Mahalaxmi Finance Ltd in Sukedhara

Mahalaxmi Finance Ltd (MFL) has started its sixth branch at Kathmandu's Sukedhara. The company ¿ established in Birgunj fifteen years ago ¿ has been able to collect deposits worth Rs 1.58 billion and floated the loans worth Rs 1.45 billion within the first ten months of the current fiscal year. It has been able to reduce its non-performing loans to 1.03 per cent within the third quarter of the fiscal year. The company provides any branch banking facility and will start SMS banking, ATM and other modern banking services.

Source: tht

Clean Energy Development Bank introduces Gifting Pure Brightness Programme

Clean Energy Development Bank (CEDB) introduced a Gifting Pure Brightness Programme to empower the deprived segments of society with clean and renewable energy for their essential lighting needs ¿ to mark the World Environment Day ¿ as a part of its soon to be launched larger Corporate Social Responsibility movement for eco- friendly Nepal. The programme was initiated in Kathmandu by contributing solar PV home lighting systems to an old age home named Ama ko Ghar as well an orphanage ¿ Jan Uddar Sewa Samiti. The bank is the first national level development bank to have a focused developmental agenda towards harnessing the nation's abundant natural resources, in addition to uplifting the standards of living of the people of Nepal.

Source: tht

Nepal Investment Bank Ltd inaugurates 40th branch

Nepal Investment Bank Ltd (NIBL) opened its 40th branch in Lagankhel on Monday. Lagankhel branch is connected to all other 39 branches around the country with Any Branch Banking Service. The branch office provides deposit and credit facility, foreign exchange, retail banking, import, export, letters of credit, guarantees and remittances, locker facility, 365 days service, ATM facility, multiple teller counters, among other updated banking services, said the bank. It plans to extend its access in more places in future.

Source: tht

OTC market yet to open account

In the Nepal Stock Exchange (Nepse), thousands of shares are traded daily, but the Over-The-Counter (OTC) market has yet not seen any trading till date. Similar is the fate of government and corporate bonds. OTC being an unorganised secondary market, it does not require the involvement of brokers. Thus in Nepal, Nepse facilitates the transfer of the rights of such OTC shares. The shares of companies that have been de-listed by Nepse, the share of small companies which are unable to meet Nepse's and its regulator SEBON's requirements, and the shares of banks and financial institutions (BFIs) which have issued their initial public offering (IPO) but not yet listed at the Nepse, can be traded over the counter. The shares of the companies, which were de-listed from secondary market, Nepse and are not fulfilling the criteria of Nepse, SEBON, Nepal Rastra Bank NRB and Insurance Board (IB) can be traded as OTC shares. Nepse so far has de-listed 43 companies; and most of the de-listed companies are virtually non-existent. As a result, their shares are also not in circulation. However, the general public is reluctant in buying the shares of the de-listed companies that are still operating, considering them highly risky. Besides, thousands of share-holders that have shares of the de-listed companies like Nepal Bank Ltd (NBL), which was de-listed from Nepse due to its poor financial condition, are not even aware that they can trade their shares. The share holders of the banks that have already distributed the shares through IPOs but not yet listed on the Nepse are simply not interested in over-the-counter transaction and prefer to hold the shares until they are listed on the stock exchange in the hope of getting a better return. "In some cases, companies themselves are not interested in selling their stocks, in retail, over-the-counter," Shambhu Pant, Nepse's spokesperson said. Similarly, in the last eight years, only a nominal number of corporate bonds and government bonds have been traded in the secondary market. "Public are not interested in buying the bonds from the secondary market, they will rather buy directly from the primary market or wait for a new bond to hit the market," spokesperson of Nepse said. "Likewise, government bonds are mostly bought by BFIs to fulfill their Statutory Liquidity Requirements (SLR) as directed by the central bank. Thus they hold the bonds and the general public also hold them as a safe investment tool," he said.

Source: tht

TCS may design Central Depository System (CDS) for Nepse

Nepse is more than likely to hand out the contract to design the software for much anticipated Central Depository System (CDS) to Tata Consultancy Services (TSC). "After the preparation of software, there will not be any further delay about starting CDS," informed Shambhu Pant, Nepse's acting deputy manager and spokesperson. "Nepal's CDS will be based largely on Indian Central Depository Services Ltd (CDSL), a sister concern of the Bombay stock Exchange (BSE) as we are undertaking this project under the financial and technical support of BSE," he added. The CDS is a new clearing and settlement system being used in stock exchanges abroad. Under the CDS, the current practice of holding and moving the scrip of quoted shares physically will be replaced by a safe and dependable computerized book entry system. When investors trade under the CDS, there will be no need for delivery and receipt of physical certificates. All the physical scrips of the companies listed on the stock exchange will be recorded centrally, and investors will have CDS accounts which will show their holdings. The seller's account will be debited and the buyer's account will be credited when shares are traded by the new system automatically as is practised by major stock exchanges the world over. "The implementation of CDS will do a great deal in encouraging the investors as there will be hassle-free and swift ownership transfer and instant liquidity," said Surbir Paudyal, Chairman of Securities Board of Nepal. The increase in volume and number of share transactions after the automation of Nepse had created demand for the establishment of CDS that offers safety and convenience compared to holding securities in physical form, enhances liquidity by instantaneous transfers and delays, thefts, interceptions and subsequent misuse of certificates eliminated. The implementation of CDS is supposed to be able to wipe out inconsistency and manipulation in stock trading and make the Nepali secondary market more transparent and a significant reduction in discrepancy rates is expected by Nepse. Meanwhile, the Nepse has started the process to take the exam for new brokers. The process to add new brokers has halted since long.

Source: tht

Purbanchal Grameen Bikash Bank to give dividend

Seventeenth AGM of Purbanchal Grameen Bikash Bank (PGBB) approved 20 per cent cash dividend to its shareholders. According to a press release, the bank is currently operating in six districts ¿ Jhapa, Morang, Sunsari, Udaypur, Saptari and Siraha. During the financial year 2009-10, the bank has posted a net profit of Rs 19.013 million, said the release.

Source: tht

Book Closure for Right Share of Sahayogi Bikas Bank Limited

The 108th BOD meeting of the company has decided to announce book closure on 2067/02/25 for right share which was approved by its 6th AGM.

Source: Jamb News

NIC banks lending to industries more

Some eight commercial banks have applied for the refinancing facility from the central bank. Out of the eight commercial banks ¿ Citizens Bank International, DCBL, Kumari Bank, NIC Bank, Global Bank, Prime Commercial Bank, NCC Bank, Kist Bank, Laxmi Bank ¿ Citizens Bank International has already received Rs 430 million. Similarly, the NIC Bank ¿ that has consistently focused on channeling its credit to productive sectors contributing to the country's economic growth ¿ has also applied for Rs 440 million refinancing facility. As of mid-April, it has floated 90 per cent of it's total loan portfolio of about Rs 14 billion in over 2,000 diversified industries and businesses, said the bank. NIC has floated loans in a wide range of industries including food processing, steel, cloth, yarn, cement, paints, jute, carpets, paper, handicrafts, hotels, hospitals, education, agriculture, leather, plastics, cables, bricks, and IT. "It has only around 10 per cent exposure in real estate portfolio," it claimed. The bank ¿ that has a large network of 25 branches spread from Jhapa in the east to Mahendra Nagar in the far west ¿ has announced a 27 per cent growth in net profit to Rs 319 million in the first nine months of the current fiscal year compared with the same period last year. The mid-term evaluation of the Monetary Policy has introduced refinancing facility to pump in liquidity in the banking system for productive sectors like tourism, hydropower, exports, agriculture, small and medium scale industry and other productive sectors.

Source: tht

DCBL Bank branches in Sanepa & Teku

DCBL Bank has brought its eleventh and twelfth branches into operation from Sunday. The branches situated in Sanepa and Teku will conduct all the banking operation as permitted by Nepal Rastra Bank, the bank said in a press statement. After the inauguration of Sanepa branches, the bank in collaboration with Rotary Club of Bagamati handed over a check for Rs 100,000 for ´Quit Smoking Program´ as per the bank´s Corporate Social Responsibility initiative. With the inauguration of Teku branch, the bank organized a blood donation program which was attended by more than 35 employees and volunteers from Rotary Club of Bagmati. The bank is also planning to install eight ATM terminals across the country. The bank mobilized deposits worth Rs 7.6 billion and has invested Rs 7.43 billion by the end of third quarter of the current fiscal year. It earned profits of Rs 116.8 million during the period, which was 57 percent more than what the bank earned in the same period last year.

Source: myrepublica

Machhapuchhre Bank opens four branches

Machhapuchhre Bank Limited opened four new branches at Phidim, Birtamod, Nepalgunj and Dhangadhi on Sunday. The new branches are offering all modern banking services like ATM service, evening counters and 365 days banking, the bank said in a statement. It also provides its customers with ABBS (any branch banking service), telephone bill paying service, mobile phone bill paying service, internet banking facilities and SMS banking facilities. The bank, which started operations from Pokhara in 2000, currently operates with a network of 38 branches and 45 ATM terminals across the country. It is also planning to open new branches at Kanchanpur, Tulsipur, Surkhet, Taplejung, Lagankhel and Asan in Kathmandu.

Source: myrepublica

Fewa Finance expands to Bagar

Fewa Finance Limited opened a new branch at Bagar in Kaski on Sunday. Sushil Gauchan, chairman of the company, inaugurated the new branch, Fewa Finance said in a statement. With the branch at Bagar, Fewa Finance now has a network of seven branches in Pokhara, Kathmandu and Jomsom. The company claims to have given away 84 percent cash dividend to its shareholders. The company aims to provide its customers with ATM facilities and convert itself into a development bank in the near future, according to the statement.

Source: myrepublica