit facilities such as Overdraft, Term Loan,
Working Capital Loan, Letter of Credit.
NTC Mobile Bill Payment: BOK helps customer pay the NTC Mobile Bill.
Customer can use any one of the following can be used to pay your NTC Mobile
Bill.
3. Through ATM.
4. Through e Banking.
5. Hello Paisa
365 Days Banking: BOK provides 365 Days Banking services to its customer. At
all it’s Branches in Kathmandu Valley and Pokhara Branch.
Deposits and withdrawals.
Purchase and sale of foreign currency.
Acceptance of clearing cheques and cheques for collection.
Issuance of draft.