BankTalk

Functions, Duties and Powers of the Bank To issue bank notes and coins To  formulate necessary  monetary  policies. To   formulate foreign exchange policies and implementation  To determine the system of foreign exchange rate To manage and operate foreign exchange reserve; To  issue  license  to  commercial  banks  and  financial  institutions  to  carry  on  banking and financial business and to regulate, inspect, supervise and monitor such transactions; To act as a banker, advisor and financial agent of Government of Nepal; To  act  as  the  banker  of  commercial  banks  and  financial  institutions  and  to  function as the lender of the last resort; To establish and promote the system of payment, clearing and settlement and to regulate these activities; and   To implement or cause to implement any other necessary functi...

Hawala Definitions: Hawala is also known as Hundi. Hawala is an informal method of transferring money without any physical money actually moving. Hawala is an alternative remittance system which was evolved to conduct legitimate remittances. But launderers took advantage of this channel and started using remitting illegal funds across nations. Interpol's definition of hawala is "money transfer without money movement." Another definition is simply "trust." There are two different cases being explained in the figure: First case: o    Worker in Country “A” wants to send money to his family in country “B" o    In order to avoid huge service commission, exchange rate fee and various other hidden fees charged by banks he approached a Hawaladar in his country. o    Worker has handed over the money to Hawaladar in country “A”for which Hawaladar has given some remittance code. o    Remittance...

BANKING ACRONYMS/ABBREVIATIONS  List of important Banking and Finance abbreviations used. Important Banking Abbreviations asked in various banking exams. Here, we are providing A-Z list of important banking abbreviations which is one of the most important topic that was asked in various competitive exams like Lokseva, Banking exam, Banking interviews , NRB etc.     Related to Nepal Banking and World Banking           ABEDA Arab Bank for Economic Development in Africa. ACF Auto Correlation Function. ACS Automated Clearing Systm. AD Authorized Dealer. ADB Asian Development Bank. ADF Automated Data Flow ADR American Depository Receipt. AEPS Aadhaar Enabled Payments Switch AFS Annual Financial Statement. AGM Annual General Meeting. AIC Agricultural Insurance Company. AIF Alternative Investment Fun...