February 26, 2014
Two commercial banks of Nepal, Global IME Bank Limited and Commerz and Trust Bank Limited have signed a final agreement on their merger process. Chairpersons Chandra Prakash Dhakal of Global IME and Shobhakar Neupane of Commerz and Trust signed the agreement on Tuesday. Both chairpersons have signed Memorandum of Understanding (MOU) on merger in last November. Previously NIC Bank Limited and Bank of Asia merged to become NIC Asia from 30th June 2013. After this merger, there will be 30 commercial banks in Nepal. The bank, which was named as Global Bank at the time of its establishment has so far merged with five other institutions. Bank had merged IME Financial Institution, Lord Buddha Finance, Social Development Bank and Gulmi Bikash Bank in past two years. But this is the first time bank is trying to merge with a commercial bank.
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Wednesday, February 26, 2014
Tuesday, February 25, 2014
Nepal is third largest producer of ginger in the world
Nepal retains third spot of the world largest producer of ginger after India and China. Nepal produced 255,208 tons of ginger to retain that spot in 2012. According to the statistics of the Food and Agriculture Organization (FAO) of the United Nations output jumped 17.99 percent in 2012. India and China were the top producers of ginger with 703,000 tons and 462,500 tons respectively. Total 12.18 percent of share is covered by Nepal in the world, while she covers 21.39 percent of share in South Asia.
Sunday, February 23, 2014
Himalayan Bank to increase paid up capital
February 23, 2014
The seventh commercial bank of Nepal, Himalayan Bank Limited (HBL) has decided to increase its paid-up capital to Rs 4 billion within the next two year among rising competition. Its current paid-up capital stands at Rs 2.76 billion. Commercial bank of Nepal, Nepal Rastra Bank (NRB) has already issued a regulation to increase the paid of capital of bank and financial institutions of Nepal. According to NRB, Banks and Financial Insitutions have to increase their paid up capital to strength the economy and to increase the investment.
The seventh commercial bank of Nepal, Himalayan Bank Limited (HBL) has decided to increase its paid-up capital to Rs 4 billion within the next two year among rising competition. Its current paid-up capital stands at Rs 2.76 billion. Commercial bank of Nepal, Nepal Rastra Bank (NRB) has already issued a regulation to increase the paid of capital of bank and financial institutions of Nepal. According to NRB, Banks and Financial Insitutions have to increase their paid up capital to strength the economy and to increase the investment.
Saturday, February 22, 2014
Nepal became third highest remittance earner in terms of GDP
November 13, 2013
Remittance has emerged as one of the biggest factors in poverty reduction in Nepal and she became third among countries receiving the highest proportion of remittance in terms of gross domestic product (GDP). Nepal receiving remittance worth 25 percent of GDP in 2012, according to a report published by the World Bank (WB), African country Lesotho had also received remittance of 25 percent of GDP in 2012. In 2011, Nepal was fifth in the list.
Remittance has emerged as one of the biggest factors in poverty reduction in Nepal and she became third among countries receiving the highest proportion of remittance in terms of gross domestic product (GDP). Nepal receiving remittance worth 25 percent of GDP in 2012, according to a report published by the World Bank (WB), African country Lesotho had also received remittance of 25 percent of GDP in 2012. In 2011, Nepal was fifth in the list.
Nepal Rastra Bank has taken over the management of NCC Bank
February 4, 2014
Central bank of Nepal, The Nepal Rastra Bank (NRB) has taken over the management of Nepal Credit and Commerce (NCC) Bank. NRB on Tuesday (February 4th 2014) dissolved the NCC board of director as the NRB’s efforts to settle down the dispute between two promoter groups went vain and handed it over to a three- member of management led by NRB Director Laxmi Prapanna Niraula after expiry of the deadline given by NRB to resolve the internal dispute among the board members. The other management team, including NRB Deputy Director Ramesh Acharya and Assistant Director Resham Raj Regmi, has been authorized to use the rights of the board of directors. The existing management team will continue to work under NRB team. The daily operation of the bank has been severely affected by the dispute between the two factions. NRB officials said it had to intervene as two factions could not be brought into a harmony despite maximum efforts from its part. They said the two factions were registering complaints against each other at various authorities, including the NRB and Commission for Investigation of Abuse of Authority (CIAA). However, both factions had agreed to settle down their disputes through a special general meeting. The establishment faction (NB Group) wanted all the board of directors to be elected by the special general meeting, but their counterpart faction disagreed as two of three public directors Ved Man Singh Malla were associated with NB Group and two others directors, Ashok Samsher Rana and Hari Prasad Bharrarai, are associated with the Pradhan Group.
Central bank of Nepal, The Nepal Rastra Bank (NRB) has taken over the management of Nepal Credit and Commerce (NCC) Bank. NRB on Tuesday (February 4th 2014) dissolved the NCC board of director as the NRB’s efforts to settle down the dispute between two promoter groups went vain and handed it over to a three- member of management led by NRB Director Laxmi Prapanna Niraula after expiry of the deadline given by NRB to resolve the internal dispute among the board members. The other management team, including NRB Deputy Director Ramesh Acharya and Assistant Director Resham Raj Regmi, has been authorized to use the rights of the board of directors. The existing management team will continue to work under NRB team. The daily operation of the bank has been severely affected by the dispute between the two factions. NRB officials said it had to intervene as two factions could not be brought into a harmony despite maximum efforts from its part. They said the two factions were registering complaints against each other at various authorities, including the NRB and Commission for Investigation of Abuse of Authority (CIAA). However, both factions had agreed to settle down their disputes through a special general meeting. The establishment faction (NB Group) wanted all the board of directors to be elected by the special general meeting, but their counterpart faction disagreed as two of three public directors Ved Man Singh Malla were associated with NB Group and two others directors, Ashok Samsher Rana and Hari Prasad Bharrarai, are associated with the Pradhan Group.
Banks increasing spread rate instead of decreasing
February 19, 2014
Commercial Banks has increased their spread rate again to 6.85 percent in the sixth month of the current fiscal year; it was 6.73 percent last month. Central bank of Nepal, The Nepal Rastra Bank (NRB) has directed the banks to make preparations to limit the spread rate to 5 percent from the next fiscal year. Such difference between the interest rates paid by banks on deposits and charged on loans was 6.97 percent at the start of the current fiscal year. Commercial banks have surplus liquidity of over Rs 70 billion as loan mobilization did not increase in proportion to the collected deposits from the beginning of the current fiscal year. The banks reduced the interest rate on deposits owing problems in expanding loan mobilization but they do not review the interest rate for loans. The spread rate of the commercial bank is 6.85 percent as the average interest rate on deposit is now 4.68 percent, whereas the interest rate charged on loan is 11.53 percent.
Commercial Banks has increased their spread rate again to 6.85 percent in the sixth month of the current fiscal year; it was 6.73 percent last month. Central bank of Nepal, The Nepal Rastra Bank (NRB) has directed the banks to make preparations to limit the spread rate to 5 percent from the next fiscal year. Such difference between the interest rates paid by banks on deposits and charged on loans was 6.97 percent at the start of the current fiscal year. Commercial banks have surplus liquidity of over Rs 70 billion as loan mobilization did not increase in proportion to the collected deposits from the beginning of the current fiscal year. The banks reduced the interest rate on deposits owing problems in expanding loan mobilization but they do not review the interest rate for loans. The spread rate of the commercial bank is 6.85 percent as the average interest rate on deposit is now 4.68 percent, whereas the interest rate charged on loan is 11.53 percent.
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