E-sewa to allow cash withdrawal

Kathmandu, June 21

Users of the payment service provider e-sewa can now withdraw money from their e-sewa account through ATM machines. The company has launched the new service in collaboration with Everest Bank.

There is no need to use any kind of card while withdrawing the amount in e-sewa from the ATM. Users can easily withdraw cash from ATMs through OTP on their mobile phones. Previously, to withdraw the amount in e-sewa, the users had to transfer it to the bank account.

The company said that this service has been launched for the first time among wallet companies in Nepal.

Jagadish Khadka, Chief Executive Officer of e-sewa, said in a press conference held in Lalitpur on Wednesday to inform about the service, "We have always been giving priority to cashless economy and operating the same kind of services. But sometimes the amount in e-sewa is needed in cash, so we have started this service with the aim of making it convenient for the users."

Likewise, Bijaya Kumar Sharma, Deputy CEO of Everest Bank, said that they were excited to collaborate with Nepal's first and leading wallet company like e-sewa. "e-sewa users can easily withdraw money through any ATM machine of Everest Bank located all over the country," he informed.

Currently, about 7.5 million customers are using the service of e-sewa through Android and iOS mobiles. It has more than 200,000 agents across the country. 

Published in The Rising Nepal daily on 22 June 2023.

Sunrise Capital's rating upgraded to AMC 3 Plus

 Kathmandu, June 21

Care Ratings Nepal Limited (CRNL) has revised and upgraded the Fund Management Quality Rating (FMQR) of Sunrise Capital Limited (SCL) to AMC 3⁺ from AMC 3.

AMC 3⁺ indicates adequate assurance on management quality of Asset Management Company (AMC), said the Sunrise Capital in a statement on Wednesday.

According to the company, the revision in FMQR rating assigned to SCL derives from the factors such as the sustained growth in scale of operations, overall Assets Under Management (AUM) of SCL coupled with better returns of the schemes marked by the better alpha and relatively lower beta of the schemes over FY 2022/23.

It further said that the rating also factors in SCL’s established track record of operations in merchant banking.

"The FMQR, however, continues to remain constrained by evolving nature of the Mutual Fund Industry, limited market diversification in the industry so far, and volatile trend of the Nepal Stock Exchange (NEPSE) index," read the statement. 

Published in The Rising Nepal daily on 22 June 2023.

Sipradi offers EV financing in 3 days

Kathmandu, June 21

Sipradi Trading, the official dealer of Tata Motors for Nepal, has announced a fast and simple vehicle financing facility for customers who want to buy their electric vehicle, which will be available from Sipradi and its dealers across the country.

As per the new scheme, up to 80 per cent of vehicle financing of Nexon EV and Tigor EV will be available within three days.

The said financing will be available at a minimum interest rate of 10.05 per cent by various A-class banks in the country, the company informed in a statement on Tuesday.

Tata Motors' EV vehicles will be available through the network of Everest Bank, Nabil Bank, NMB Bank, Global IME Bank, and Prabhu Bank.

Sipradi runs fast charging stations in 20 locations and service centres in 23 locations in Nepal. It said that there are plans to build more EV learning centres and training centres to further strengthen the efficiency of human resources.

Published in The Rising Nepal daily on 22 June 2023.

Preparations begin for 16th plan

Kathmandu, June 21

The National Planning Commission (NPC) has started preparations for the 16th plan to be implemented from the Fiscal Year 2024/25 to 2029/30.

For the upcoming 16^th plan, the NPC organised discussions with its former vice-chairmen, former members and economists on Wednesday.

Vice-Chairman of the NPC, Dr. Min Bahadur Shrestha informed that preparations for the 16^th  plan have started with the national aspiration of achieving good governance, prosperity, and social justice through structural transformation.

He also stated that the work of the 16^th Plan should be completed in the face of the challenges in the economy.

Dr. Yuba Raj Khatiwada, former Finance Minister who also served as the vice-chairman of the NPC, said that too ambitious targets for economic growth should not be set for the next planning period.

He said that it would be enough to set the target of 7 or 7.5 per cent economic growth in the current situation. He said that if the target of 8 per cent is to be set, then full emphasis should be placed on exports-oriented industrial growth.

Khatiwada argued that the definition of pride projects should be changed. The projects that are called national pride projects are not worth being proud of, he said.

Former Vice-Chairman, Prithvi Raj Legal also suggested being more realistic while setting the target of economic growth.

Dr. Dinesh Chandra Devkota, former VC of the planning body, said that the plan should be formulated to prevent the misuse of grant money and with high priority to the application of technology.

Likewise, former VC and former Governor of the Nepal Rastra Bank, Dipendra Bahadur Chhetri, said that the upcoming plans and programmes should be production-oriented. According to him, increasing production and export should be accorded top priority.

Formers VC, Dr. Jagdish Chandra Pokharel, and former members Dr. Janakraj Shah, and Dr. Govinda Nepal, Dean of Humanities and Social Sciences at the Tribhuvan University, Dr. Kusum Shakya, and Head of Department of Economics at TU, Dr. Shiva Raj Adhikari also offered their suggestions on the upcoming five-year plan.

Suman Dahal, Spokesperson for the NPC, informed that the discussion will continue till Friday.

Published in The Rising Nepal daily on 22 June 2023.

Insurance companies resume selling agricultural, livestock product

Kathmandu, June 20

Insurance companies have resumed the issuance of agricultural and livestock insurance after a month.

The companies had ceased selling agricultural and livestock products since May 21, citing government's failure to pay subsidies of about Rs. 3 billion insurance premium.

It has been more than one and a half years since the payment of subsidy on the premium of livestock insurance was stopped. Similarly, payment of subsidy on fishery insurance premiums has not been paid since 2020.

Nepal Insurers Association (NIA) informed in a statement on Tuesday that the companies decided to begin selling agricultural and livestock insurance from the same day, June 20.

"The Ministry of Agriculture and Livestock Development provided some partial amount to the insurers on June 15. Likewise, Minister for Agriculture and Livestock Development, Dr. Beduram Bhusal, expressed his commitment to provide the subsidy amount immediately, so we have decided to resume the service," read the statement.

The ministry has also requested the companies to continue with the agricultural and livestock insurance service. In response, the NIA decided to sell the policies till July 16 this year. "We will stop selling agricultural policies if the government fails to pay the money by that time," said the NIA.

The government had begun providing subsidies on agricultural insurance premiums since January 2013. Insurance companies have been issuing insurance policies as per the directives of the Nepal Insurance Authority, the insurance sector regulator, but getting the subsidy amount after a year of issuing the policies. Currently, government provides 80 per cent subsidies on agricultural and livestock insurance.

According to the insurers, the government's inability to pay the subsidies on insurance premium left them helpless in clearing the claims.

"Even when the insurers repeatedly tried to get the subsidy money, the subsidy was stopped on various pretexts. This was the reason behind the cease of the business," said the NIA.

But according to the Authority and Department of Agriculture, the payment of the subsidy was disturbed as the data provided by the insurance companies couldn't be verified.

However, as the Authority is developing software to record and verify the information and statistics, the process would be simplified soon.

The NIA has requested the government, Department of Agriculture, Department of Livestock Development and Nepal Insurance Authority to take the initiative to immediately provide subsidies for agricultural insurance.

Published in The Rising Nepal daily on 21 June 2023.

NBA, USAID to cooperate in increasing financial access

Kathmandu, June 20

Nepal Bankers Association (NBA) and USAID have agreed to collaborate in the activities to increase the access of entrepreneurs and businesspersons to the financial sector and solve policy issues and complications.

The two organisations signed a Memorandum of Understanding (MoU) on Tuesday for the same. It is signed by the President of NBA, Sunil KC and Chief of Party of USAID Trade and Competitiveness, Agnes Luz.

According to this agreement, the two parties will also collaborate in various fields like holding dialogue on various topics, and emphasising on entrepreneurs' capacity building and research. Mainly, it is believed that this collaboration will play a supportive role in making small and medium entrepreneurs and especially backward classes participate in financial inclusion, NBA said in a statement.

Nepal Bankers Association was established as a joint organisation of the banks and financial institutions to develop healthy competition by establishing mutual coordination between banks and financial institutions, and to maintain uniformity in policies and procedures related to banking transactions. 

Published in The Rising Nepal daily on 21 June 2023.

NRNs urged to hold unity convention as per statute

Kathmandu, June 18

Foreign Affairs Minister, N. P. Saud has requested the Non-Resident Nepali Association (NRNA) – a global organization of non-resident Nepalis – to hold a convention as per the constitution.

In a discussion with a delegation of the NRNA at his office at the Ministry of Foreign Affairs (MoFA) on Sunday, FM Saud asked the representatives of the NRNA's establishment side and the group that remained dissatisfied since the organisation's 10^th convention to hold the convention according to the statute.

He suggested to the representatives of both sides who called on him jointly to be clear about the statute of the association and plan the convention accordingly. "According to the statute, leaders are selected through a due process. Some lose, some win. So, first of all, the legislation should be clear," said FM Saud.

Stressing that the relationship between the MoFA and the NRNA should be clear and conflict-free, he said that the relationship between the two should not be controversial. If there is a need, the MOFA would take action only according to your statute, he further said.

He also reminded the representatives of NRNA that the tendency to control any organisation and organnise parallel activities at a time when someone doesn't have control over the institutional affairs are fatal.

FM Saud also suggested both sides to amicably sort the issues out. "Bring the matter of acceptance to the ministry and leave the rest of the issues to the court. If the MoFA makes any decision, don't take it for granted because if we made any decision, it would be as per the statute of the organisation," he said.

A case about NRNA's dispute is under consideration at the court.

In the meeting with Foreign Minister Saud, Executive Chairman of NRNA Dr. Badri KC had informed that both sides had agreed on unity only on Sunday.

Earlier in the morning, the two sides reached to an agreement touted as 'unity' in the presence of Prime Minister Pushpa Kamal Dahal Prachanda.

A memorandum of understanding was signed between KC and Vice Chairman RK Sharma, and Binod Kunwar from the dissatisfied group while the coordinators of the high-level negotiation committees DB Chhetri and Janaki Gurung also signed the document.

The letter of agreement mentions that the 11^th general assembly would be organised in October 2023 and it would be the convention of consensus, cooperation and unity.

For this, a high-level monitoring committee will be formed incorporating the representatives from both sides.

The committee will monitor the distribution of membership, the selection of convention delegates and the election of national and international coordination councils.

There is a provision that NRNA should get the approval of the Ministry of Foreign Affairs for the amendment of the constitution.

The NRNA's leadership was split during the 10^th general convention held last year due to issues like membership distribution, leadership election and holding the convention.

It was the dispute of the selection of the representatives for the National Coordination Council in various countries for the 10^th General Convention. A group went to the MoFA with a complaint and the ministry asked not to conduct the election but the association filed a case at the high court which gave a verdict in favour of the NRNA.

Since the events were likely to turn to unfavourable situation for both the sides, some senior leaders including the dissatisfied ones decided to form a team and move ahead. As a result, the NRNA now has a council of three presidents and they take the executive role one after another.

Former President Shesh Ghale from the dissatisfied group was absent during the previous efforts to forge consensus although Kul Acharya and Binod Kunwar are representing his fraction in the association. The latest agreement is likely to end all disputes, according to the NRNA sources. 

Published in The Rising Nepal daily on 19 June 2023.