Banking & Insurance

25th February 2025, Kathmandu

Nepal Bank Limited has appointed Than Prasad Pangyani as its new Chairman. The decision was made during the board meeting held on Falgun 9(21 February).

Nepal Bank Appoints Than Pangyani

On Falgun 12(24 February), Than Prasad Pangyani officially took charge as Chairman of Nepal Bank. He received the oath of secrecy and office from Maha Prasad Adhikari, the Governor of Nepal Rastra Bank. Keshav Prasad Bhandari, the bank’s company secretary, confirmed the completion of this official procedure.

Pangyani’s Role and Background

Pangyani has significant experience, having served as a board member of Nepal Bank since Bhadra 27(2 September), representing the Ministry of Finance. Additionally, he is a Joint Secretary in the Ministry of Finance’s Administration Department, contributing valuable leadership in the public sector.

Vacancy Created by Resignation

The position of Chairman became available after Dr. Chandra Bahadur Adhikari resigned. He faced allegations of receiving commissions on loans provided by the bank, leading to an investigation by the Commission for the Investigation of Abuse of Authority (CIAA). Despite his resignation from the chairman’s role, Adhikari remains a director on the board, with the investigation still ongoing.

Focus on Governance and Future Leadership

With Pagnani’s appointment, Nepal Bank is expected to continue its operations under his leadership. His experience in public administration and his role in the Ministry of Finance will support the bank’s governance and operations. His leadership comes at a time when the bank is facing scrutiny, and stakeholders will look for a transparent and effective management approach moving forward.

Looking Ahead for Nepal Bank

The appointment marks a new chapter for Nepal Bank. As the country’s oldest commercial bank, the leadership transition is crucial for maintaining the bank’s integrity and enhancing its performance in the coming years. The board and the new chairman will focus on strengthening financial governance, improving customer service, and ensuring the bank’s long-term sustainability.

Pagnani’s leadership marks a shift for the bank, and stakeholders are hopeful about the changes it will bring. His experience in public administration, along with his strong role at the Ministry of Finance, is expected to benefit the bank as it navigates through this period of leadership change.

For more: Nepal Bank Appoints Than Pangyani

25th February 2025, Kathmandu

Muktinath Bikas Bank has contributed NPR 51,000 to the Tulsipur Chamber of Commerce and Industry for installing CCTV cameras in the market area. This support aligns with the Chamber’s “Beautiful Tulsipur, Safe Tulsipur” campaign, aimed at enhancing security and preventing crime.

Muktinath Bank Funds CCTV

Enhancing Security in Tulsipur

The initiative will help monitor and reduce criminal activities and accidents in the marketplace. The bank believes that CCTV surveillance will create a safer environment for local businesses and residents.

A formal handover event was held, attended by Tulsipur Chamber President Binay KC, other officials, and the Chief of Tulsipur Area Police Office. Saroj Kumar Lamichhane, Branch Head of Muktinath Bikas Bank, Tulsipur, presented the cheque to the Chamber.

According to Til Bahadur Guru, Chief Information Officer of Muktinath Bikas Bank, this initiative will strengthen security in Tulsipur and boost public confidence.

Commitment to Community Development

Muktinath Bikas Bank is actively engaged in corporate social responsibility (CSR) initiatives. The support for CCTV installation reflects the bank’s dedication to community safety and development.

The Chamber of Commerce has been leading efforts to improve security in Tulsipur. The bank’s financial support will further reinforce these measures, ensuring a safer and well-monitored commercial environment.

Promoting Digital Banking

In addition to security initiatives, Muktinath Bikas Bank is promoting digital transactions. Customers can now access services like:

Prepaid dollar cards

Mobile banking QR codes

Online loan applications & account opening

Internet banking & direct remittance deposits

These services allow users to conduct banking activities from their homes, reducing the need for physical branch visits.

Supporting Small Businesses

Muktinath Bikas Bank has also introduced the Muktinath Saral Karja Yojana, a simplified loan scheme designed to support small businesses. This initiative aligns with the bank’s goal of fostering economic growth and financial inclusion in Nepal.

Through CSR efforts and digital banking innovations, Muktinath Bikas Bank continues to contribute to Tulsipur’s security, business growth, and financial modernization.

For more: Muktinath Bank Funds CCTV

24th February 2025, Kathmandu

Kumari Bank has put 4.5 million founder shares up for sale. These shares, totaling 4,546,038 units, are currently owned by various founder shareholders. The sale is open exclusively to them.

Kumari Bank Founder Share Sale

Eligibility for Purchase

Only Kumari Bank’s founder shareholders can apply to purchase these shares. Interested shareholders have 35 days to submit their applications. They can apply at Kumari Bank’s head office in Tangal, Kathmandu, or Kumari Capital in Nagpokhari.

What Happens if No Application is Submitted?

If founder shareholders do not submit purchase applications within the given 35-day period, Kumari Bank will open the sale to the public. The unsold shares will be available to other individuals and institutions.

Sale Process Details

A total of 4,546,038 founder shares are available for sale. The shares belong to the bank’s founder shareholders, who are now allowed to purchase additional shares. If no applications are received within the deadline, the bank will make the shares available to the general public. Kumari Capital will manage the share sale process, ensuring transparency and efficiency.

Bank’s Strategy Behind the Sale

This initiative is part of Kumari Bank’s strategic approach to strengthening its capital base. The sale could result in a shift in the ownership structure of the bank, providing more flexibility and growth opportunities. The bank aims to offer its founder shareholders a chance to increase their stake while also ensuring broader public participation if the shares remain unsold.

Impact on Shareholder Structure

The sale may alter the current shareholder structure of Kumari Bank. If founder shareholders choose not to participate, other investors may step in. This change could have long-term effects on the bank’s governance and decision-making processes.

Application Deadline and Next Steps

Founder shareholders must submit their purchase applications within the next 35 days. After the deadline, the sale will be opened to the public if necessary. Investors looking for more information can visit Kumari Bank’s head office or Kumari Capital.

Conclusion

Kumari Bank is offering 4.5 million founder shares for sale to its founder shareholders, with an open window of 35 days for applications. If no applications are received during this time, the shares will be available to the public. This sale is a crucial step in Kumari Bank’s growth strategy, aiming to strengthen its capital and broaden its ownership base.

For more: Kumari Bank Founder Share Sale

23rd February 2025, Kathmandu

Kumari Capital Limited has launched a new mobile application, “Kumari Capital”, to simplify investment services. The app provides a one-stop solution for managing SIPs, Demat accounts, and stock applications like IPOs, FPOs, and rights shares.

Kumari Capital Mobile App

With its user-friendly interface, investors can handle their portfolios quickly and efficiently. This digital platform makes investment services more accessible and convenient for all users.

Enhancing Investment Accessibility

With the increasing digitization of financial services, Kumari Capital’s mobile app aims to make investment management more convenient. Investors no longer need to visit financial institutions physically to handle their investments. Instead, they can now track portfolios, apply for stock market opportunities, and manage investment plans directly from their smartphones. The app is beneficial for both new and experienced investors, ensuring a streamlined and hassle-free investing experience.

Key Features of the Kumari Capital App

1. Systematic Investment Plan (SIP) Management

Investors can easily start, track, and modify their SIP accounts through the app. This feature allows for better planning and monitoring of investments.

2. Real-Time Demat Account Access

Users can manage their Demat accounts, check their investment holdings, and monitor financial transactions in real time.

3. Stock Market Applications

Applying for Initial Public Offerings (IPOs), Follow-on Public Offerings (FPOs), and rights shares has never been easier. Investors can now complete these applications quickly and securely through the app.

4. Secure and Fast Transactions

The app ensures safe and efficient financial transactions, providing investors with a reliable and secure digital platform.

5. User-Friendly Interface

The app is designed to be intuitive and easy to navigate, catering to both beginner and experienced investors.

CEO’s Statement on the Launch

Kumari Capital’s Chief Executive Officer (CEO), Pushpa Sharma, emphasized the importance of digital transformation in investment services.

“We want every investor, whether in Nepal or abroad, to access our services effortlessly. By integrating multiple features, this mobile app makes investments more structured, efficient, and convenient. Our goal is to simplify the financial journey of investors and provide seamless digital investment solutions.”

Availability on Mobile Platforms

The Kumari Capital mobile app is now officially available for download on:

Google Play Store for Android users

Apple App Store for iOS users

With this launch, Kumari Capital is taking a major step toward digital financial innovation in Nepal. By offering a modern, accessible, and efficient investment platform, the company aims to empower investors and bring financial services closer to their fingertips.

For more: Kumari Capital Mobile App

23rd February 2025, Kathmandu

Nepal Micro Insurance Company Limited has opened the sale of its Initial Public Offering (IPO) for the general public. After completing the first phase by allocating shares to Nepali workers abroad, the company is now selling shares to the public in its second phase.

Nepal Micro Insurance Company IPO

Details of the IPO

The company has issued 22,50,000 shares, amounting to 30% of its total capital, at an issue price of NPR 100 per share. These shares are part of the company’s total capital of NPR 75 crore. The initial allocation includes 2,25,000 shares for Nepali workers abroad, 67,500 shares for employees, and 1,12,500 shares for collective investment funds. The remaining 18,45,000 shares, valued at NPR 18.45 crore, are now available for public purchase.

Application Timeline

Investors can apply for shares from 11th Falgun 2081 (February 23, 2025) until 15th Falgun 2081(February 27, 2025). If the required applications are not received by this date, the deadline will be extended until 25th Falgun 2081 (March 9, 2025). Investors can apply for a minimum of 10 shares and a maximum of 100,000 shares.

Where to Apply

Applications can be submitted through any authorized ASBA member bank or financial institution approved by the Securities Board of Nepal (SEBON). Additionally, investors can apply through the Mero Share platform.

Management of IPO Sale

The IPO issuance and sales manager for the IPO is NIMB Capital Limited, which will oversee the sale process. The public offering follows the successful allocation of shares to Nepali workers, employees, and investment funds in the earlier phase.

General Public Allocation

A total of 18,45,000 shares, representing 24.6% of the company’s total capital, are now available for the public. This is part of the company’s effort to raise funds for growth and expansion. The IPO represents a significant opportunity for public investors to participate in the insurance sector.

Investment Opportunity

This IPO provides an excellent opportunity for the public to invest in Nepal Micro Insurance Company. The company is expected to grow, and investors can potentially earn good returns from this offering.

Conclusion

The IPO marks a significant step in Nepal Micro Insurance’s expansion strategy. It offers the public a chance to invest in a growing sector. Applications can be made by the 15th Falgun(27 February), with a possible extension until the 25th Falgun(9 March), depending on demand.

For more: Nepal Micro Insurance Company IPO

23rd February 2025, Kathmandu

Nepal Bank has scheduled its 65th Annual General Meeting (AGM) for 6th Chaitra 2081 (March 19, 2025). The meeting will be held at the Nepal APF Club in Halchowk, Kathmandu, beginning at 10:30 AM. The AGM will be a significant event where shareholders will gather to discuss and approve essential business matters.

Nepal Bank 65th AGM

Key Agenda: Election of Three Board Members

One of the primary agendas of the AGM will be the election of three board members to represent the general shareholders. These elected members will play a crucial role in the bank’s governance and decision-making processes. Shareholders will have the opportunity to vote for the individuals who will serve on the board for the upcoming term.

Approval of Annual and Financial Reports

The AGM will review and approve the annual report and the financial statements for the fiscal year 2080/81 (2023/24). These reports will be presented by the board of directors and the auditors. Shareholders will discuss the bank’s financial performance and approve the documents as a reflection of the bank’s success and challenges during the previous fiscal year.

Appointment of Auditors and Remuneration

The appointment of auditors for the fiscal year 2081/82 (2024/25) will also be a part of the meeting. Shareholders will decide on the auditors and determine their remuneration for the upcoming year. This step ensures that the bank maintains transparency and accountability in its financial operations.

No Dividend Proposal for This Year

Unlike previous years, there will be no dividend proposal on the table during the AGM. This year’s focus will be on governance and financial reporting rather than on profit-sharing with shareholders.

Book Close Scheduled for 22nd Falgun 2081 (March 6, 2025)

In preparation for the AGM, Nepal Bank will conduct a book closure on 22nd Falgun 2081 (March 5, 2025). This means that only shareholders listed as of this date will be eligible to attend the AGM and participate in the voting process. Shareholders must hold shares before 21st Falgun 20801(March 5, 2025) to ensure their participation in the AGM discussions and elections.

Looking Ahead to the Future

The AGM will play a critical role in shaping the future direction of Nepal Bank. Shareholders’ involvement in electing board members, approving financial reports, and deciding on auditors will help ensure that the bank remains on a successful path in the upcoming fiscal year.

For more: Nepal Bank 65th AGM

23rd February 2025, Kathmandu

The 17th Annual General Meeting (AGM) of Himalayan Life Insurance took place today, 11th Falgun 2080 (23rd February 2025), at Anupam Foodland and Banquet in Battisputali, Kathmandu.

Himalayan Life Insurance 17th AGM

Shareholders gathered to discuss the company’s growth and financial performance. Key proposals for the company’s future, including dividend distributions and capital increases, were reviewed. The meeting aimed to ensure the company’s continued progress and financial stability.

Bonus Share Approval

The meeting approved the distribution of bonus shares for the fiscal year 2079/80 (2022/23). The company’s paid-up capital of Rs. 8.02 billion will see a 14% bonus share issuance, amounting to Rs. 1.12 billion. The tax on these shares will be the responsibility of the shareholders. Additionally, the meeting approved a proposal to adjust any fractional shares in shareholders’ accounts.

Capital Increase and Company Revisions

After the bonus share distribution, the company’s paid-up capital will rise to Rs. 9.14 billion. This increase will require amendments to the company’s articles of association and bylaws. The board of directors was granted the authority to implement these changes, should regulatory authorities provide new instructions.

Annual Report and Financial Statements

The AGM ratified the annual report for the fiscal year 2079/80(2022/23), which includes the financial records of the recently merged companies, Gurans Life Insurance and Union Life Insurance. These financial documents were approved in line with Nepal Financial Reporting Standards (NFRS). The meeting also reviewed and approved the balance sheet, profit and loss accounts, and cash flow statements for the year.

Appointment of External Auditor

The meeting confirmed the appointment of an external auditor for the fiscal year 2080/81 (2023/24) and set the remuneration for the auditor. This appointment will ensure proper oversight of the company’s financial activities for the upcoming year.

Book Closure and Dividend Eligibility

For the AGM and dividend distribution, Himalayan Life Insurance closed its book on 25th Magh 2080 (8th February 2025). Only those shareholders registered by 24th Magh 2080 (7th February 2025) were eligible to attend the AGM and receive the dividend.

Looking Forward

The successful AGM marks a significant milestone for Himalayan Life Insurance. The approval of bonus shares, amendments to company documents, and the appointment of an external auditor set the stage for the company’s continued success and growth. With a strengthened financial base and a commitment to serving its customers, the company is well-positioned to thrive in Nepal’s competitive insurance market.

For more: Himalayan Life Insurance 17th AGM

23rd February 2025, Kathmandu 

First Microfinance Laghubitta Bittiya Sanstha Ltd. has announced the sale of 217,714 promoter shares. Only eligible promoters are allowed to bid for these shares.

First Microfinance Promoter Share Bidding

This move is part of the company’s strategy to adjust its shareholder structure. It provides promoters the chance to increase their ownership of the institution.

Shares Available for Promoters Only

Currently, only the institution’s existing promoters can apply to purchase these shares. The company has provided a specific timeframe for submission, ensuring that interested promoters get the first opportunity to acquire the shares.

Application Deadline and Pricing

The application period begins on Falgun 11 and will remain open for 35 days. Interested promoters must submit their bids within this period. The minimum bidding price is set at NPR 280 per share, but bidders can offer a higher price. The bidding process requires a sealed bid submission, ensuring a fair and transparent transaction.

Submission Process

Applicants must submit their bids to the company’s central office in Gyaneshwar, Kathmandu. The sealed bid must include all required documents and meet the company’s criteria.

Possible Sale to General Investors

If no applications are received from promoters within 35 days, the company will open the sale to the general public. This ensures that the shares are not left unsold and provides an opportunity for retail investors to participate.

Why This Matters?

The sale of promoter shares allows existing investors to strengthen their ownership while also creating opportunities for new stakeholders if the shares are later offered to the public. The decision to sell these shares could impact market liquidity and shareholder composition, making it an important event for investors tracking the company’s financial activities.

First Microfinance has urged all eligible promoters to take advantage of this offer before the deadline. Investors should carefully assess the opportunity and complete the bidding process on time.

For more: First Microfinance Promoter Share Bidding

23rd February 2025, Kathmandu

Citizens Bank International Limited has further expanded its branch network by inaugurating its 199th branch in Harisiddhi, Lalitpur. With this new addition, the bank now operates 40 branches within the Kathmandu Valley and 56 branches in the Bagmati Province, reinforcing its commitment to nationwide financial inclusion.

Citizens Bank Expands Harisiddhi

Grand Inauguration Ceremony

The new branch was officially inaugurated by Mr. Prabal Jung Pandey, Chairman of the Board of Directors of Citizens Bank. Addressing the event, Chairman Pandey emphasized the bank’s dedication to providing accessible and secure banking services while continuously earning the trust and support of its valued customers. He also extended his best wishes to the branch staff, encouraging them to make the Harisiddhi branch the preferred choice for local customers.

The launch event was graced by the presence of board members, the Chief Executive Officer, senior management, representatives from local authorities, business leaders, industry association heads, and community members, highlighting the significance of the expansion.

Comprehensive Banking Services

The newly opened Harisiddhi branch is equipped with modern banking facilities, catering to the diverse financial needs of individuals and businesses. The branch aims to enhance financial accessibility, particularly for small and medium-sized enterprises (SMEs), by providing tailored financial solutions.

Special Offers for New Customers

To celebrate the branch opening, Citizens Bank is offering exclusive benefits to new customers, including:

Free Corporate Mobile and Internet Banking Services for the first year.

Discounted Fees on Demat Account Opening for the first year.

Locker Facility Benefits, with a 25% waiver on mandatory deposit requirements and a 50% discount on the first year’s locker fee.

Innovative Banking Solutions

Citizens Bank, recognized as the Bank of the Year 2024, continues to lead the industry with innovative banking solutions. Recently, the bank, in collaboration with Fonepay, launched Nepal’s first Citizens Fonepay Credit Card, a virtual credit card designed for seamless digital transactions. Additionally, it became the first bank in Nepal to enable share applications and CRN number registration via its mobile banking app, further simplifying banking for its customers.

Expanding Reach and Customer Base

With a growing presence across Nepal, Citizens Bank now operates in 60 districts with:

199 branches

164 ATMs

3 extension counters

74 branchless banking units

Serving over 1.85 million customers, Citizens Bank remains committed to delivering modern, secure, and customer-friendly banking services to meet the evolving financial needs of individuals and businesses.

Conclusion

The opening of the 199th branch in Harisiddhi marks another milestone in Citizens Bank’s expansion journey. With innovative services, attractive offers, and a strong commitment to customer satisfaction, the bank continues to strengthen its position as a leading financial institution in Nepal.

For more: Citizens Bank Expands Harisiddhi

21st February 2025, Kathmandu

Nepal Rastra Bank (NRB) has decided not to renew the license for Nepal Pay Time, a mobile wallet service provider. The central bank issued a statement confirming the license revocation, citing several reasons for this decision.

Nepal Pay Time License Revoked

Background of Nepal Pay Time’s License

Nepal Pay Time received its payment service provider license from NRB on 19th Bhadra 2076 (September 5, 2019). However, the service has been inactive for a long time. The mobile wallet app has also been unavailable on the Google Play Store and Apple App Store, raising concerns over its operational viability.

Reasons for License Refusal

NRB highlighted multiple factors behind its refusal to renew the license:

Service Suspension: Nepal Pay Time has not provided any active payment services for an extended period.

Weak Governance: The company exhibited weak corporate governance and failed to implement the NRB’s directions effectively.

Non-Compliance with Regulations: The company did not comply with the regulatory guidelines set by NRB, particularly under Section 13(4) of the Payment and Settlement Act, 2075.

Due to these issues, NRB decided that the company did not meet the requirements for a license renewal.

Instructions for Affected Customers

The central bank has advised customers with ongoing transactions through Nepal Pay Time to contact the company within 30 days of the notice’s publication. This step aims to help customers resolve any outstanding transactions and prevent further complications.

Impact on Nepal Pay Time’s Users

With the license revoked, users who had financial dealings with Nepal Pay Time need to act quickly. NRB has urged users to complete any unresolved transactions in the next 30 days to avoid any potential disruptions or delays.

Conclusion

The NRB’s decision emphasizes the importance of operational continuity and regulatory compliance in the mobile payment sector. Institutions must maintain good governance and adhere to NRB’s regulations to continue operating legally. This move serves as a reminder for all mobile wallet providers in Nepal to follow the law and maintain trust within the financial ecosystem.

This development ensures that Nepal’s financial services environment remains secure and reliable for its citizens.

For more: Nepal Pay Time License Revoked

21st February 2025, Kathmandu

Citizen Life Insurance Limited has revealed its dividend plan for the fiscal year 2023/24. The decision came during a board meeting held on February 20, where the company outlined its plans to distribute dividends to shareholders from its profits.

Citizen Life Insurance 28.4% Dividend

Dividend Breakdown:

Citizen Life Insurance has proposed a total dividend of 28.4%, comprising both bonus shares and cash dividends. The company plans to issue 26.98% bonus shares based on its current paid-up capital. Additionally, 1.42% of the total paid-up capital will be distributed as a cash dividend, which will be allocated for tax purposes.

Dividend Approval Process:

Before the dividend distribution takes place, the proposed dividend plan requires approval from the Nepal Insurance Authority. Following this, the Annual General Meeting (AGM) will review and finalize the distribution of dividends. Once ratified by the AGM, the dividends will be paid out to eligible shareholders.

Impact on Shareholders:

This announcement is a significant move by Citizen Life Insurance, as it aims to reward its shareholders for their continued trust and investment in the company. The bonus shares and cash dividends offer substantial returns for the company’s investors, contributing to a positive sentiment towards Citizen Life Insurance.

The dividend distribution marks the company’s stable financial performance in the fiscal year, reflecting its ability to generate consistent profits. It also demonstrates the company’s commitment to maintaining shareholder value while continuing to expand its operations within Nepal’s competitive insurance sector.

Future Outlook:

The dividend payout is expected to attract more investors and boost the company’s profile in the market. With the approval of the dividend plan by the Nepal Insurance Authority and the AGM, Citizen Life Insurance will move forward with the distribution of the dividends to its shareholders.

This announcement highlights the company’s solid financial health and its long-term growth strategy. It reinforces Citizen Life Insurance’s position as a reliable insurer and a strong player in Nepal’s growing insurance industry.

Key Takeaways:

Citizen Life Insurance has announced a 28.4% total dividend for FY 2023/24.

The dividend includes 26.98% in bonus shares and 1.42% as a cash dividend.

The dividend distribution is contingent upon approval from the Nepal Insurance Authority and ratification at the AGM.

The company aims to continue creating value for its shareholders and expanding its market presence.

Overall, this move showcases Citizen Life Insurance’s continued efforts to enhance its financial stability and offer attractive returns to its investors.

For more: Citizen Life Insurance 28.4% Dividend 

21st February 2025, Kathmandu

Sagaratha Lumbini Insurance Company Limited (Saliko) has signed an agreement with Sarina G. Trade Pvt. Ltd. to provide motor insurance for electric vehicles (EVs), particularly focusing on EV taxis. The deal is set to cover EVs sold by Sarina G. Trade and provides a new opportunity for insurance in Nepal’s emerging electric vehicle market.

Saliko Insurance Sarina G. Trade Partner

Agreement Details

The memorandum of understanding (MoU) was signed by Changi Kshetri, CEO of Saliko Insurance, and Ajay Mahato, CEO of Sarina G. Trade. The signing ceremony was attended by high-ranking officials from both companies, including Varishma Saud Acharya, Deputy CEO of Saliko Insurance. The collaboration aims to streamline insurance options for EV taxis, which are becoming increasingly popular in Nepal.

Comprehensive Motor Insurance for EVs

Under this agreement, Saliko Insurance will offer comprehensive motor insurance to all-electric vehicles sold through Sarina G. Trade. The insurance coverage is tailored to ensure that owners of EV taxis can access reliable protection for their vehicles, offering them confidence in case of accidents or damages.

Efficient Claims Process

One of the key features of the agreement is a simplified claims process. Saliko Insurance promises to make the procedure smoother, ensuring a faster, hassle-free, and cashless settlement for any claims filed by EV taxi owners. This approach aims to reduce delays and make it more convenient for customers to get their claims processed quickly.

Focus on Speedy Payouts

The partnership highlights the importance of rapid claim settlement. Saliko Insurance is committed to providing quick payouts to policyholders, ensuring they experience minimal disruption in the event of an incident. The cashless system further reduces the burden on EV taxi owners during the claims process.

Strengthening Nepal’s EV Market

This collaboration is a significant step toward strengthening Nepal’s electric vehicle market. By providing insurance coverage for EV taxis, Saliko Insurance and Sarina G. Trade are contributing to the growth of the green transportation sector in the country. As more individuals and businesses transition to electric vehicles, the demand for such services will only rise, making insurance an essential aspect of the market.

Future Prospects

Both companies are optimistic about the future of this partnership. The collaboration will not only offer better insurance options for EV taxis but also encourage the continued growth of electric vehicle adoption in Nepal. With the insurance process streamlined and claims handled efficiently, EV owners can now feel more secure while operating their vehicles.

This agreement represents a forward-thinking approach to support sustainable transportation solutions while ensuring a safer, more reliable experience for Nepal’s growing fleet of electric taxis.

For more: Saliko Insurance Sarina G. Trade Partner

21st February 2025, Kathmandu

Nabil Bank Limited successfully conducted the ‘Nabil SSE Connect: Promoting Entrepreneurship Across Provinces’ workshop in Biratnagar on Falgun 7 under the Nabil School of Social Entrepreneurship (Nabil SSE) initiative.

Nabil Bank SSE Workshop Biratnagar

Organized in collaboration with Mahendra Morang Adarsha Multiple Campus, the workshop brought together entrepreneurs, representatives from business and industry associations, academic leaders, and government officials to discuss cooperation, guidance, innovation, and challenges in the field of entrepreneurship.

According to the bank, the workshop aimed to promote entrepreneurship at the provincial level, empower local communities, and strengthen the entrepreneurial ecosystem. Through this initiative, Nabil Bank seeks to expand the certificate course under Nabil SSE across the country.

In his opening remarks, Nabil Bank’s CEO, Gyanendra Prasad Dhungana, provided insights into Nabil SSE. “This program was initiated as part of the bank’s corporate social responsibility, serving as a platform to fulfill our duty towards society,” he stated. He further encouraged participants to establish new businesses, emphasizing that the program aims to create employment opportunities and reduce youth migration.

A panel discussion on ‘The Role of Entrepreneurship in Provincial Development’ was held in the program. The panelists of the discussion featured Bishal Ghimire, Secretary of the Ministry of Tourism, Forests, and Environment of Koshi Province; Dr. Sandesh Das Shrestha, Dean of the Faculty of Management at Purbanchal University; Upendra Prasad Poudel, Chairman of Nabil Bank; and Chetan Niraula, President of the Federation of Nepal Cottage and Small Industries. The discussion was moderated by Jyoti Kothari, Assistant Professor at Mahendra Morang Adarsha Multiple Campus.

Speaking in the panel, Bishal Ghimire, Secretary at the Ministry of Tourism, Forest, and Environment of Koshi Province, stressed the importance of retaining capital and labor within the country. He also emphasized the need for government coordination in policymaking to support entrepreneurship and suggested that the government should organize an investment summit to boost business growth.

Nabil Bank’s Chairman Poudyal, reaffirmed the bank’s focus on promoting social entrepreneurship and stressed the importance of developing a robust entrepreneurial ecosystem. He emphasized that understanding market demand, investment prospects, and entrepreneurial capabilities is essential before entering new sectors. Discussing the concept of Nabil SSE, Chairman Poudyal reiterated the bank’s commitment to sustainable entrepreneurial development. “Not only banks but also industries and businesses must work towards sustainability, as it benefits both society and the environment,” he stated.

Dr. Shrestha, Dean of the Management Faculty at Purbanchal University, highlighted the university’s collaboration with businesses to generate employment and foster new enterprises.
Chetan Niraula, President of the Federation of Small and Medium Enterprises Nepal, stressed the need to promote local businesses and develop the domestic market. He also stated that the federation is working to bridge the gap between new entrepreneurs and the market.

Nabil SSE Coordinator for Koshi Province Bed Sangraula welcomed the participants and guests, expressing gratitude to Nabil Bank for its continuous support in promoting entrepreneurship. On this occasion, participants of the Nabil SSE program shared their entrepreneurial journeys and discussed how the knowledge gained through the program has contributed to their growth. The event highlighted the potential for entrepreneurship at the local level, fostering innovative businesses and supporting sustainable entrepreneurship across the country.

During the program, Nabil Bank Chairman Poudyal and Mahendra Morang Adarsha Multiple Campus Chief Dr. Ramavatar Sharan distributed tokens of appreciation to experts in recognition of their contributions. Dr. Sharan stated that the Nabil SSE program, conducted in partnership with Nabil Bank and Mahendra Morang Adarsha Multiple Campus, has been successful and expressed commitment to making it even more effective in the future.

As part of its corporate social responsibility, Nabil Bank has been operating the Nabil School of Social Entrepreneurship, which includes both a fellowship program and a certificate course. The fellowship program is being conducted in collaboration with the School of Management, Tribhuvan University, while the certificate course is run in partnership with 11 educational institutions across all seven provinces.

To date, the Nabil SSE Certificate Course has successfully trained 543 participants, resulting in the establishment of 72 enterprises. Through both programs, a total of 117 enterprises have been created, generating over 1,200 employment opportunities, according to Nabil Bank.

For more: Nabil Bank SSE Workshop Biratnagar

17th February 2025, Kathmandu

Kumari Bank Limited has partnered with Surya Vinayak Mission Hospital in Suryavinayak-10, Bhaktapur. The agreement provides Kumari Bank customers with special discounts on various hospital services.

Kumari Bank Suryabinayak Hospital Partner

This collaboration aims to make healthcare more affordable for the bank’s clients. Customers can benefit from discounted rates on several medical services under this new partnership.

Exclusive Discounts on Medical Services

Under the agreement, Kumari Bank customers can enjoy a 20% discount on laboratory tests, X-rays, ultrasounds (USG), and OPD tickets at Suryabinayak Mission Hospital. Additionally, the hospital will offer a 10% discount on medicines to the bank’s customers. These discounts provide a significant financial advantage, helping customers save on essential healthcare services.

Kumari Bank’s Commitment to Customer Service

Kumari Bank has been a trusted provider of banking services for over 23 years. The bank operates through a network of 302 branches, 316 ATMs, 50 extension counters, and 54 branchless banking units across Nepal. The bank has always focused on providing modern banking solutions and promoting financial literacy to its customers.

Through this partnership, Kumari Bank continues to expand its efforts to offer value-added services. The bank has pledged to maintain its commitment to providing easy access to high-quality services for its customers.

Enhancing Customer Benefits

This collaboration with Suryabinayak Mission Hospital reflects Kumari Bank’s focus on delivering more than just banking services. By offering discounted healthcare services, the bank is contributing to the well-being of its customers. The bank aims to improve the overall customer experience, ensuring that its services meet their various needs.

In recent years, Kumari Bank has been actively working to enhance its customer offerings. This includes new partnerships and customer-focused initiatives that make banking and other services more accessible. Kumari Bank’s ongoing efforts aim to offer solutions that simplify the lives of its customers.

Looking Forward to More Collaborations

Kumari Bank remains dedicated to offering valuable services to its clients. The bank looks forward to forming more partnerships like the one with Surya Vinayak Mission Hospital. These collaborations align with the bank’s goal of offering superior services that go beyond traditional banking.

Through its new partnership with Suryabinayak Mission Hospital, Kumari Bank is working to meet its customers’ healthcare needs while continuing to provide excellent banking services. This initiative highlights the bank’s commitment to improving its clients’ quality of life and solidifying its role as a leader in both financial services and customer care in Nepal.

For more: Kumari Bank Suryabinayak Hospital Partner

17th February 2025, Kathmandu

National Life Insurance Company recently hosted an MDRT (Million Dollar Round Table) recognition and training program at the Solti Westend Hotel in Chitwan.

National Life Insurance MDRT 2025

The event, presided over by CEO Suresh Prasad Khatri, celebrated the success of 100 agents from across Nepal. These agents had successfully met the premium collection targets for MDRT 2025.

Recognizing Exceptional Achievements

The ceremony highlighted the achievements of agents who reached the required premium goals for MDRT recognition. CEO Khatri praised their dedication and emphasized the critical role of agents in driving the company’s success. Furthermore, he introduced several new initiatives aimed at boosting agent motivation. These initiatives aim to keep agents engaged and excited about their work.

Strategic Efforts to Support Agents

Khatri spoke about the company’s efforts to professionalize its agent network. National Life has introduced new practices, focusing on providing monthly and annual incentives. These initiatives are designed to motivate agents and help them reach higher levels of achievement. He assured the attendees that the company would continue to invest in such programs to improve agent performance.

MDRT Recognition for Top Performers

The program recognized 100 agents who had met the premium collection targets for MDRT 2025. Among them, 95 agents earned MDRT status, while 3 reached COT (Court of the Table) and 2 attained TOT (Top of the Table) status. The premium collection targets varied between NPR 4.7 million to NPR 30 million. This achievement demonstrates the agents’ hard work and commitment.

Honoring Outstanding Agents

Two special awards were presented during the ceremony. Rupak Parajuli, an MDRT agent, was recognized for issuing 51 policies within 51 consecutive days. Additionally, the Kalanki branch received special recognition for producing the highest number of MDRT agents. These honors underscored the exceptional performance and contribution of both agents and branches to the company’s growth.

Motivational Training by Bijay Kumar Jha

International motivational speaker Bijay Kumar Jha delivered a training session that aimed to inspire agents and boost their confidence. He shared various examples to encourage agents to continue improving their professional skills. The session was designed to help agents stay motivated and reach their goals more effectively.

Entertainment and Celebrations

The event also included entertainment performances and an inspiring awards ceremony. The agents, who were honored for their achievements, expressed immense pride in receiving recognition from the CEO. This acknowledgment reaffirmed their dedication to the profession and motivated them to continue striving for excellence.

Commitment to Continued Support

In closing, CEO Khatri emphasized the company’s ongoing commitment to agent success. He reiterated that National Life Insurance will continue to prioritize agent professionalization and provide support through incentives and programs. The company remains dedicated to helping agents achieve even greater success in MDRT 2025.

For more: National Life Insurance MDRT 2025

17th February 2025, Kathmandu

Trust Micro Insurance has appointed NIMB Ace Capital as the sales manager for its upcoming IPO. The appointment was finalized on Sunday, 4th Falgun 2080 (16 February 2024).

Trust Micro Insurance IPO Nepal

Ujjwal Dhungana, CEO of Trust Micro Insurance, and Sachindra Dhungana, General Manager at NIMB Ace Capital, signed the agreement. This partnership marks a significant step towards the company’s IPO launch.

IPO Details

Trust Micro Insurance will issue 22,50,000 ordinary shares with a face value of NPR 100 each. This will total NPR 22.5 million, representing 30% of the company’s issued capital. The shares will be made available to the public, offering a chance for investors to participate in the company’s growth.

Company Background

Trust Micro Insurance was established to provide affordable insurance services to low-income and marginalized communities. The company received a license for life micro-insurance on 12th Kartik 2080 (29 October 2023). Since 1st Chaitra 2080 (14 March 2024), it has been operating as a life micro-insurance provider, focusing on underserved communities.

NIMB Ace Capital’s Role

NIMB Ace Capital will handle the IPO process. Their expertise ensures a smooth and efficient distribution of shares. This partnership aims to attract a wide range of investors. It will help strengthen the company’s financial position and increase its visibility.

Financial Inclusion Focus

Trust Micro Insurance focuses on providing financial services to communities that have traditionally been excluded from insurance coverage. Their primary goal is to protect vulnerable groups from financial risks.

The company aims to make insurance more accessible to underserved populations. The proceeds from the IPO will support the expansion of their services. This will allow them to reach a broader audience and strengthen their impact in these communities.

Looking Ahead

Through the IPO, Trust Micro Insurance plans to grow its market presence and continue its mission to serve marginalized communities. The company hopes to use the raised capital to improve its offerings and provide more accessible insurance solutions.

For more: Trust Micro Insurance IPO Nepal

16th February 2025, Kathmandu

SmartChoice Technologies Limited successfully conducted its 23rd Annual General Meeting (AGM) on 25 Magh, 2081, marking another milestone in the company’s journey. The meeting focused on key financial approvals, leadership elections, and strategic decisions for the upcoming term.

SmartChoice Technologies AGM 2025

Approval of Financial Statements and Reports

During the AGM, shareholders reviewed and approved the annual report for the fiscal year 2080/081, alongside the auditor’s report and financial statements for the same period. The financial documents included the balance sheet, profit and loss statement, and cash flow statement, highlighting the company’s performance and stability.

Board Meeting and Leadership Appointments

Following the AGM, a board meeting was held, where Mr. Robin Kumar Nepal was re-elected as Chairman of the company. Additionally, Mr. Mrigendra Pradhan was appointed as an independent director, bringing valuable expertise to the leadership team.

Election of New Directors

The meeting also witnessed the unanimous selection of five directors who will serve the company for the upcoming term. The newly elected directors are:

Mr. Robin Kumar Nepal and Mr. Sabin Dhakal (representing IME Ltd.)

Ms. Rashmi Panta (representing Prabhu Bank Ltd.)

Mr. Anil Joshi (representing Global IME Bank Ltd.)

Mr. Subhas Gyawali (representing City Express Money Transfer Pvt. Ltd.)

Future Outlook

With a strong leadership team in place, SmartChoice Technologies Limited is set to continue its growth trajectory, driving innovation and financial excellence in the digital finance and remittance sector.

Stay tuned for more updates as the company progresses toward its vision of delivering cutting-edge financial solutions.

For more: SmartChoice Technologies AGM 2025

16th February 2025, Kathmandu

GI Solar, a leading solar energy company, has officially started the process to launch its Initial Public Offering (IPO). The company has applied to the Securities Board of Nepal (SEBON), requesting approval to issue shares to the public.

GI Solar IPO Nepal

IPO Details and Value

GI Solar plans to raise NPR 136.336 million through the IPO. The company intends to offer 136,336 shares, each priced at NPR 100. This is a significant step in the company’s effort to secure capital for future expansion in the renewable energy sector.

Appointment of Sales Manager

The company has appointed RBB Merchant Banking as its IPO sales manager. RBB will oversee the process of issuing and distributing the shares. They will play a crucial role in ensuring the successful launch of the IPO once SEBON grants approval.

Purpose of the IPO

The funds raised from the IPO will be used for various growth initiatives. GI Solar plans to enhance its operations and solar technology. This will help the company strengthen its presence in Nepal’s rapidly growing renewable energy market. As the demand for clean energy solutions increases, GI Solar aims to expand its market share.

IPO Process and SEBON Approval

Once SEBON gives the green light, GI Solar will proceed with the IPO launch. This will provide an opportunity for investors to participate in the company’s growth. The IPO is expected to attract significant interest from both public and institutional investors. GI Solar is optimistic about receiving approval and moving forward with its plans.

Significance of the IPO

The IPO is a pivotal step for GI Solar. It will help secure the capital needed to support ongoing projects. Moreover, by going public, the company aims to expand its reach and contribute to Nepal’s renewable energy goals. This move will also enable investors to be a part of a growing and sustainable industry.

Future Prospects for GI Solar

With RBB Merchant Banking managing the sales process, GI Solar is well-positioned to attract strong interest. The IPO will allow the company to raise funds for expansion. This will drive the company’s growth and further its mission to lead the renewable energy sector in Nepal.

Conclusion

GI Solar’s application for an IPO shows its dedication to growth and sustainability. The company is eagerly awaiting SEBON’s approval, which will enable it to proceed with the offering. With the expertise of RBB Merchant Banking, the IPO is expected to be a milestone in the company’s journey toward further expansion and success.

For more: GI Solar IPO Nepal

16th February 2025, Kathmandu

Himalayan Everest Insurance Limited has scheduled its 31st Annual General Meeting (AGM) for 11 March 2025, at Anmol Banquet, Shankhamul, Kathmandu, starting at 11:00 AM.

Himalayan Everest Insurance AGM 2025

The company has finalized the venue and time for this key meeting, which will focus on important financial decisions and shareholder matters.

Book Closure for Dividend Eligibility

The company has set the book closure date for 27 February 2025. Shareholders who hold shares until 25 February 2025 will be eligible to participate in the AGM and receive dividends. Only those registered with the company by this date will be able to attend the meeting and claim their proposed cash dividends.

Dividend Proposal of 8.75% for Shareholders

One of the main highlights of the AGM will be the dividend proposal. The company plans to distribute a cash dividend of 8.75%, which amounts to NPR 21.87 million. This will be based on the company’s paid-up capital of NPR 2.5 billion and 1 million. Shareholders can expect to receive the dividend, which includes tax deductions as applicable.

Key Agenda Items for the AGM

Apart from the dividend proposal, several important matters will be discussed during the AGM. These include:

Approval of the Annual Report for the fiscal year 2023/24, which includes financial statements such as the balance sheet, profit and loss account, and cash flow statement.

Appointment of auditors for the fiscal year 2024/25 and determination of their remuneration.

Authorization for the Board of Directors to amend the Memorandum and Articles of Association as needed.

Other routine agenda items that require shareholder approval.

Preparation for the AGM

In line with the AGM agenda, the company has also planned to review and approve its annual financial reports, as presented by the chairman. This includes addressing any concerns or feedback from shareholders regarding the company’s financial performance over the past fiscal year. Shareholders will have the opportunity to discuss the company’s future strategy and provide valuable input during the meeting.

Eligibility for Participation and Dividend

To ensure eligibility for the dividend distribution and AGM participation, shareholders must ensure their names are registered with the company by Falgun 14, 2025, as the book closure will occur the following day. This step is crucial for shareholders who wish to receive their dividends and take part in the important discussions at the AGM.

Conclusion

Himalayan Everest Insurance is preparing for a crucial AGM that will set the course for its future financial decisions. Shareholders are encouraged to mark the dates and ensure they meet the eligibility criteria to participate. With the proposed dividend and significant decisions on the table, this AGM will be a pivotal event for the company and its stakeholders.

For more: Himalayan Everest Insurance AGM 2025

16th February 2025, Kathmandu

Rastriya Banijya Bank’s newly constructed Gandaki Regional Office in Pokhara and the Prithvi Chowk branch were inaugurated on Saturday. The ceremony was attended by Finance Minister, Bishnu Prasad Paudel, who formally opened the buildings.

Rastriya Banijya Bank Expansion Pokhara

Government’s Efforts for Economic Growth

Minister Paudel emphasized the government’s role in lifting the country out of economic challenges. He praised the bank’s efforts to improve services and encouraged continued progress. The government aims to foster an environment where the public can trust and easily access banking services.

Call for Adaptation to Customer Needs

Paudel instructed the bank’s management to update services according to market demands. He highlighted the importance of making services feel personalized for customers. The minister also stressed that the bank should continue innovating to remain relevant in a competitive banking landscape.

Bank’s Efforts in Economic Revitalization

Laxman Ghimire, a member of the bank’s Board of Directors, chaired the event. CEO Devendra Raman Khanal addressed the audience, highlighting the bank’s contribution to Nepal’s economic growth. He mentioned that the bank had set interest rates at a single-digit level by slightly increasing the base rate. Khanal encouraged business owners to take advantage of lower interest rates for investment.

Focus on Sectoral Investments

Khanal further explained that the bank is increasing its investments in sectors such as agriculture, tourism, energy, and small enterprises. He stressed the need for a well-rounded approach to supporting the country’s economic development. The CEO also reaffirmed the bank’s commitment to improving services and ensuring they are aligned with customer expectations.

Bank’s Commitment to Technology and Services

Dilip Kumar Dhungana, Chairman of the bank, reaffirmed the bank’s commitment to customer-centric services. He emphasized the bank’s drive to incorporate more technology, such as IT integration, to meet evolving needs. The bank plans to expand its reach and enhance service delivery through innovative solutions.

Dignitaries Offer Congratulations

Other notable attendees included Mitralal Basyal, Industry and Tourism Minister of Gandaki Province, and Dipakaraj Lamichhane, Chief of Nepal Rastra Bank in Pokhara. The event also saw addresses from Professor Dr. Ramprasad Gyawali, a board member of the bank, and Gokarna Karki, President of Pokhara’s Chamber of Commerce.

Ongoing Expansion of Services

Rastriya Banijya Bank currently operates 294 branches, 312 ATMs, and several banking services nationwide, including QR code services, credit and debit cards, and mobile banking. The new branch and regional office buildings further enhance the bank’s infrastructure.

This inauguration marks a significant step forward in Nepal Commerce Bank’s ongoing efforts to expand its services and strengthen its position in the banking sector.

For more: Rastriya Banijya Bank Expansion Pokhara

16th February 2025, Kathmandu

Kumari Bank Limited has announced the sale of 25,468 founder shares to the general public. These shares were initially reserved for the bank’s founder shareholders, but after no applications were received, the bank decided to offer them to the public.

Kumari Bank Share Sale Kathmandu

Background of the Sale

Kumari Bank had earlier provided an opportunity for its founder shareholders to buy these shares. The deadline for applications from the founder shareholders passed without any response. As a result, the bank opened up the sale to the general public.

Application Process

Interested individuals who want to purchase these shares must submit their applications to Kumari Capital Limited (the bank’s share registrar) located in Naksal, Kathmandu, or at the Kumari Bank Head Office in Tangal, Kathmandu. The deadline for applications is 35 days from the publication date of the notice.

Sale Conditions

The bank has clarified that if there are no applications from the founder shareholders within the allotted time, the sale will continue with the public as the new target buyers. This marks a shift from the original intent to prioritize founder shareholders for the purchase of these shares.

Public Sale Announcement

With no response from the existing founder shareholders, the bank now invites the general public to apply for the shares. This move allows the public to become part of the bank’s ownership.

Key Information for Applicants

Shares Available: 25,468 Founder Shares

Deadline for Applications: 35 days from notice publication

How to Apply: Submit applications at Kumari Capital Limited in Naksal or Kumari Bank Head Office in Tangal, Kathmandu

Eligibility: Open to the general public

For more details, interested individuals can visit the bank’s share registrar or head office.

Kumari Bank’s decision to open these shares to the public provides an opportunity for people to invest in the bank’s growth and ownership.

For more: Kumari Bank Share Sale Kathmandu

16th February 2025, Kathmandu

IME Life Insurance has announced that it will hold its 8th Annual General Meeting (AGM) on 9 March 2025 (Sunday). The meeting will be held at Diyo Mahal, Dhumbaraahi, Kathmandu at 11:00 AM. This date was finalized during the board meeting held on February 15, 2025.

IME Life 8th AGM 2025

Key Agenda Items of the AGM

The AGM will cover several important topics. The board will present the annual report for the fiscal year 2023/23. This will include the company’s balance sheet, profit and loss statement, and cash flow details, along with the related schedules for discussion and approval.

Appointment of External Auditor

The board will recommend the appointment of an external auditor for the upcoming fiscal year 2024/25. If approved, SAR Associates Chartered Accountants will continue as the company’s external auditor. The AGM will also decide the remuneration for the newly appointed or reappointed auditor.

Dividend Distribution Proposal

A key decision during the AGM will be the approval of the cash dividend proposal. The company plans to distribute dividends at a rate of 21.05264% of its paid-up capital, which will also include tax deductions. This distribution will be based on the distributable profit from fiscal year 2023/24.

CSR Approval and Company Amendments

The AGM will grant the board of directors the authority to make any necessary amendments to the memorandum and articles of association of the company if required. It will also approve the Corporate Social Responsibility (CSR) expenses incurred by the company under Section 105(1)(g) of the Companies Act, 2063.

Book Close and Eligibility for Dividend

25 February 2025 (the last trading day on the Nepal Stock Exchange) will be eligible to attend the AGM and receive the approved dividends.

Important Dates

Book Close Date: 27 February, 2025

Eligibility for Dividend: Shareholders with shares until 25 February 2025.

The AGM will offer an important opportunity for shareholders to engage in the company’s decisions. Shareholders will also have the chance to approve the dividend proposal and other key governance matters.

For more: IME Life 8th AGM 2025

16th February 2025, kathmandu

Nepal Rastra Bank (NRB) will withdraw NPR 40 billion from the banking system today. This move aims to control the excess liquidity in the market, which has been growing steadily. The central bank has been using various tools to absorb this liquidity since the start of the fiscal year 2024/25

NRB NPR 40 Billion Withdrawal

Deposit Collection Auction Mechanism

NRB will use a 21-day deposit collection auction to withdraw the funds. The principal and interest for the deposit will be paid on Falgun 25. Banks and financial institutions will participate in the bidding process, which will set the interest rate for the deposits. Only Class ‘A’, ‘B’, and ‘C’ financial institutions licensed by NRB can take part in the auction.

Auction Details and Participation Rules

Bidders must offer a minimum of NPR 10 crore, and the amounts should be in multiples of NPR 5 crore. NRB will allocate the total amount of NPR 40 billion based on these bids. The interest rate will be determined by the auction, where financial institutions will submit their offers.

The move comes as NRB continues its efforts to manage liquidity and maintain financial stability in the economy. The central bank’s use of this auction mechanism reflects its approach to controlling the supply of money in the banking system.

Impact of Excess Liquidity

The banking system has experienced excess liquidity in recent months. This is primarily due to weak credit demand from the private sector. As a result, financial institutions are holding large amounts of cash, with interest rates on deposits falling to as low as 3%.

Financial analysts note that the lack of demand for loans has pushed banks to park their funds with NRB instead of extending credit to borrowers. The central bank’s withdrawal of funds is intended to help reduce this excess liquidity and stabilize the market.

NRB’s Ongoing Measures

NRB has been using a combination of tools to address liquidity issues. These measures include the standing deposit facility and the deposit collection auction. By absorbing excess liquidity, NRB aims to prevent inflation and stabilize interest rates.

Despite NRB’s efforts, credit demand remains low, which poses challenges for the banking sector. However, NRB is prepared to continue implementing measures if the situation does not improve. The central bank will keep monitoring liquidity levels and adjust its policies as necessary.

Future Outlook

The 21-day deposit collection auction will end on Falgun 25, with NRB making payments to the participating institutions. As the economy and banking sector evolves, NRB’s actions will play a crucial role in maintaining financial stability and fostering a healthy lending environment.

For more: NRB NPR 40 Billion Withdrawal

14th February 2025, Kathmandu

Ganapati Laghubitta Bittiya Sanstha has announced the sale of 248,931 founder shares, exclusively available to its current founder shareholders. This move marks an important phase in the institution’s efforts to restructure its shareholder base.

Ganapati Laghubitta Founder Share Sale

Exclusive Offer for Founder Shareholders

The 248,931 shares are reserved solely for the institution’s founder shareholders. Only these shareholders are eligible to purchase the shares. The institution has emphasized that no other parties can apply at this stage. Founder shareholders have 35 days to submit their applications.

Submission Deadline and Process

Interested founder shareholders must submit their applications within the specified 35-day period. Applications should be directed to the central office located in Shuklagandaki-4, Dulegaunda, Tanahu. The deadline for submissions is strict, and late applications will not be entertained.

Sale to External Buyers if No Applications Received

If no applications are received from the founder shareholders by the deadline, the institution will open up the sale to other individuals and organizations. This approach ensures that the shares do not remain unsold and helps maintain the institution’s financial stability.

Importance for Shareholder Base and Institutional Growth

This sale is a critical part of Ganapati Laghubitta’s strategy to enhance its financial structure and increase shareholder participation. The founder shareholders will have the opportunity to increase their stakes in the institution. However, if no applications are submitted within the given period, the shares will be sold to external buyers, potentially altering the ownership structure.

Strategic Move for Institutional Strengthening

By offering the shares exclusively to its current shareholders, Ganapati Laghubitta aims to strengthen its foundation. If the shares are not purchased by the current shareholders, the sale to external parties will bring in new investors, which could impact the current ownership dynamics.

Next Steps and Potential Impact

The process of selling founder shares is a significant step in the institution’s growth strategy. It allows existing shareholders to increase their investment but also opens the possibility for new investors if the current shareholders do not show interest. This sale will be key in shaping the institution’s future.

Conclusion

Ganapati Laghubitta Bittiya Sanstha is offering its founder shares to existing shareholders for a limited time. If no applications are received within the designated period, the shares will be made available to external buyers. This move is part of the institution’s efforts to strengthen its shareholder base and secure its financial future.

For more: Ganapati Laghubitta Founder Share Sale

13th February 2025, Kathmandu

Ghanshyam Upadhyaya, Secretary of the Ministry of Finance, has been sworn in as a member of the Nepal Rastra Bank Board of Directors. The ceremony took place today at the Supreme Court. Chief Justice Prakashman Singh Raut administered the oath.

Nepal Rastra Bank Board Appointment

Legal Framework Behind the Appointment

Upadhyaya’s appointment follows the Nepal Rastra Bank Act of 2058 (2001). According to Section 14, the Secretary of the Ministry of Finance is automatically a member of the bank’s board. Section 108(1) requires directors to take an oath before the Chief Justice or an appointed judge. This process ensures transparency.

Attendees at the Ceremony

Several prominent officials attended the event. Among them were Devendra Raj Dhakal, Chief Registrar of the Supreme Court, and Bimal Poudel and Bhadrakali Pokharel, Registrars of the Supreme Court. Muktinath Sapkota, Secretary of the Nepal Rastra Bank Board, also attended.

Importance for Nepal’s Economic Leadership

This appointment is significant for Nepal’s economic governance. Upadhyaya brings extensive experience in financial management. His expertise will support the central bank’s decision-making process.

The Nepal Rastra Bank ensures financial stability and regulates monetary systems. With Upadhyaya’s involvement, the board will have strong leadership to address the nation’s economic challenges.

Strengthening Financial Stability

Upadhyaya’s role is crucial at a time when Nepal’s financial systems need steady leadership. His insights will guide policies that contribute to long-term financial stability. The central bank aims to address economic needs through effective policy-making.

Expectations from the Appointment

The appointment is expected to improve the governance of Nepal Rastra Bank. With Upadhyaya’s experience, the board will likely develop stronger strategies. This collaboration between the Ministry of Finance and the central bank will help strengthen Nepal’s financial sector.

This strategic appointment enhances Nepal Rastra Bank’s leadership and solidifies its role in shaping the country’s economic future.

For more: Nepal Rastra Bank Board Appointment

12th February 2025, Kathmandu

Citizens Bank International Limited has partnered with Vatsalya Natural IVF, located in Narayanchaur, Kathmandu, to offer special discounts to its customers.

Citizens Bank Vatsalya IVF Partners

Under this agreement, Citizens Bank cardholders and mobile banking users can now receive up to 10% off on products and services at Vatsalya Natural IVF. The bank aims to encourage digital transactions and believes this collaboration will benefit its customers by driving them towards cashless payments.

Boosting Digital Banking

Citizens Bank continues to push for the growth of digital banking. Through various customer-friendly initiatives, the bank promotes the use of mobile banking and digital payment methods. This partnership with Vatsalya Natural IVF is part of the bank’s strategy to increase digital transactions. Customers can find more details about the discounts available for digital payments on the Citizens Bank website.

Citizens Bank’s Commitment to Innovation

Recently, Citizens Bank received the prestigious “Bank of the Year 2024” award, recognizing its leadership in the banking sector. The bank also launched the “Citizens PhonePay Credit Card” in collaboration with PhonePay, making it the first in Nepal to offer this virtual credit card. In addition, Citizens Bank introduced a feature that allows users to apply for shares and obtain their CRN numbers directly through the mobile banking app.

Wide Reach and Modern Services

Citizens Bank operates 198 branches, 163 ATMs, 3 extended counters, and 74 branchless banking units across 60 districts in Nepal. The bank serves over 1.85 million customers, providing modern banking services tailored to their needs. This partnership with Vatsalya Natural Care adds to the growing list of digital banking incentives designed to enhance customer experience.

Future of Digital Payments

The collaboration between Citizens Bank and Vatsalya Natural IVF is expected to strengthen the bank’s push for digital payments in Nepal. Citizens Bank remains committed to making banking easier and more accessible for its customers. With these new initiatives, the bank continues to innovate in the financial sector, offering more benefits through its mobile banking services and digital platforms.

Citizens Bank’s goal is to reduce reliance on cash transactions and drive greater adoption of digital banking solutions. Through this partnership, the bank aims to provide more value to its customers while supporting the growth of digital payments in Nepal.

For more: Citizens Bank Vatsalya IVF Partners

12th February 2025, Kathmandu

Nepal faces a significant climate finance gap. To meet climate targets, the country needs over $46 billion by 2050. Bridging this gap requires new solutions, strategic partnerships, and collective action.

NIMB’s Climate Resilience Initiatives

Nayapal Pande emphasized these points at the GCF South-South Learning Exchange while discussing NIMB’s role in driving climate finance.

NIMB’s Historic GCF Accreditation

NIMB, established in 1986, is a leading commercial bank in Nepal. In March 2024, it became the first private sector bank in Nepal accredited by the Green Climate Fund (GCF). This accreditation allows NIMB to channel funds into sustainable projects. In August 2024, the bank signed the Accreditation Master Agreement (AMA) with GCF, unlocking access to medium-sized projects ranging from USD 50 million to USD 250 million.

NIMB’s Approach to Climate Finance

Pande outlined NIMB’s strategic approach to climate finance during his presentation. The bank focuses on three core areas:

Mobilizing Finance: NIMB seeks concessional finance for transformative green projects.

Aligning with National Priorities: All projects are aligned with Nepal’s Nationally Determined Contributions (NDCs).

Government Partnerships: NIMB works closely with the government to create an enabling environment for climate investments.

NIMB’s Critical Role in Bridging the Climate Finance Gap

The climate finance gap in Nepal is significant. Pande highlighted that the country needs $46 billion by 2050 to meet its climate goals. NIMB plays a key role in addressing this gap. The bank focuses on empowering local stakeholders, particularly vulnerable communities and small businesses, ensuring that they have access to climate finance. NIMB also strengthens Nepal’s financial sector by helping local institutions adopt climate-smart investment strategies.

Furthermore, NIMB supports the development of innovative technologies to enhance climate resilience in Nepal. These solutions are specifically tailored to the country’s unique environmental challenges.

Challenges in Scaling Climate Finance

Despite NIMB’s progress, several challenges remain. These include:

Limited local expertise in climate finance.

Institutional constraints in managing large projects.

Developing a bankable pipeline of projects.

Building technical capacity in climate finance.

To overcome these challenges, NIMB is focusing on collaboration with both the private and public sectors.

The Path Forward

NIMB’s commitment to a greener future for Nepal is unwavering. Pande emphasized that collaboration, technical expertise, and vision are key to advancing climate finance. With NIMB’s leadership, Nepal can drive climate action and attract private investment to its green transition. The bank continues to shape a sustainable future for the country, ensuring a positive impact for generations to come.

For more: NIMB’s Climate Resilience Initiatives

17th February 2025, Kathmandu

Commercial banks in Nepal have published their interest rates for March. Most banks have continued with the rates set for February, while a few banks have made slight adjustments.

Savings Account Interest Rates Nepal

Global IME Bank’s Adjustment

Global IME Bank has increased the interest rate on long-term fixed deposits by 0.25%. The rate now stands at 5.25%. This increase aims to attract depositors seeking better returns on their savings.

Laxmi Sunrise Bank’s Rate Cut

In contrast, Laxmi Sunrise Bank has reduced its fixed deposit rates by 0.25%. The new rate for long-term deposits is 5.00%. This reduction could influence depositors who are considering investment in fixed deposit schemes.

Stability in Rates for Most Banks

18 out of 20 commercial banks have maintained their Magh interest rates for Falgun. As a result, the average interest rate for personal fixed deposits remains at 6.001% across these banks. This consistency provides a sense of stability for depositors.

Savings Account Rates

Interest rates for savings accounts have stayed low across most banks. Rates generally range from 3% to 3.10%. Global IME Bank and Kumari Bank offer 3.00%, while NIC Asia Bank provides 3.10%. These rates reflect ongoing trends in the financial sector.

Key Banks’ Fixed Deposit Rates

Sanima Bank offers a fixed deposit rate of 5.30% for personal accounts. Kumari Bank follows closely with a rate of 5.31%. NIC Asia Bank and Nabil Bank also provide 5.00% for their personal fixed deposits.

Consistency in Deposit Products

Other banks, such as Prabhu Bank and Machhapuchchhre Bank, have kept their fixed deposit rates at 5.00% and 5.10%. These rates show little change, indicating banks’ focus on maintaining a steady deposit environment.

Impact of Global Trends

The rates offered by these banks reflect global economic conditions. While savings account rates remain low, fixed deposit rates have shown slight variation. Banks are working to offer competitive returns while balancing risk and profitability.

Conclusion: A Stable Banking Environment

The Nepalese banking sector has experienced minimal fluctuations in interest rates for Falgun. Despite the slight changes in a few banks, the overall trend is one of continuity. This stability offers depositors predictable returns, with no significant shifts in the market landscape.

For more: Savings Account Interest Rates Nepal

11th February 2025, Kathmandu

On Magh 28, 2081 (February 10, 2025), Nepal Life Insurance, the country’s leading life insurance provider, held its 25th Annual General Meeting (AGM) at Hotel Bhishwa, Birgunj, Parsa.

Nepal Life Insurance AGM 2025

The meeting was chaired by the Chairman of the Board, Mr. Govinda Lal Sangh. During the session, the company’s Annual Progress Report for FY 2023/24 was presented and approved. The shareholders also discussed and approved key financial documents, including the balance sheet, profit and loss account, and cash flow statement for the same period.

Key Initiatives and Growth Strategy

Chairman Mr. Sangh highlighted the company’s commitment to structural improvements and corporate governance. He emphasized the need for a balanced approach to managing assets and liabilities and a focus on customer-centric services.

The company aims to enhance its service quality by adopting new technologies and improving internal controls. He also announced the company’s efforts to implement automation and work towards a digital transformation to streamline processes and improve customer experiences.

Focus on Stakeholder Engagement

Mr. Sangh expressed his gratitude to the shareholders, employees, and customers for their continuous support. He acknowledged the valuable feedback from the shareholders and assured them that it would be taken positively. The company’s success, he said, is a result of the consistent support from government agencies and regulatory bodies like the Nepal Insurance Authority and the Ministry of Finance.

CEO’s Address: Turning Challenges into Opportunities

CEO Mr. Pravin Raman Parajuli discussed the challenges faced during FY 2023/24 and how the company turned them into business opportunities. Despite the tough economic environment, the company achieved remarkable success.

He also revealed plans to celebrate the company’s 25th anniversary on Baisakh 21 (May 4, 2025) with various events to engage with stakeholders. He noted that the company’s investment diversification has been key to its growth, with land acquisitions made in different cities for future expansion.

Strong Financial Performance

In October 2024, Nepal Life Insurance reported an impressive investment portfolio of NPR 215 billion. The company’s life insurance fund reached NPR 208 billion, while the shareholder fund stood at NPR 12 billion. With a network of 195 branches, the company serves a large customer base. It has earned NPR 288 billion in premiums and paid out NPR 84 billion in claims.

Looking Ahead

The company is focused on expanding its services and improving customer experiences. Mr. Parajuli mentioned that new infrastructure projects will soon begin, ensuring continued growth and success for Nepal Life Insurance in the coming years.

For more: Nepal Life Insurance AGM 2025

11th February 2025, Kathmandu

Citizens Bank International Limited has launched its 198th branch in Kathmandu, located in Pani Pokhari. With this new addition, the bank now operates 39 branches in Kathmandu Valley and 55 branches in Bagmati Province.

Citizens Bank Pani Pokhari

Inaugural Ceremony Highlights

The inauguration event took place today with Mr. Prabal Jung Pandey, Chairman of the bank’s Board of Directors, cutting the ribbon. Chairman Pandey reaffirmed the bank’s commitment to prudent banking and good governance, ensuring customer service remains the highest priority. He also expressed his confidence in the new staff, urging them to contribute to the bank’s growth and success. The event was attended by senior management, board members, and various local dignitaries, including industry leaders and civil society representatives.

Services and Discounts at the New Branch

The new branch is equipped to offer a comprehensive range of retail banking services. It aims to support small and medium-sized enterprises (SMEs) by improving their access to financial products. The bank also announced special offers for new customers at the Pani Pokhari branch. Corporate mobile banking and internet banking services will be provided free for the first year. Additionally, new customers will enjoy discounted fees on Demat account openings and locker services, with a 25% discount on mandatory deposits and 50% off locker charges for the first year.

Recent Innovations and Achievements

Citizens Bank has earned the prestigious “Bank of the Year 2024” award. The bank has also launched Citizens PhonePay Credit Card, Nepal’s first virtual credit card, in collaboration with PhonePay. Furthermore, it introduced new features in its mobile banking app, including services for share applications and RCHL numbers, aiming to provide more convenience for customers.

Strong Network Across Nepal

Citizens Bank has a broad presence across Nepal. The bank serves over 1.85 million customers with a network of 198 branches, 163 ATMs, 3 extended counters, and 74 branchless banking units in 60 districts. With this extensive reach, Citizens Bank continues to deliver modern banking solutions and plays a vital role in Nepal’s financial inclusion efforts.

Looking Ahead

Citizens Bank remains committed to expanding its services across Nepal, ensuring more customers and businesses benefit from its safe and reliable banking services.

For more: Citizens Bank Pani Pokhari