FM urges BFIs to go to rural areas

Kathmandu, July 15: Minister for Finance GyanendraBahadurKarki Saturday urged the banks and financial institutions (BFIs) to go to the rural areas, invest in the productive sector, and contribute to creating job and livelihood of people.

"To support the implementation for federalism, I request the BFIs to expand their branches to the local units at the earliest," he said while speaking at a programmeorganised to commence Century Commercial Bank's joint operation after it acquired Sagarmatha Finance Limited.

He said that the presence of banks in the rural areas helped in increasing economic activities there.

Deputy Governor of the Nepal Rastra Bank Chinta Mani Siwakoti urged the banks to adhere to the norms of financial discipline.

President of the Nepal Bankers' Association Anil Keshari Shah said that the BFIs would follow the government and go to those areas where the government had reached.

"But, we need roads, security and economic activities there," he said.

He expressed commitment to work hand in hand with the government for Nepal's economic and financial development.

CCBL's chairman Rajesh Kumar Shrestha said that the bank would soon issue 40 per cent right share, and acquire Alpine Development Bank and Seti Finance Limited in order to fulfill the NRB's paid up capital criterion of Rs. 8 billion.

The bank has recently acquired Innovative Development Bank and Araniko Development Bank.