Rashtra Bank is fairly tough institution in Nepal, and they tend to move quickly if a bank has more than a certain percentage of bad debt (i.e. run a risk of being bankrupt). Their monitoring is fairly effective, and it is a surprise that a country like ours have such monitoring. They also try to protect small depositors first in case something bad happens (it happened in case of one bank , promoted by Uttam Pun). So far, one bank has "failed", but no depositor lost their money. (The average salary of Rashtra Bank karmachari is 106 thousand per month, and so, needless to say we pay them well and they are doing a good job)

So, even though there is no FDIC (it might be introduced soon), our money is safe. You can, however, spread your money in five different banks to be safe.

Also note that not all banks fall over night. You know which banks are safest and which are not. There are rankings of banks in Karobar daily and other newspapers. I think the general view is that "finance companies" are kind of bad. They offer high interest rate, but are extremely fishy. You can put a small fraction of your money there. 

Treasury bills too pay 9%, if I remember correctly. They are safe, if you can buy them. 

To be honest, I think the question about your personal safety is overblown. 50 lakh saving is a lot of money , but lots of people have that much money in Kathmandu, and they are all safe. It is not enough to get you noticed. 

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