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| Archive of September 2009 |
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NIBL's 23rd AGM
The 23rd Annual General Meeting (AGM) of Nepal Investment Bank Limited (NIBL) has approved the proposed 20 % cash dividend to its shareholders on Wednesday. The dividend amounts to NRs.481.41 million which volume-wise is among the highest in Nepal. On the basis of strong performance, NIBL managed to earn a net profit of NRs.900.619 million -an increment of 29.26% compared to the 2007/08 fiscal- in the fiscal year 2008/09 that also saw its paid-up capital rise to NRs.2.407 billion from NRs. 1.203 billion.
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NDB depositors withdrawing money
The pain-stricken Nepal Development Bank (NDB) depositors are withdrawing their deposits today as well. They were allowed to withdraw a part of their deposit from Tuesday after the Nepal Rastra Bank decided to release NRs.27.9 million for the depositors. The bank took this decision following Patan Appellate Court’s direction to let the depositors of NDB withdraw some of their deposits considering upcoming Dashain festival. As directed by the court, the depositors will get to withdraw
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NT lures SMS lovers
Telephone Service Providers are extending their services every now and then to facilitate their customers. And now, at the eve of Dashain, to make the exchange of greetings among the customers cost effective, Nepal Telecom has reduced the rate on SMS charge. A SMS will now cost just NRs.0.62, including taxes which was previously NRs.1 per SMS, excluding taxes. The reduction will be valid only for
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World Bank’s aid for Nepal’s education
The World Bank has decided to aid for the achievement of ‘Nepal’s Education for All’ goal. The World Bank will provide $130 million - $71.50 million as credit and $ 58.50 as grant for this purpose.
The programme is supported by eight other development partners who will also pool their resources, together with the World Bank, and with other government resources. In addition, five ‘non-pooling partners’ will support the programme directly.
Rajendra Dhij Joshi, education expert and co-task team leader of the World Bank, praised Nepal’s reforms in education sector. “Nepal has firmly established itself as the world leader in community management of schools. The credit for significant achievements made in the education sector largely goes to communities. SSRP will accord high priority to enhancing community capacity,” he said.
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Oil Corporation imports oil from Siligudhi
Oil Corporation has started the import of oil from Siligudhi, from Tuesday. Digambar Jha, Executive Director of the Corporation, inaugurated the process of import by raising a green flag. The corporation had been importing oil from Baireni earlier.
The corporation has imported fuels and kerosene oil from the Indian oil refining centre in Achham According to Corporation, it is easier to import from Siligudhi to the eastern region of Nepal. The total distance covered during the transport of oil from Baireni was about 300 kilometers while that from Siligudhi is just 35 kilometers. The corporation will also be importing furnace oil, diesel and petrol from Siligudhi soon.
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Defective notes for Dashain
With the crisis of the currency notes deepening, the government has appointed an investigation team to reassess the issue. The meeting held at Finance Ministry decided to airlift the ‘delayed consignment’ for quick supply. It has also decided to distribute the currency notes, with certain technical errors, signed by ex-governor Tilak to the markets, to overcome the currency notes shortage for the timing, which were not brought to the market due to some imperfections.
Finance Minister, Governor of Nepal Rastra Bank (NRB), Deputy Governor and other high officials of the Ministry on Wednesday has formed an investigation team under the coordination of former National Planning Commission vice-hairman Mangalsiddha Manadhar to reassess the issue and submit the report within 21 days. The committee will study the possible cause for the currency notes crisis.
The currency notes that are being sent to the market have defect in the word
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NRN preparation for fourth conference
Non Resident Nepalis Association has formed a high level organizing committee for its fourth conference being held in Kathmandu from Ashwin 27. The conference will last for three days. “Representatives from around 60 different countries are attending the conference,” said Upendra Mahato, Chairman of the association.
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Currency notes crisis till Dashain: NRB
NBT
There is always a high demand of currency notes at the festive season each year. But the NRB is short of money at the eve of Dashain this year. This has been a tough time for both the customers as well as the banks.
With the crisis deepening, some of the banks are compelled to halt the ATM services for the timing as well. Some of the banks have even put a cap on the withdrawal. A depositor cannot withdraw more than NRs.1 lakh. Agriculture Development Bank Nepal has allowed the withdrawal of not more than NRs.25, 000. This has put the depositors in a great trouble.
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IME to issue bonus shares
NBT
IME Financial Institution is has decided to issue right shares and bonus shares to its share holders. The 5th Annual General meeting of IME decided to issue 20% bonus shares to its share holders. According to a press release issued by the company, IME has also decided to issue right shares in the ratio 1:3.The company has also agreed to increase its paid- up capital to NRs. 1.20 billion and authorized capital to NRs. 4 billion. Dedicated for customers’ service, the bank has recently opened its new branch at Baglung as well.
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PM at New York
NBT
Prime Minister Madahv Kumar Nepal is in New York for the conference with UN members. The conference began from September22.
Addressing a roundtable conference on climate change with the members, organized by United Nations Secretary General Ban Ki Moon, he put forward the consequences of climate change in Nepal. He also added that
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ADB’s contribution for education
NBT
The Asian Development Bank (ADB) is working to assist education sectors in Nepal. To help improve education services, it is proving a helping hand to restructure Nepal’s education system and ensure all children have access to a better education.
ADB has provided a sum of $ 70 million as grant and $25 million as loan to help initiate projects for the
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USAID for Nepal
NBT
The US Government agreed to provide a sum of NRs.15.73 billion for the next five years to Nepalese Government as economic aid. The US Government is providing this aid through one of its agent- US Agency for International Development (USAID).
The agreement
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KDB also in Chitwan
Kasthamandap Development Bank has opened its 11th branch office in Narayangadh, Chitwan. It was inaugurated by Krishna Prasad Gyawali, Chairman of the managing committee, in a programme organized. The customers will be provided with banking facility along with remittance, deposit and credit facility in the new branch opened. The bank has collected a deposit of NRs.2.3 billion
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IME in Baglung
IME Financial Institution has inaugurated its 11th branch office in Baglung. IME Chairman Hem Raj Dhakal inaugurated the new office in a function organized on Monday. According to Dhakal, the branch had been established to support poor families living in rural parts of Baglung. IME chief executive Yogeshwor Dhakal said that they would invest in the agriculture and production sectors.
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Festive influence on Nepse
The Nepal Stock Exchange (NEPSE) that had been showing the trend of reverse-U in the daily market last week has started this week with a minimal growth. Nepse showed a minimal growth of 0.93 points in the market which stood at 628.9 points at the end of the trading on Sunday.
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New York meeting to tie UN members
Prime Minister Madhav Kumar Nepal is holding talks with US President Barrack Obama today. On the meeting he will be discussing about the climate change, food crisis, health problems and peace process. He will be presenting various matters of Nepal with U.S. President Barak Obama.PM has called this a rare opportunity from which Nepal can achieve a huge benefit.
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NC not flexible: Maoists
The meeting between Nepali Congress, UCPN-Maoists and CPN-UML leaders did not came into any conclusion on Monday. The three parties have been holding meeting to find a ‘common solution’ to resolve the obstacle in the parliamentary meeting and find a way out in writing new constitution.
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Relief for NDB depositors
The pain-stricken Nepal Development Bank (NDB) depositors are withdrawing their deposits today as well. They were allowed to withdraw a part of their deposit from Tuesday after the Nepal Rastra Bank decided to release NRs.27.9 million for the depositors of. The bank took this decision following Patan Appellate Court’s direction to let the depositors of NDB withdraw some of their deposits considering upcoming Dashain festival. As directed by the court, the depositors will get to withdraw 50% of their deposits if
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Kumari adds branches
Kumari Bank opened two more branch offices on Sunday. The bank has opened its branch offices at Old Baneshwor and Chabahil, Chuchepati. With this, there are now 18 branch offices of Kumari bank. The bank has provided ABBS, internet banking, SMS banking and remittance service in both these branches. Extending its services, the bank aims to open two more branches in Kathmandu, at Budhanilkantha and Koteshwor, which will be soon after Dashain. The bank also has a strategy to open 10 more branches this year.
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GBL in Dhapasi
Global Bank Limited inaugurated its 20th branch office at Dhapasi on Sunday. Along with the new branch office, the bank has come up with a Dashain scheme for its customers. According to a press release issued by the bank, it has launched Global Pariwar Bachat Yojana which providies 10% interest on deposits. It also grants 50% discount on education processing charge and 30% discount on locker service.
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NRMC to reverse PAC’s move on CNP hotels
The Natural Resources and Means Committee (NRMC) of the Legislature Parliament has overruled the decision of the Public Accounts Committee (PAC) regarding the permit to let the hotels inside Chitwan National Park (CNP) resume operation.
The hotels and lodges inside the national park have remained closed after the 15-year contract to operate them expired
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Interview
Surender Bhandari, Chief Executive Officer of Siddhartha Bank Limited, is a versatile and reputed professional in the banking sector of Nepal. He has served in banking sector since a long period and is dedicated in the prosperity of banking sector. Sagar Gautam, Managing Director, Nepal Business Times, spoke to Surender Bhandari,
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Dashain effect on Nepse
The Nepal Stock Exchange (NEPSE) that had been showing the trend of reverse-U in the daily market last week has started this week with a minimal growth. Nepse showed a minimal growth of 0.93 points in the market which stood at 628.9 points at the end of the trading, yesterday.
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LBL finances solar
Laxmi Bank Limited started financing solar home systems bundled with the Bank’s Home Loans. Under the scheme, the bank will offer loans to those customers who wish to install solar systems as an alternative or back-up energy source with easy repayment schedule spread over the tenure of the original home loan. According to a press release issued by the bank, this will ensure that the monthly installment is low and affordable. Laxmi Bank has tied up with Solar Solutions Pvt Ltd. that supplies solar system solutions for urban use.
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EBL’s 32nd ATM
Everest Bank Limited (EBL) has installed its new 32nd ATM service in Bhaktapur.It was inaugurated by Krishna Prasad Tamrakar, Vice President of FNCCI. EBL debit cards can be used at more than 2,000 ATMs of Punjab National Bank spread all across India. Similarly, debit card holders of
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World Peace Day being celebrated today
World Peace Day is being celebrated worldwide today and to mark this day, Ministry for Peace organized a Peace Rally early today. The rally started from ‘Shanti Batika’ and wrapped up at ‘Maitighar Mandala’. Various peace programmes are being held at different places all over Nepal.
Nepal started celebrating World Peace Day since last Year. Although it started celebrating World Peace Day, it could not bring about peace in the country. Various peace programmes are being held and different political leaders will be addressing the programmes who themselves could not realize peace for a single day. The Nepali citizens are seeking for peace in the country but the political imbalance in the country is not letting it happen.
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3-Party meeting today
The three-party meeting, that is being held to find a common solution to resolve the obstacle in the parliamentary meeting and find a way out to write new constitution on time, is being held today as well at Nepali Congress leader Girija Prasad Koirala resident. Nepali Congress President Girija Prasad Koirala, Maoists President Puspa Kamal Dahal ‘Prachanda’ and CPN-UML President Jhalanath Khanal will be holding talks today along with their associates.
The Nepali congress held a meeting yesterday with UCPN-Maoists and CPN-UML separately. In both its meetings, Nepali Congress maintained its flexibility and thus, to come to a conclusion, all the three parties are holding a meeting today.
The Parliamentary Meeting had been obstructed each time it was held since a month back. The Maoists, protesting against the issues of unconstitutional move of the President and civilian supremacy, had been obstructing the meeting demanding the House to debate on these issues but the inflexibility of the leaders of the political parties could not make any concrete decision and had laid the discussions on the budget and other government activities at bay.
Nepali Congress and CPN-UML – have however shown their discontent in taking action against the President’s move. Nevertheless, the political parties seem positive about the meeting and claim to find solution through a new approach soon.
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Bank loan increase in real-estate
The investors have been investing a lot in the real-estate this year as compared to previous year. The investment in real-estate has nearly doubled this year despite Nepal Rastra Bank’s advice to invest less in these sectors. According to Sectoral Credit Investment Report of NRB, the total investment in real-estate reached NRs.24.73 billion at the end of Ashwin last year
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NRB to ease NDB depositors’ Dashain
Patan Appellate Court has directed Nepal Rastra Bank to let the depositors of Nepal Development Bank to withdraw some of their deposits. This has been done to ease the depositors in celebrating upcoming Dashain festival. As directed by the court, the depositors will get to withdraw 50% of their deposits if their deposit is NRs.1, 00,000 - 2, 00,000. The Court has also asked the bank to pay the salaries of the employees and their Dashain bonus.
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ALI to issue shares
Asian Life Insurance Company has got permission from the Securities Board of Nepal for the issuance of 1.08 million units of share with face value of NRs.100 per unit to the public. According to a press release issued by the company, the company with paid –up capital worth NRs.360 million is issuing 30% public shares.
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PM heading for US
Prime Minister Madhav Kumar Nepal is taking off for US, today evening, to attend the 64th General Assembly of the United Nations. PM will be accompanied by an assemblage of 26 members which includes Foreign Minister Sujata Koirala, high-level government officials, and some lawmakers and journalists.
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Nepal Bank’s branches run again
Nepal Bank has started operation in its four branches on the occasion of Dashain. The branches of Nepal Bank that were closed in the past days due to several reasons have again started their operation. Surunga and Gaurahadaha branch of Jhapa, Barahathawa branch of Sarlahi and Jitpur branch of Bara are back into operation
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NDEX-NIBL sign MoU
Nepal Derivative Exchange (NDEX) and Nepal Investment Bank Limited (NIBL) have signed a Memorandum of understanding (MoU) to operate banking services for the members and clients of NDEX. As per the MoU, the exchange members and clients will be provided with online banking facility for all of its transactions for clearing and settlement. This service will be providing easy trading and settlement operation which will help develop closer ties and make transactions safer and transparent.
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Bihar imports electricity from Nepal.
Nepal will be supplying 15 megawatt of electricity to India. To utilize the excessive electricity produced during this season, Nepal has decided to supply this amount of electricity to India. India will be importing electricity from Ramnagar supply line of Gandak region.
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IO Upadhyaya suggests NDB's revival
Investigation officer T R Upadhyaya, appointed for the reassessment of Nepal Development Bank has submitted his report to the Patan Appellate Court suggesting its revival. He has recommended to the Court that the bank has chances of revival as the Badri Bhattarai-Nabin Pun Group has given bank guarantees equivalent to Rs 340 million
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BoK adds ATM
Bank of Kathmandu (BoK) that has been serving its customers through a wide range of facilities has once again extended its services through its ATM service. It has recently launched its services in Tikapur, Kohalpur, Gongabu, Bhaktapur, Hetauda, Janakpur, Biratnagar and Itahari. With this, it has now ATMs in 30 different locations of the country. According to a press release issued by the bank, the extension of ATM services is done to provide more benefits to the customers.
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NST’s “Hello Nepal”
Nepal Satellite Telecom (NST) Pvt. Ltd. is launching its telecommunication service, “Hello Nepal”, based on GSM technology on September 24 from Mid-Western region of Nepal. According to Ajaya Raj Joshi, Executive Director at NST, NST will start its service from rural areas and will be soon operating at Kathmandu too which will be
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New York visit beneficial: PM
Prime Minister Madhav Kumar Nepal is attending the General Meeting of United Nations in New York next week. According to an interview with Nagarik, this visit of the Prime Minister to New York seems to stand for the promotion of Nepal.
Firstly, the General Secretary of United Nations is organizing a conference on climate change where PM Nepal showed the possibility to
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Nepal: The Destination of Nature Lovers
Now that we have seen the prospect of peace in Nepal after more than a decade, it is necessary that we formulate and implement clear tourism policies so that we can lure more tourists from all over the world. Needless to say, Nepal has great potentials of the development of tourism we
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Hathaway’s cash dividend
Hathaway Investment Nepal decided to give 5% cash dividend to its share holders. This decision was announced in its first Annual General Meeting (AGM). The AGM also elected Hem Raj Dhakal, Gyan Bahadur G.C., Ambika Prasad Poudel, Madhusudan Silwal and Binod Sherchan as directors in its board of directors’ team for a four year term. The company which has been showing much progress and is providing reliable services to its customers. According to Chairman Hem Raj Dhakal, Hathaway aims to diversify investment sectors in future.
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Nepse continues to plunge
Nepse, which has been showing an index of overturn-U in the daily market this week didn’t show much progress in the last day of the week as well. Although a negligible drop, it continued it’s down trend and when the market is thrilled with Dashain knocking the doors, the stock market seemed to upset the investors yesterday too.
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Customers dissatisfied
The cooperative shops, established in Chitwan with a motive to facilitate the customers with cost-effective products on the eve of Dashain, do not seem to meet consumer satisfaction. It has been stated that these shops have also been selling consumer items except rice at the prevalent hiked rates.
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HAN requests for promotion in China
Hotel Association of Nepal (HAN) urged Prime Minister Madhav Kumar Nepal to solve the labor related issues in the industries and also requested to reopen the closed hotels and lodges inside Chitwan National Park by September 20. They also put forward the obstacles they had been facing due to Maoists demands that cannot be met under any circumstances.
HAN also insisted the promotion of Nepal in China to the Prime Minister in his upcoming China visit. Prasiddha Bahadur Pandey, President of HAN, put forward his views on the possibility of country’s promotion in China and urged to initiate necessary steps to take soft loan from Exim Bank of China to build regional airport in Pokhara.
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Stress on export promotion
The Ministry of Commerce and Supply (MoCS) and Federation of Nepalese Chambers of Commerce and Industry (FNCCI) organized a seminar on Nepal Trade Integration Strategy and Export Potential Assessment on Wednesday. The seminar was supported by DFID, the government of Finland, International Trade Center (ITC) and United Nations Development Programme (UNDP).
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DCBL’s bonus
DCBL Bank limited is giving 5% bonus shares to its share holders along with cash dividend worth tax it pays. The bank has declared to issue cash dividend in the first year of its upgrade from development bank to ‘A’ group commercial bank. The Board meeting of the bank has approved the issuance of the bonus share along with balance sheet for fiscal year 2065/66 on Wednesday. After the issuance of 2:1 right share to its share holders, the paid-up capital of the bank has reached NRs.1.45 billion from NRs. 1.1 billion.
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Ace’s dividend
Ace Development Bank is giving 5.5% dividend to its share holders. The management committee of the bank has announced to distribute NRs. 412.75 million to its share holders. This will be effective after the Annual General Meeting of the bank and Nepal Rastriya Bank approves it. Currently, the bank has a paid-up capital of NRs. 750 million.
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Nepse: Still in down trend
Nepse that has been continually on down trend since a long time was observed to have lightened to some extent in the beginning of this week. However this cannot be called ‘change in the trend’ because this has neither encouraged the investors through any concrete policies nor it seems to endure. Nepse, going on down trend does not mean that it should necessarily fall. Therefore, there arises no question for the stock market to have revived.
The negligible increase in transaction has made the present stock market unfavorable for the investors as they have not been relieved yet. The stock market went on down trend on Wednesday too along with the transaction. And today, the last day of the week cannot be anticipated; it could either continue the down trend as it has been on these days or may make a good make up in the transaction.
The present market could not revive as the government has not been able to come up with rigid policies that could lure the investors. The investors are not confident enough to invest in banking and financial sectors; there is lack of knowledge on CDS system, fear of regulation change due to political instability and attraction of investors towards derivative market which have not let the stock market to revive.
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PAC meeting today
Public Account Committee (PAC) is holding a meeting today, at Singha Durbar, to reassess different government owned organizations. Finance Minister, Minister for energy and representatives from 18 different organizations are attending the meeting which will discuss on the reasons for the loss the company has to bear and find out a solution for irregularity in these organizations.
Reputed government owned organizations are bearing loss these days. Nepal Khanepani Sasthan, Janak Siksha Samagri Kendra Limited, Nepal Airlines Corporation, country’s fundamental organization that could make good revenue, are now at loss. Although these organizations have already submitted their own report, PAC is again inspecting on the management and policies of these organizations.
Nepal Khanepani Sasthan is not able to supply sufficient drinking water to its consumers; Janak Siksha Samgri Kendra Limited has not been able to bring out books in the market and Nepal Airlines Corporation is not making scheduled take-offs. When similar private organizations are making a huge profit, these organizations are at loss. Corruption, ineffective management, overcrowded staffs and poor decision making are deep rooted in the government owned organizations and thus they have not been able to collect the revenue they could as compared to private organizations.
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Three-parties to end political padlock
The UCPN-Maoists, the Nepali Congress and the CPN-UML have come to an agreement to find a common solution to resolve the obstacle in the parliamentary meeting and find a way out to write new constitution on time, in the meeting held at Prime Minister’s office at Singha Durbar on Wednesday.
The three-parties are holding meeting today as well to find this so-called common solution. However, the Nepali Congress will not be present at the meeting and today’s meeting will be held between the CPN-UML and UCPN-Maoists only. If the two-party meeting succeeds then three- party meeting will be held to finalize the meeting. But the time of the meeting is not fixed yet. With the political parties fixed at their own pole, the citizens are not much hopeful about today’s meeting.
The Parliamentary Meeting had been obstructed each time it was held since a month back. The Maoists, protesting against the issues of unconstitutional move of the President and civilian supremacy, had been obstructing the meeting demanding the House to debate on these issues but the inflexibility of the leaders of the political parties could not make any concrete decision and had laid the discussions on the budget and other government activities at bay. Nevertheless, the political parties seem positive about the meeting and claim to find solution through a new approach in a day or two.
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ABL’s cash dividend
Annapurna Bank Limited (ABL) has decided to distribute 15% cash dividend and 1:2.2 right shares to its shareholders. The bank had decided to give dividend to those who had been the shareholders of the bank till the month of Asadh of fiscal year 2065/66. According to a report, the bank made a profit of NRs. 153 million this year. Similarly, the operating profit of the bank is reported to be more than NRs.400 million.
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Rajendra Man Shakya, Chief Executive Officer of CMB Finance Limited, a versatile and reputed professional in the financial sector of Nepal, spoke to Nepal Business Times regarding the economic scenario, financial and banking sector of Nepal and the progress achieved by CMB over the years. Excerpts: 
Shekhar Raj Bastakoti
