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Prohibition on carrying on financial transactions by any one other than bank or financial institution : No one other than a bank or financial institution incorporated pursuant to this Act shall carry on the financial transactions referred to in this Act. Provided that nothing herein shall be deemed to prevent any body corporate, other than a bank or financial institution, which has been established under the laws in force and licensed under the Nepal Rastra Bank Act, to accept deposits and extend credit, from carrying on such transaction. Application to be made for license to carry on financial transactions : 1 A bank or financial institution desirous of carrying on financial transactions pursuant to this Act shall make an application to the Rastra Bank for a license, in the format prescribed by the Rastra Bank. If the Rastra Bank has requested for any additional details within that period, such notice shall be given within ninety days from the date of receipt of such details. It shall be the duty of the concerned bank or financial institution to comply with such conditions.
