Summer Project Report on Vibor Bank Limited
CHAPTER I
INTRODUCTION
1.1 Background of the study
The term bank is derived from Latin word ‘Bancus’, Italian word ‘Banca’, French word ‘Banque’ and German word ‘bank’ which means join stock company. (Neupane, 2065) Money lenders in the streets of major cities of Europe used benches for the acceptance & payment of valuables & coin. The merchants, goldsmith & money lenders are said to be the ancestors of modern banking. The history of modern banks begins from Bank of Venice (Italy) established in 1157 A.D. The major historical development in banking sectors are Bank of Barcelona (Spain) established in 1401, Bank of Genoa established in 1407, Bank of Amsterdam (Holland) established in 1609, Bank of Hamburg established in 1619 (German) & Bank of England established in 1694.
There is no concrete evidence that from when the traditional Banking system has been introduce but there are so many evidence of transaction of coinage since the ancient period. In the 879/880 AD (936 BS), Sankhadar Shankhwa introduced a new era after paying all the debts that existed in the country. In 1877 AD(1933 BS), Prime Minister Ranodip Singh established Tejarath Adda with the purpose of providing credit facilities to the general public at a very concessional interest rate, which was the first step towards the institutional development of Banking in Nepal. Kaushi Tosh Khana established during the regime of King Prithivi Narayan Shah is also considered another step towards initiating banking development in Nepal.
Banking in modern sense started with the inception of Nepal Bank Limited established in Kartik 30, 1994 BS. It played dual role of commercial bank & central bank till the establishment of NRB, Nepal Rastra Bank was set up on Baisakh 14, 2013, as a central bank under NRB act 2012 BS. & later in 2016 Nepal Industrial Development Corporation (NIDC) was established, in 2022 BS Rastriya Banijya Bank as a fully government owned commercial bank was
INTRODUCTION
1.1 Background of the study
The term bank is derived from Latin word ‘Bancus’, Italian word ‘Banca’, French word ‘Banque’ and German word ‘bank’ which means join stock company. (Neupane, 2065) Money lenders in the streets of major cities of Europe used benches for the acceptance & payment of valuables & coin. The merchants, goldsmith & money lenders are said to be the ancestors of modern banking. The history of modern banks begins from Bank of Venice (Italy) established in 1157 A.D. The major historical development in banking sectors are Bank of Barcelona (Spain) established in 1401, Bank of Genoa established in 1407, Bank of Amsterdam (Holland) established in 1609, Bank of Hamburg established in 1619 (German) & Bank of England established in 1694.
There is no concrete evidence that from when the traditional Banking system has been introduce but there are so many evidence of transaction of coinage since the ancient period. In the 879/880 AD (936 BS), Sankhadar Shankhwa introduced a new era after paying all the debts that existed in the country. In 1877 AD(1933 BS), Prime Minister Ranodip Singh established Tejarath Adda with the purpose of providing credit facilities to the general public at a very concessional interest rate, which was the first step towards the institutional development of Banking in Nepal. Kaushi Tosh Khana established during the regime of King Prithivi Narayan Shah is also considered another step towards initiating banking development in Nepal.
Banking in modern sense started with the inception of Nepal Bank Limited established in Kartik 30, 1994 BS. It played dual role of commercial bank & central bank till the establishment of NRB, Nepal Rastra Bank was set up on Baisakh 14, 2013, as a central bank under NRB act 2012 BS. & later in 2016 Nepal Industrial Development Corporation (NIDC) was established, in 2022 BS Rastriya Banijya Bank as a fully government owned commercial bank was