May 29: Citizens’ access to finance has increased in the country of late, according to the Economic Survey 2022/23 report released by the government on Sunday.    

The survey shows that merger of banks are also on the rise and the expansion of banking and financial institutions is also taking place, thereby ensuring citizen's access to finance.

As of mid-March 2023, the number of depositors’ accounts stood at 49,205,000 while the number of credit account was 1.8 million. According to the Economic Survey, there are 20.6 million mobile banking users in the country while as many as 1.7 million people have subscribed to internet banking service.    

The merger and acquisition of bank has not discouraged digital banking, states the survey report unveiled by Finance Minister Prakash Sharan Mahat.    
 Similarly, the number of people opting for digital payment via QR Code also increased significantly in the review period.

Currently, there are 21 commercial banks, 17 development banks, 17 finance companies, 64 micro finances and one infrastructure development bank to make up a total of 120 banking and financial institutions. Likewise, there are 31,373 cooperatives in Nepal, the report states.
The number of insurance companies including re-insurance company stands at 36.    

In terms of the property of financial system and liability, banking sector occupies significant size of 86.6 percent, added the report. -- RSS