RBB meaning in Banking ?
Answer: What is Rastriya Banijya Bank mean?
Rastriya Banijya Bank (RBB) (translation: National Commercial Bank; Nepali: राष्ट्रिय वाणिज्य बैंक) is fully government owned, and the largest commercial bank in Nepal. RBB was established on January 23, 1966 (2022 Magh 10 BS) under the RBB Act. RBB provides various banking services to a wide range of customers including banks, insurance companies, industrial trading houses, airlines, hotels, and many other sectors. RBB has Nepal's most extensive banking network with 239 branches.
RBB is one of the pioneer banks in the country, with a history of nearly a half century. Earlier constituted under RBB Act 2021 with the full ownership of the government of Nepal, the bank has been running under Bank and Financial Institute Act (BAFIA) and Company Act (CA) 2063. The bank, licensed by NRB as an 'A' class commercial bank of the country, has grown up as an indispensable component of the Nepalese economy. It was the highest profit earning bank for fiscal year 2014/15. The bank has the second highest paid-up capital until the end of FY 2015/16 after Agriculture Development Bank. In terms of deposit, the bank has collected more than Rs 130 billion (FY 2015/16), which is the highest deposit of any commercial bank in Nepal.
Rastriya Banijya Bank is one of the pioneering banks in the Nepalese market that has carried out Note Kosh Fund, Bharu Kosh Fund, NRB's draft transaction, government transaction, and pension fund of the Nepal government. Besides more than two dozen banks' branches are running in losses, they continue serving the general public because it's a government bank. Profit is not the only motive of the bank. RBB provides services in remote and undeveloped areas of Nepal.
RBB has a history of contributing for the monetization of the economy, eliminating dual currency in the market, initiating preliminary financial literacy, and helping the industrial, commercial and financial sector of the country to flourish. It is a modern and strong financial institute of the country. With 2600 hands, it has expanded its wings in the most part of the country through multiple distribution outlets of 236 branches, 17 counters, 93 branch-less banking (BLB) and 165 ATMs. It has high public confidence, reflected in the highest deposit base and growing demand for branch establishment in the various parts. The bank with as many as 1.7 million satisfied direct customers ranging from poor to elite ones and millions of indirect ones, has drawn important imprint in the picture of the country's economy through its significant involvement in the best use of its resources to enhance the production, income and employment opportunities.
Services currently offered by RBB:
CreditBusiness loanHousing loanVehicle loanHire purchase loanEducational loanApartment loanLoan against goldLoan against fixed deposit receiptLoan against the government bondLoan against sharesLoan against the first class bank guaranteeRastra Sewak loanTeachers' loanPersonal loanAgricultural loanDepositsCurrent accountSavings accountFixed depositKarmayogi Bachat KhataMahalaxmi Bachat KhataChhunamuna Bachat KhataSikshak Bachat KhataRemittanceBranchless bankingATM/CDME-bankingMobile paySMS bankingCard services (debit/credit card) reference
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