Nepal to welcome foreign banks: report

Nepal will let foreign banks set up branches in the country from January 2010, a senior central banker has been quoted as saying.

Trilochan Pangeni, the acting executive director of Nepal Rastra Bank's Internal Audit Department, told Reuters, a news agency: "Any foreign bank wanting to open its branch in Nepal will be allowed to do so with a minimum capital of $30 million from January 2010." Pangeni said the development was part of the kingdom's commitment to its membership of the World Trade Or

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