Kathmandu. The number of people receiving banking and financial services in Nepal and the quality of their transactions has improved considerably. According to the latest report made public by Nepal Rastra Bank, many Nepalese are now formally associated with banks and financial institutions.

A special index measures the state of financial services in the country. Last year, Nepal’s score was 47 (0.47) out of 100 and this time it has increased to 53 (0.53). This means that Nepalese people now have easier access to banking services than in previous years. They have also started using it in their daily lives.

There are three main reasons for the improvement. The first reason is the reach of bank branches in villages and the expansion of technology such as mobile banking. Now many people can do banking work from the mobile phone in their hand. This has reduced the hassle of going to the bank.

The second reason is that people are not just opening bank accounts. Instead, they have increased the use of banks for sending money through mobile, paying electricity and water bills, and insurance. Due to this, the hassle of carrying cash in the pocket is gradually reduced.

Third, and most important, the bank’s services have become more secure and reliable than ever before. People have become aware of how to manage their money properly and how to benefit from banks.

Nepal Rastra Bank (NRB) has also implemented new rules to keep customers’ money safe and protect them from fraud. Increasing transparency in transactions and improving the services provided by banks to customers have attracted many people to banks.

This report of the Rastra Bank shows that the use of technology and the new facilities brought by the banks have played a big role in making the life of the general public easier.

However, in order to take this reform to every nook and corner of the country, there is a need to increase internet access and provide more information on how to conduct safe transactions through mobile phones. Nepal Rastra Bank believes that the economic condition of the country will be further strengthened and all will get the fruits of development only if all citizens are connected to the bank.