Nepal SBI Bank, Biratnagar has suspended the accounts of more than 400 customers found to be involved in withdrawing Indian currency (IC) in India with Nepali ATM cards. They were found making the withdrawals in the Indian towns of Farbisgunj and Jogbani on the same day they deposited Nepali rupees in banks in Nepal. "We have suspended the accounts of those found misusing the ATMs and forwarded a list of the accounts facing suspension to Nepal Rastra Bank," said Ameet Koirala, manager of SBI Bank, Biratnagar. The trend of using Nepali ATM cards for withdrawing Indian currency from Indian banks is increasing amid the deepening shortage of Indian currency in the Nepali market.
However, SBI Bank has not disclosed the names of the customers involved. An official at Nepal Rastra Bank (NRB) Biratnagar Office said most of account holders involved in misusing the ATMs are money changers. "We have also instructed other banks to suspend the accounts of such customers," the official added. The central bank has demanded details of customers who withdraw at least 25,000 rupees in Indian currency at a time and 200,000 per month. NRB had given permission to 19 local money changers to exchange a maximum of 2,000 rupees Indian per person. In addition, NRB has been making available 5,000 to 30,000 Indian rupees for those going to India for medical treatment. Nepali customers are estimated to have been withdrawing at least 10 million Indian rupees per day from Farbisgunj, using the Nepali Visa Debit Card.
Source:
myrepublica
::: Latest Buzz on Nepalsharemarket
Saturday, September 11, 2010
SBI Bank suspends accounts of 400
IME opens 20th branch
IME Financial Institution inaugurated its 20th branch at Chapagaun in Lalitpur on Tuesday. Chairperson of the institution, Hemraj Dhakal, and Lalitpur CDO Ratna Rajya Pandey jointly inaugurated the branch on the occasion of its sixth anniversary. Issuing a press statement, the institution said it was providing banking services 365 days a year and also providing free debit card to its customers. The institution had earned Rs 914 million as net profit in fiscal year 2009/10.
Source:
myrepublica
Announcements Published In Newspapers
Special GM: WMBF
World Merchant Bank & Finance Ltd has announced its special General Meeting to be held on 25 Sep 2010 (2067 Ashwin 9).
Right Share Allotment: SRBL
Sunrise Bank Ltd. has allotted its right shares.
Dividend Distribution: SHL
Soaltee Hotel Ltd has issued notice for the collection of uncollected dividend
Right Share on Auction: SBBLJ
Sahayogi Bikas Bank Ltd is selling right share in auction. These are the unsubscribed share after right issue.
Royal Merchant Bank and Finance Ltd. has announced its book closing date for 1:1 right share on 19 Sep 2010 (2067 Ashwin 3).
Nepal Stock Exchange has issued notice regarding the license of Brokers. More Details
Karnali Development Bank Ltd is distributing share slip and returning the money to the non-allotted applicants from 10 September, 2010 (2067 Bhadra 25). More Details
Business Development Bank Ltd has announced its upcoming 7th annual general meeting to be held on 1 October 2010 (2067 Ashwin 15) and also published the meeting minute of meeting number 132.
Nepal Rastra Bank is issuing 28 days Treasury bill, 91 days Treasury bill, 182 days T-bill and 364 day T-bill on 14 September 2010. The bid quotation are to be submitted by 13 September, 2010 (2067 Bhadra 29).
Sahayogi Bikas Bank Ltd. is distributing right share certificate from 8 September 2010 (2067 Bhadra 23).
Wednesday, June 9, 2010
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 |
Monday, June 7, 2010
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 |
