Nine BFIs Merged Into Three

Nepal rastra bank (NRB) has granted final approval to nine banks and financial institutions (BFIs) for merger. With  his, three merged entities have started operation from July 14. Prabhu Finance, Baibhav Finance and Samridhi Bikas Bank have merged to form ‘Prabhu Bikas Bank’. Similarly, Rara Bikas Bank, Royal Merchant Banking and Finance and Api Finance have merged to form ‘Apex Development Bank’. Also, the merger among Global IME Bank, Social Development Bank and Gulmi Development Bank has been approved.