One more development bank is making its venture into the Nepali banking market. An investor’s group is engaged in necessary process to commence International Development Bank limited (IDBL) after it received a “letter of intent” from the Nepal Rastra Bank (NRB). The proposed bank, which consists of a team of 514 promoters under the chairmanship of former executive director of the NRB, Madhav Prasad Bhatta, is expected to see the light of the day by mid-July this year. The IDBL will boast of authorized capital to the tune of Rs 2 billion whereas its issued and paid up capital combined will stand at Rs 640 million. The new bank will be chiefly focusing itself on small and medium-sized enterprises, hydropower, agriculture and semi-urban areas. According to Bhatta, the bank aims to provide maximum returns to all of its stakeholders by adopting professional management as well as cutting edge technologies. The IDBL has already opened its office at Teku, Kathmandu by recruiting necessary human resources.
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