Laxmee Hair and Beauty Studio opened its second outlet at Bhatbhateni Super Store, Maharajgunj, on Friday. Film star Neeraj Baral and Nandita KC lent their presence to the opening. The studio provides 15 per cent discount for a month on all services for the event.
Laxmee Hair and Beauty Studio is a state-of-the-art unisex salon.
Thursday, January 28, 2010
PrimeLife books profit
PrimeLife Insurance Company ltd bagged net profit of Rs 56.8 million in first year of operation through selling policies equivalent to Rs 433.8 million. It has sold around 1,70,000 policies so far. Insurance in foreign employment has contributed large sum in profit. "As foreign employment is our target we can do more business in coming days," said Resta Jha, chief executive officer on Sunday. The insurance is marketing insurance providing three benefits-saving, life security and tax benefit -to customers.
Etihad airways bucks the trend
Etihad Airways, national airline of the United Arab Emirates, was voted Best Long-Haul Airline at this year's Business Travel Awards. The award recognised the growth of the airline over the past 12 months as well as its continued investment in world-class products and excellence in customer service standards.
The Abu Dhabi-based airline picked up the award at a glittering ceremony at Grosvenor House Hotel in London last night, attended by representatives from across the travel industry.
The judges, comprising senior buyers and leading business travel journalists, recognised Etihad's remarkable growth during 2009, which included the addition of eight new routes to its network as well as the launch of the airline's new first class product and Inspired Service strategy -- a concept built on Etihad's vision to be the best airline in the world.
Peter Baumgartner, Etihad Airways' chief commercial officer, said: "It has been another strong year for Etihad, and the award shows that our continued investment in product and service is the right focus for us and for our customers. " Best Long-Haul Airline award follows World's Leading Airline at World Travel Awards in November, 2009 and Skytrax' Best Business Class and Business Catering accolades in April 2009. In 2008, Etihad got a raft of awards at World Travel Awards; Middle East World Travel Awards; Business Traveller (Middle East) Awards and Pan Arab Web awards.
G'Five's three new mobiles
G'Five mobile has launched new phones with QWERTY keyboard and dual SIM slot (GSM+GSM).
These are G9000, G9000i and E71 models designed for emerging markets. In E71, users can enjoy its heavy battery backup, digital camera, Real Mp3/Mp4/FM and Bluetooth. G9000 supports Java, Email and facebook functions.
Users can enjoy its shake function along with E-buddy (MSN etc.). G9000i is equipped with features of G9000 but users can also enjoy mobile TV with this phone. The MRP of these phones starts from Rs 6000 only. Call Mobility Pvt Ltd, authorized sole distributor of G'Five mobiles, has also announced a 1-year warranty on the handsets and 6-month warranty on battery.
These are G9000, G9000i and E71 models designed for emerging markets. In E71, users can enjoy its heavy battery backup, digital camera, Real Mp3/Mp4/FM and Bluetooth. G9000 supports Java, Email and facebook functions.
Users can enjoy its shake function along with E-buddy (MSN etc.). G9000i is equipped with features of G9000 but users can also enjoy mobile TV with this phone. The MRP of these phones starts from Rs 6000 only. Call Mobility Pvt Ltd, authorized sole distributor of G'Five mobiles, has also announced a 1-year warranty on the handsets and 6-month warranty on battery.
NTY sectt buttonholes envoys
To promote Nepal Tourism Year 2011 within the diplomatic community in Nepal, NTY2011 secretariat and Nepal Tourism Board officials jointly held a programme here to keep diplomats abreast of NTY-2011, its vision, target and objectives.
Envoys Rakesh Sood from India, Andrey Leonivich Trofimov from the Russian Federation, Imtiaz Ahmed from Bangladesh, Ilankonav Kolandavelu from Malaysia, Tatsuo Mizuno from Japan, Eduardo Lechuga Jimenez of the European Commission, head of the Canadian Cooperation OfficeNepal and director of SAARC secretariat lent their presence.
In the briefing session, NTY 2011 program implementation committee coordinator Yogendra Shakya briefed them about tourist arrivals from different countries in 2009 and the target of tourist arrival that NTY-2011 has set for 2011.
January of 2011 is the grand inaugural. Shakya told them that the NTY secretariat would like to invite Ministers from South Asia and Southeast Asia for the inaugural ceremony.
Enervated RBB flexes fiscal musles
Rastriya Banijya Bank (RBB) has profit Rs 2 billion at present. But, negative NPA level has not decreased, and this indicates that despite the improvement phase negative networth Rs 14.68 billion is a challenge for the bank in days ahead.
Speaking at the 45th annual aniversary programme of RBB, Finance Minister Surendra Pandey said, "In the present context, government has been finding different ways for capital injection to minimize the negative networth of the bank."
But, he also said it was not possible to inject capital worth Rs 16 billion at once.
He added that the government injected capital in Nepal Bank Limited at first, and thereafter then only in RBB. "After the impact of capital injection in NBL, RBB is next in the row," he said.
The current deposit mobilization of RBB is worth Rs 6.67 billion, which according to the minister is not so bad.
RBB president Narayan Subedi said that there should no political interference while opening branches of the bank. RBB CEO Janardan Adhikari said the bank is hopeful that its capital plan would be accepted soon so that the bank can convert its negative networth to positive.
According to RBB's internal audit, the Maharajgunj branch stood first on the basis of performance in banking services this year. Minister Pandey handed over Rs 750,000 to the family of a former employee of RBB (Sindhuli branch) Ganesh Bahadur Shrestha, who lost his life during an attack by an unknown gang.
The bank has also provided employment opportunity to Late Shrestha's son.
Altogether 37 employees of RBB were awarded for outstanding work.
Nepal star shines at carpet fair
Nepal participated in the Domotex 2010 international carpet fair in Germany from January 16-19.
Kantipur Crafts, a member of Nepal Carpet Exporters' Association (NCEA) participated during the four-day-long fair that exhibited different varieties of carpet made from wool, silk, Allo, hemp, and Lennon threads, according to an NCEA statement. Minister for Tourism and Civil Aviation Sharat Singh Bhandari with Rohini Thapaliya, the president of Nepal-German Chambers of Commerce, former president B K Shrestha and representatives of NCEA and Surendra Dhakal, executive advisor of Trade and Export Promotion Center (TEPC), participated in the fair held at Hanover, Germany.
Kantipur Crafts, a member of Nepal Carpet Exporters' Association (NCEA) participated during the four-day-long fair that exhibited different varieties of carpet made from wool, silk, Allo, hemp, and Lennon threads, according to an NCEA statement. Minister for Tourism and Civil Aviation Sharat Singh Bhandari with Rohini Thapaliya, the president of Nepal-German Chambers of Commerce, former president B K Shrestha and representatives of NCEA and Surendra Dhakal, executive advisor of Trade and Export Promotion Center (TEPC), participated in the fair held at Hanover, Germany.
The year that was in, uh-oh ... food prices
High food prices remain a significant concern for Nepal. The most recent year-on-year food price inflation figure provided by Nepal Rastra Bank in November was over 16 per cent. The price of rice continued to be at the same or higher level even after the recent crop harvest. Prices in most Tarai markets are higher by 10 to 40 per cent compared to the same time last year.
Poor summer harvests domestically and across much of India are a significant factor keeping prices in Nepal high. However, losses in India are not as bad as initially expected and it is likely that it produced a surplus summer crop. In early January, a joint MoAC and WFP mission will confirm loss estimates in Nepal.
Poor summer harvests domestically and across much of India are a significant factor keeping prices in Nepal high. However, losses in India are not as bad as initially expected and it is likely that it produced a surplus summer crop. In early January, a joint MoAC and WFP mission will confirm loss estimates in Nepal.
According to a report of World Food Programme in collaboration with Agri-business Promotion and Marketing Development Directorate, Federa tion of Nepalese Chambers of Com merce and Industries (FNCCI) and Consumer's Interest Protection Fo rum, the price of food grain generally remained stable across Nepal this month due to increased supply from the summer harvest. In spite of the re cent harvest, price of rice continued to be at the same or even higher level.
i Price of coarse rice in most Tarai mar kets was higher by 10 to 40 per cent . compared to the same time last year.
National food price inflation re mains a significant concern. Coml pared to 12 months ago, the price of black gram is up by 37 per cent, wheat flour 19 per cent, musuro (broken lentil) 17 per cent and coarse rice 11 per cent. Cooking oils are the only commodity that did not see a signifi cant price rise in the past 12 months.
A seasonal increase in supply of fruit and vegetables significantly re duced prices across much of the country. For instance, Kalamati wholesale fruit and vegetable market experienced a decrease in the price of tomato, onion, carrot and cauliflower by around 25 per cent in the past one month.
Last December, the government lifted pulse export ban which had been in place since the end of July 2009.
Traders can export a maximum of 15,000 tonnes of pulses. Lentils were stable during the export ban.
The price of diesel and kerosene increased by three rupees per litre. Both now cost Rs 58 rupees per litre.
During the period, 90 percent of the markets surveyed across Nepal reported that the supply situation had remained stable or improved during December. This was a result of both improved road access following the reopening of monsoon damaged transportation routes (particularly in the mid and far-western hills and mountains).
Co-ops should be in NRB net: Experts
Experts and economists have urged the government to drag large cooperatives in the net of Nepal Rastra Bank (NRB). They demanded to upgrade them to finance companies so that NRB can regulate them.
Around 16,000 cooperatives are registered. But authorities do not have exact data on how many of them are operating. According to the Department of Cooperatives (DoC), there are 5,136 cooperatives in Kathmandu Valley with 2,013 in Kathmandu district alone.
Economists think cooperatives are more vulnerable than banks and finance companies as the latter fnction under strict supervision of financial authorities.
Nepali cooperatives have deposit Rs 63 billion of basically poor people. Nearly, a half a dozen cooperatives have transaction over Rs 1 billion annually.
DoC is monitoring the finances of cooperatives but it lacks the knowhow to scrutinize their financial status.
Cooperatives are reluctant to submit annual reports to district offices. As per the Division Cooperative Office (DCO) Kathmandu, half of the listed cooperatives are submitting reports on time. "We are tightening financial - regulations of the coopera tives to make them more re- sponsible," said office staffer Maheshwor Sharma Poudel.
Poudel said the growth of - cooperatives has been strong and fast but in no way can they be compared to banks, because cooperatives look not just into investor - benefits but social causes as t well and generate a strong - economic quotient towards . the country's gross domestic product (GDP).
- K B Uprety of Rastriya Sa- hakari Bank Ltd said that a cooperative looks into hunf dred per cent customer ben efit unlike banks which only . give a certain amount of interest from profits. "Cooperatives are big contributors to the economic growth of the country, and with a bit of extra supervision they will grow while helping the country and people to develop financially," he said.
Meanwhile, there has been a spurt in the number of illegal cooperatives.
"We need self-sufficient and regularized working systems. The process of mobilizing deposits by customers themselves is yet to come about, and until that happens the concept of cooperatives won't be feasible," said Rewat Bahadur Karki, former regulator of Nepal Rastra Bank.
My Shop at your service
A PREMIUM service that cleans your clothes and removes stains with technical perfection, dry-cleaning is the best way to keep your expensive and delicate clothing items in good shape. And when it's about dry-cleaning, there are two words that strikes any Nepali's mind -- My Shop.
Emphasising this fact, Neelam Harjani, owner and director of My Shop Drycleaners said, "The word My Shop has become synonymous with drycleaning now. When people think about laundry and drycleaning, My Shop is the first name that comes to their minds."
A LONG WAY "It was my father-in-law Gulab Rai Harjani who established this business in Nepal in the year 1957," said Harjani.
After the Indo-Pak war, Harjani's family shifted to Kolkata and got involved in the jewellery business. Admired for his sincerity and hard work, he also acquired some regular customers amongst royal families. However, when he saw a friend of his operating a dry cleaning shop he got inspired and came to Nepal to venture into this business. And thus My Shop factory wa opened in Dillibazaar in the year 1957.
"At that time many people here didn't know about dry-cleaning and those who did, they used to get their clothes drycleaned in India," said Harjani. "It was our brand that set the concept of drycleaning in Nepal and till today we have kept our stand in the market," she added.
METICULOUS APPROACH METICULOUS APPROACH They have five shops inside the Valley while the factory is at Thimi, Bhaktapur. Stating that people still are not clear about the true concept of drycleaning, she said that rather than just washing with water, it is the process of cleaning garments with petroleum solutions.
"In our factory, every single detail is meticulously checked and the process is worked out according to the type of stain. Group of different teams have been employed for every step of the cleaning pro cedure," added Harjani.
According to her, it's the years of providing quality ser- vice that has given My Shop such a huge recognition here.
Because of this they never felt - the necessity of marketing - their brand. "People already knew our brand. But still we did come out with print ads which helped in elevating our brand's name," said Harjani. COMPLETE SERVICE Their factory is well equipped with all the necessary machineries from the stage of beating the dirt out to the final pressing of the gar ments. "Our first ma chines were brought from Switzerland.
And now along with those, we have brought other ma chineries from Inchineries from In dia as well," said N i s h a n Shrestha, Man ager of My Shop Drycleaners.
The clean ing process begins with the beating off of the dirt and then stains are checked r in each garment.
o- "The washing depends upon the types of stain (oil or water) e and the cleaning with chemical r- treatment has to proceed acp cordingly," said Shrestha. The e. garments are inspected for lt stains at every step.
g "As an extra service to our y customers, we also stitch e and mend loose stitches and s buttons. We want to give r them completely clean and re stored garments and people have always admired our service," said Shrestha.
QUALITY WORK COUNTS They are confident that their service charges are in line with their quality service. "Even foreigners come to us for laun dry services because they know the quality service we provide," said Shrestha.
Small dry-cleaners providing not so good services at lower prices mushrooming in the city have been a major concern for them. "You should be commit ted to quality. If you want to give your newly bought suit for dry-cleaning would you care for the service charge or the quality of washing?" asked l Shrestha.
- As for their future plans, they are set to open a new showroom at New Road.
l "With the growing demand, - we had to expand our service - centres with much more t amenities and that is what we . will be doing in the coming years," said Harjani.
Banks in black
The condition of banks in Nepal is good, said speakers at a programme here on Saturday. At the event organised by Mirmire Media Club, people involved in the banking sector pooh-poohed rumours that financial institutions in the country are becoming `bankrupt'.
Nepal Rastra Bank (NRB) former governor Deependra Bahadur Chhetri said monetary policy had become a failure due to the government and that the country's economic condition was worsening as the budget was not passed on time. NRB executive director Mahaprasad Adhikari sought to allay misgivings that Nepali banks have excessive investment in the real estate sector.
Nepal Rastra Bank (NRB) former governor Deependra Bahadur Chhetri said monetary policy had become a failure due to the government and that the country's economic condition was worsening as the budget was not passed on time. NRB executive director Mahaprasad Adhikari sought to allay misgivings that Nepali banks have excessive investment in the real estate sector.
Investment campaign
SB Company Pvt Ltd, a derivative market broker, started investment awareness campaign in Kathmandu on Saturday.
Around 40 potential investors participated in the two-hour camp held to educate people about risks and benefits of commodity trading. "We are also educating people about the prospects of the market," said Damodar Joshi, commodity broker.
SB Company will organize more such campaigns.
Withdraw VAT
Nepal Flour Mills' Association (NFMA) has urged the government to withdraw value added tax (VAT) saying that VAT has made it difficult for entrepreneurs to survive. Issuing a press statement, NFMA on Saturday demanded complete withdrawal of VAT. The government is giving 25 per cent exemption in VAT from this year after reducing the 50 per cent exemption last year. The umbrella organization of flour mills also asked for subsidy to tackle the 34 per cent interest rate hike due to liquidity crunch. NFMA has also demanded that the export tax of 15 per cent on chokar (coarse dust of wheat) be scrapped.
Bear rules Nepse roost; 10.79-pt loss
The bearish trend, persisting since last September, continued this week in the capital market -- from January 17 to 21. The Nepal Stock Exchange (Nepse) index lost 10.79 points to drop to 518.11 points on the last day of the week's trading. Nepse had opened at 528.90 points last Sunday.
Most of the sectors except hydropower and insurance lost their money in the capital market. Hydropower gained 13.92 points while insurance sector upped by 5.41 points between January 17 and 21. Commercial banks, development banks and finance companies lost 14.27, 6.65, and 6.95 points, respectively.
Nepse trading floor saw transaction worth Rs 155.83 million on 4,171 tradings of 4,93,700 units of shares of 92 companies.
The transaction amount was 0.45 per cent less than last week's Rs 156.54 million. Class `A' companies covered 39.77 per cent of the total transaction with Rs 61.9 million.
Vibhor Development Bank topped in transaction with Rs 16.6 million while National Hydro Power Company topped in unit shares (1,22,000 units). The top traded companies were National Hydro Power Company (Rs 11.29 million), Standard Chartered Bank (Rs 9.97 million), Sunrise Bank (Rs 9.90 million) and Siddhartha Development Bank (Rs 8.77 million).
Shares of Mid-Western Gramin Bikas Bank (1 million units) and Public Development Bank (1.5 million units) were listed with Nepse this week. Also, rights and bonus shares of four companies were listed with Nepse. Rights shares of Universal Finance (5,89,928 units) and bonus shares (1,21,675 units) and rights of Malika Development Bank (14,42,430 units) and bonus shares (1,00,000 units) were listed.
Nabil's new branches
Nabil Bank Ltd added two new branches -- one each in Satdobato and Kuleshwor of Kathmandu -- on Friday. Bank chairman and former governor Satyendra Pyara Shrestha inaugurated both the branches. The bank has 15 branches in Kathmandu Valley and 37-point presentation across the country.
First inland e-shopping
F1Soft International Private Limited launched eSewa, the first inland e-shopping and payment service, here today.
The service -eSewa.com.np -- will provide easy access to Nepalis for paying utilities' bills, shopping for mobile recharge cards and household items.
The eSewa service is free for users and payment can be made from bank accounts through eSewa recharge cards.
Laxmi Bank Ltd is working as sole banker for the service, but F1Soft is planning to bring other banks too in the network.
"At least one more bank will enter the network in a week," said Biswas Dhakal, chief executive officer.
F1Soft International, established in 2003, is the company which launched internet banking in Nepal. eSewa has performed well in the past.
In the test period of the last two months, around 1,200 people used the service and 60,000 transactions worth Rs 5.5 million took place.
Samsung's Corby Pro
Samsung Corby Pro B5310, a hybrid slider message phone, is available now. The mobile is taken from the original Samsung Corby design concept and combined with the QWERTY keyboard and touchscreen.
The phone supports push email, SMS-chat and access to social networks like Facebook, Twitter and MySpace widgets in the TouchWiz sidebar. Samsung Corby Pro B5310 boasts of GPS, Wi-Fi, a decent 3.15 megapixel camera and has 150 MB of internal memory as well as a card slot expandable upto 16 GB. A 3.5 mm jack too finds its way in.
TECHNICAL SPECIFICATIONS ·
3G/HSDPA 900/2100 MHz · Quad Band GSM 850/900/1800/1900 MHz · GPRS/EDGE/WAP · 240 x 320 pixels, 2.8 inch QVGA Touch Screen Display · 3.15 Megapixel camera with Video Recording · 150 MB internal memory · Micro SD card slot (up to 16GB) · Wi-Fi 802.11 b/g · A-GPS · Stereo FM Radio · Bluetooth v2.1 · Changeable battery covers.
Herbtea Tulsi in market
Emi Herbal Industry Pvt Ltd has introduced a herbal tea in the market with the brand name `Herbtea'.
The tea has ingredients of Krishna Tulasi, Dalchini, Sutho (dry ginger) and Shikakai and the 100 gm pack is available for Rs 85.
The tea has ingredients of Krishna Tulasi, Dalchini, Sutho (dry ginger) and Shikakai and the 100 gm pack is available for Rs 85.
Emi Herbal is producing Herbtea with strict standards ranging from plantation to cultivation of Tulsi. Currently, it is producing 50 tonnes of Tulsi and using it different herbal medicines. Around 1,000 farmers are in the Emi Tulsi farming network.
Herbtea is good for all age groups to protect their health and increase stamina, it said.
The company is manufacturing soap, shampoo, toothpaste and medicines for diabetes patients and selling these throughout the country.
Lower revenue
The Mechi customs office has not been able to collect the targeted revenue. Against a target of Rs 756,842,000 in the first four months of the current fiscal year, the office collected Rs 746,611,000, said revenue officer Umesh Kumar Basnet. Collection was 1.35 per cent less than target, he said, adding that the collection went down due to decrease in excise duty collection.
Nabil's new branches
Nabil Bank opened three new branches at Balaju, Chabahil and Maitidevi on Thursday.
Former governor and Chairman of Nabil Satendra Pyara Shrestha inaugurated the branches. Now, the number number of Nabil's branch offices has reached 35. The bank has 13 branches in Kathmandu.
Former governor and Chairman of Nabil Satendra Pyara Shrestha inaugurated the branches. Now, the number number of Nabil's branch offices has reached 35. The bank has 13 branches in Kathmandu.
Jyoti Development Bank in Rautahat
Jyoti Development Bank Ltd has started its service in Chandranigahapur of Rautahat district. Bank chairman Prachar Man Pradhan inaugurated it on Thursday.
The bank currently has branches in Butwal, Bardibas, Simra, Kamaladi, Jorpati, Koteshwor and Ason.
The bank currently has branches in Butwal, Bardibas, Simra, Kamaladi, Jorpati, Koteshwor and Ason.
Global Bank's credit card
Global Bank Ltd has launched three kinds of visa credit cards targeting domestic (Nepal and India) and international market from Thursday. Global visa credit card can be used in visa brand merchant outlets and the owner can take loan up to 90 per cent of card credit limit.
Valley Finance's IPO
Valley Finance Ltd has signed an agreement with NIDC Capital Market Ltd and Citizen Investment Trust (CIT) to issue its shares on Thursday. It is planning to issue initial public offering (IPO) of Rs 38.4 million this fiscal year.
PM launches pashmina brand logo
Prime Minister Madhav Kumar Nepal today launched Nepali pashmina's collective brand logo. Nepali pashmina has registered with the European Union (EU), Japan and Australia under the brand name `Chyangra Pashmina' in the last three years.
Revealing the Chyangra Pashmina logo, PM Nepal assured that the government will do its best to boost the pashmina industry. "It is a competitive advantage sector of Nepal and the government will do all it can to boost its export," he said.
The government has included pashmina as potential export goods in its new industrial policy released last month.
Nepal has a long history of pashmina. Kings used to gift pashmina items to their counterparts eslewhere in South Asia. Its modern history goes back to 1995 when its export started to European and American markets. AD 2000-2001 was a golden year for pashmina when its export reached worth over Rs 7 billion.
Counterfeit products from India, China and also Nepal destroyed its market between 2000 and 2006 and pashmina export declined to Rs 1.67 billion in the fiscal year 2008-09.
Changing fashion trend is also believed the cause behind the fall of pashmina export.
Nepal Pashmina Industry Association (NPIA) is doing global marketing and branding Chyangra Pashmina to establish it again in world markets.
"NPIA believes Nepali pashmina will become a craze of fashion conscious Westerners in five or six years," said NPIA president Shankar Prasad Pandey. NPIA is registering pashmina brand in 20 more countries including North America, South Korea, Hong Kong and Japan. The government has provided grant assistant Rs 2.5 million for the purpose.
Pashmina entrepreneurs are also seeking commitment from producers to get world market again. "If we produce quality goods, we can capture the world market," Pandey said.
"But commitment from producers is a must."
PM Nepal honoured Rebecca Ordish, an international laywer in property rights, for her tireless efforts to register Chyangra Pashmina in international markets.
The new logo can be used by members of NPIA after getting quality control certificate from Nepal Standards and Measurement Bureau.
Agri loan to tackle food crisis
The government will give agricultural loans at low interest for tiding over the food shortage occurring everey year. National Planning Commission announced this at a seminar here on Wednesday.
It said small irrigation projects will be expanded and agri-loans given to target groups.
The food shortfall is 300,000 to 400,000 metric tonnes annually.
NPC member Dr Ramdev Singh ex[pressed concern over the decrease in the area of agricultural land and pointed out it was happening due to the plotting of land in the name of urbanization and housing.
No financial crisis here, says NRB
Nepal has no financial crisis, Nepal Rastra Bank (NRB) acting governor Krishna Bahadur Manandhar said today. "Financial crisis seen in market in recent months has been resolved, he said addressing the 43th anniversary function of Agriculture Development Bank Ltd (ADBL) here.
The financial market had encountered liquidity crunch due to excessive inflation in the last four months. "Now there is no more financial crisis," he said. "Some problems exist in deposit and lending and these will be solved soon." NRB has applied all tools to make the financial market efficient, he added.
Manandhar urged ADBL to focus on rural area where competition is low. "You can expand modern banking services easily in villages," he said adding that the risk in investment was also low in villages.
He also suggested exploring new markets beyond traditional practices. ADBL has 241 branches including 94 banking offices throughout the country. ADBL should not go far from agriculture sector, said Finance Secretary Rameshwor Khanal.
Agriculture is Nepal's potential area of growth. "There are lots of opportunities in this sector, ADBL should explore joining hand with farmers and agrientrepreneurs," he added.
Commercial banks have low investment in the agriculture sector -- below average 5 per cent of total investment.
ADBL has negative worth of Rs 5.45 billion and it has asked the government to give it a bailout of Rs 3.5 billion. Also, it will issue shares to the public through initial public offering (IPO) soon to enhance capital base.
ADBL is opening an IPO of Rs 960 million -- the largest in the country's history -- 30 per cent of its Rs 3.2 billion capital this year.
ADBL significantly increased its financial performance in the recent past. Its bad loan decreased to 9.71 per cent in the fiscal year 2008-09 while net profit increased to Rs 1.72 billion.
The bank has Rs 35.16 billion deposit while lending and investment is Rs 38.30 billion.
Monday, January 25, 2010
Samsung's Omnia here
Tele Trade Pvt Ltd has introduced Samsung Omnia PRO B7610 in the market with the slogan `Imagine the fastest Windows and Wi-Fi mobile in your hand' from today.
Omnia pro is latest the edition of the Omnia family.
Omnia pro is latest the edition of the Omnia family.
Samsung Omnia PRO B7610 is a Windows Mobile smartphone with a 3.5 inch 480 x 800 pixel display, a slide-out QWERTY keyboard, a 5 megapixel camera, 3G support, WiFi and GPS. Samsung have put their 800 MHz processor at the heart of the Omnia Pro B7610. Combine a large display with the QWERTY keyboard and you have an impressive ultramobile computer.
ADBL not in interest rate battle
Agriculture Development Bank Ltd (ADBL) will not involve in an interest rate battle, said bank chief executive officer Shyam Singh Pandey on the eve of ADBL's 43th anniversary. The bank will complete 42 years of service on Thursday.
The financial sector is in a battle to win deposit after the sector faced liquidity crisis in the recent past.
Banks and financial institution are offering attractive interest rates on deposit. Deposit in savings is attracting up to 9 per cent interest which is double what it was last year while interest on fixed deposit is 1.5-2.5 per cent higher.
We will not involve in the battle, at least in the agriculture sector, Pandey said adding that the agriculture sector lending will not be more than 12 per cent after the new increment. However, he did not elaborate the date of interest revision. "Agriculture is our priority sector," he said. ADBL has adopted the strategy to promote commercial agriculture diverting from supporting livelihood agriculture to small farmers.
ADBL has low lending rates compared to other commercial and development banks. "We have a social responsibility and we can't ignore it," he said, "But it will not reduce the competitiveness of the bank." The state-owned public bank is planning to issue shares to the public as soon as it gets permission from Securities Board of Nepal (Sebon).
"Preparations are ready for an initial public offering (IPO)," Pandey said.
ADBL is opening IPO of Rs 960 million -- the largest in the country's history -30 per cent of its Rs 3.2 billion capital. ADBL has 241 branches including 94 banking offices throughout the country.
ADBL significantly increased its financial performance in the recent past.
Its bad loan decreased to 9.71 per cent in the fiscal year 2008-09 while net profit increased to Rs 1.72 billion.
The bank has Rs 35.16 billion deposit while lending and investment is Rs 38.30 billion.
Saturday, January 23, 2010
Bancassurance pact
Sunrise Bank Ltd and Shikhar Insurance Company Ltd signed the Bancassurance agreement on Monday. Under the agreement, clients of Sunrise Bank and others will get facility of premium deposit and other insurance-related facilities of Shikhar Insurance from the bank.
General manager of Sunrise Bank Suman Neupane and chief executive officer of Shikhar Insurance Deep Prakash Pandey signed the agreement on behalf of their respective organisations.
General manager of Sunrise Bank Suman Neupane and chief executive officer of Shikhar Insurance Deep Prakash Pandey signed the agreement on behalf of their respective organisations.
NTB's foreign foray
Nepal Tourism Board along with six travel trade companies participated in Vakantiebeurs Holiday Fair 2010 held at Utrecht in the Netherlands. The Vakantiebeurs Holiday Fair 2010 is the largest consumer travel fair and the world's largest trade event in the Benelux region.
The main theme of the Holiday Fair 2010 was "Meet the locals" where the visitors had opportunities to meet exhibitors and get first-hand information. During the fair, NTB organised a multimedia presentation for visitors regarding overall Nepal's tourism products and Nepal Tourism Year 2011.
The main theme of the Holiday Fair 2010 was "Meet the locals" where the visitors had opportunities to meet exhibitors and get first-hand information. During the fair, NTB organised a multimedia presentation for visitors regarding overall Nepal's tourism products and Nepal Tourism Year 2011.
Nimbus introduces healthy soya cakes
Pro Bio-tech Industries Pvt Ltd, a subsidiary of Nimbus Group, has started production of de-oiled soya bean cake (DOC) in Nepal.
DOC is a major raw material of animal and poultry feed.
DOC is a major raw material of animal and poultry feed.
Nimbus is producing animal and poultry feeds under `Shakti' brand since a decade.
The company is producing 300 metric tonnes per day in a plant installed in Birgunj at a cost of Rs 300 million.
"We can also export to neighbouring areas of India," said Anand Bagaria, managing director.
Nimbus is marketing DOC which has 46 per cent protein content under the brand name SoyaMaxx. Production of soya feed can encourage farmers to cultivate soya bean. Nimbus has got positive feedback in its test launch of SoyaMaxx in the Indian Market, Bagaria said.
Tourism rebound in 2010: UNWTO
International tourist arrivals should recover strongly in 2010 after the global crisis and the swine flu pandemic produced "one of the most difficult years" for the sector, the UN World Tourism Organisation said today.
World tourism fell by an estimated 4 per cent in 2009 but should rebound by 3 to 4 per cent in 2010, it said in its annual World Tourism Barom- eter. Growth returned in the last quarter of 2009 contribut- ing to better than expected full-year results.
"The year 2009 was one of the most difficult that tourism has seen in recent times," UNWTO Secretary General Taleb Rifai told a news confer ence. He cited the global eco nomic crisis "aggravated by the uncertainty around the A(H1N1) pandemic. "Yet, we are optimistic that the recovery is underway. The trend is bottoming out."
The 2010 growth outlook was confirmed by the remarkable rise of the WNWTO Panel of Experts Confidence index. index.
"The results of recent months suggest that recovery is underway, and even somewhat earlier and at a stronger pace than initially expected," said Rifai. But he said 2010 would still be a demanding year.
"Many countries were quick in reacting to the crisis and actively implemented measures to mitigate its impact and stimulate recovery. Although we expect growth to return in 2010, a premature withdrawal of these stimulus measures and the temptation to impose extra taxes may jeopardise the pace of rebound in tourism," he said.
He noted the significant growth in domestic tourism, particularly in some large countries such as China, Brazil and Spain, as a result of the crisis.
On a regional basis, he said, "Europe and North America are lagging while Asia and the Middle East are pushing ahead."
Europe ended 2009 down 6 per cent after a very complicated first half, with destinations in central, eastern and northern Europe particularly badly hit, the report said. But Asia and the Pacific, where tourism was down 2 per cent, showed an extraordinary rebound.
While arrivals in that region declined by 7 per cent between January and June, the second half of 2009 saw 3 per cent growth reflecting regional economic results and prospects. Arrivals were down 6 per cent in the Middle East. But the region, though still far from the growth levels of previous years, had a positive second half.
It said Africa bucked the trend with 5 per cent growth.
Tourism rebound in 2010: UNWTO
International tourist arrivals should recover strongly in 2010 after the global crisis and the swine flu pandemic produced "one of the most difficult years" for the sector, the UN World Tourism Organisation said today.
World tourism fell by an estimated 4 per cent in 2009 but should rebound by 3 to 4 per cent in 2010, it said in its annual World Tourism Barom- eter. Growth returned in the last quarter of 2009 contribut- ing to better than expected full-year results.
"The year 2009 was one of the most difficult that tourism has seen in recent times," UNWTO Secretary General Taleb Rifai told a news confer ence. He cited the global eco nomic crisis "aggravated by the uncertainty around the A(H1N1) pandemic. "Yet, we are optimistic that the recovery is underway. The trend is bottoming out."
The 2010 growth outlook was confirmed by the remarkable rise of the WNWTO Panel of Experts Confidence index. index.
"The results of recent months suggest that recovery is underway, and even somewhat earlier and at a stronger pace than initially expected," said Rifai. But he said 2010 would still be a demanding year.
"Many countries were quick in reacting to the crisis and actively implemented measures to mitigate its impact and stimulate recovery. Although we expect growth to return in 2010, a premature withdrawal of these stimulus measures and the temptation to impose extra taxes may jeopardise the pace of rebound in tourism," he said.
He noted the significant growth in domestic tourism, particularly in some large countries such as China, Brazil and Spain, as a result of the crisis.
On a regional basis, he said, "Europe and North America are lagging while Asia and the Middle East are pushing ahead."
Europe ended 2009 down 6 per cent after a very complicated first half, with destinations in central, eastern and northern Europe particularly badly hit, the report said. But Asia and the Pacific, where tourism was down 2 per cent, showed an extraordinary rebound.
While arrivals in that region declined by 7 per cent between January and June, the second half of 2009 saw 3 per cent growth reflecting regional economic results and prospects. Arrivals were down 6 per cent in the Middle East. But the region, though still far from the growth levels of previous years, had a positive second half.
It said Africa bucked the trend with 5 per cent growth.
Two ends of the scales
Ganesh Enterprises (GE), the authorized distributor of Suzuki brand motorcycles, introduced 11 models of Suzuki motorbikes in the market today. The motorbikes' prices range from Rs 1,48,888 to Rs 23,27,000. GE's new introductions are DR 200SE (dual), DR 200DE (multi-purpose), GSR 600, GSX-R-600, Intruder 800, Gladius 650, GSX 650, GS 150R, Burgman 400, Hayabusa 1340 and B-king 1340. These new motorbikes are made by Suzuki manufacturing plants based in Japan, Spain and India.
The Nepali motorbike market stands at around 1,00,000 per year and the automobile sector estimated is around 1,20,000 unit sales in the current fiscal year.
The Nepali motorbike market stands at around 1,00,000 per year and the automobile sector estimated is around 1,20,000 unit sales in the current fiscal year.
Global Bank in Banasthali
Global Bank Ltd (GBL) opened its 23rd branch in Banasthali of Kathmandu metropolis on Sunday. GBL chairman Chandra Prasad Dhakal inaugurated the branch amid a function.The bank has 27 ATMs throughout the country. It is planning to increase its branches to 32 in the current fiscal year.
Laligurans'new board
The 10th annual general meeting (AGM) of Laligurans Multi-purpose Co-operative Ltd, Pulchowk, elected a new board under chairmanship of Hirakaji Maharjan on Saturday. Amar Das Shrestha, Surendra Bhandari, Rabi Samsher Thapa are vice-chairman, secretary and treasurer, respectively
Shrestha in SCCI
Former president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Pradeep Kumar Shrestha has been as nominated vice-chairman of SAARC Chambers of Commerce and Industry (SCCI). FNCCI has nominated him for 2010-11. Bangladesh is chairing the present board of SCCI and its first executive meeting was in Dhaka on Sunday.
ADBL's charity
Agriculture Development Bank Ltd (ADBL) distributes blankets and bed-sheets to 32 children residing in Children Rescue House situated at Gusingal of Lalitpur district on Sunday. Bank chief executive officer Shyam Singh Pandey handed over the goods t chairman of the House.
NLICL to expand
National Life Insurance Company Ltd (NLICL) has got permission from Beema Samiti (Insurance Board) to open 13 new branches as per clause 17 (2) of the existing insurance regulation. NLICL will open branches in Kathmandu, Sankhuwasabha, Sindhuli, Palpa, Rolpa, Dhankuta, Okhaldhunga, Dhading, Makwanpur, Jumla and Sunsari. The company currently has 34 branches across the country.
Garima Bank's IPO
Garima Bikash Bank KATHMANDU: Garima Bikash Bank Ltd (GDBL) of Syangja will to issue its ordinary shares to the public through initial public offering (IPO) soon. It has appointed Ace Development Bank Ltd as the issue manager of the IPO worth Rs 60 million. Ace Development Bank is going to issue the IPO as soon as possible.
Tuesday, January 12, 2010
IME in Anamnagar
IME Financial Institution Ltd has opened it 14th branch in Anamnagar of Kathmandu metropolis. IME chairman Hem Raj Dhakal inaugurated the branch amid a function on Wednesday. The finance company has collected Rs 3 billion deposits from 39,000 people and invested Rs 2.62 billion. IME is going to distribute 1:3 rights shares to broaden its capital base of Rs 1.2 billion in the current fiscal year
Citizens' Bank International Ltd's new ATM
Citizens' Bank International Ltd (CBIL) inaugurated it 18th ATM in Butwal on Wednesday.
The bank is introducing super savings account from January 15 offering 7 per cent interest on daily savings.
CBIL, a commercial bank, has 17 branches throughout the country.
The bank is introducing super savings account from January 15 offering 7 per cent interest on daily savings.
CBIL, a commercial bank, has 17 branches throughout the country.
HBL's scheme
To provide customized deposit products and services to remittance customers, Himalayan Bank Ltd has launched a news deposit scheme -- "Himal Remit Saving Accounts." According to a press statement, the scheme is targeted at remittance customers offering minimum balance of zero rupees, interest rate 5 per cent per annum, accidental death insurance of coverage for maximum value of Rs 0.5 million.
The annual inward remittance received by HBL is approximately Rs 29.70 billion.
The annual inward remittance received by HBL is approximately Rs 29.70 billion.
Sunday, January 10, 2010
Budget deficit just got double, says NRB report
The budget deficit in the first four months of this fiscal year has doubled compared to the same period last fiscal year, according to Nepal Rastra Bank (NRB).
"In the first four months of 2009-10, the deficit stood at Rs 3.40 billion compared to Rs 1.26 billion in the corresponding period the previous year," said the current macroeconomic situation, published by NRB today.
The deficit is attributed to total government spending that increased by 36.5 per cent to Rs 50.61 billion compared to an increase of only 7.3 per cent in the same period last fiscal. "The high growth of recurrent as well as capital expenditure accounted for such an increase in the government expenditure," it added.
Administrative expenses and development expenses both went up in comparison to the same period. "Recurrent expenditure increased by 50.6 per cent to Rs 35.85 billion against a decrease of 2.5 per cent in the same period last fiscal year, whereas capital expenditure increased by 46.5 per cent to Rs 4.07 billion in contrast to a decline of 17.5 per cent in the corresponding period last fiscal year," said the central bank's report.
However, principal repayment expenditure declined by 52.6 per cent to Rs 2.64 billion against an increase of 26.7 per cent in the same period last fiscal year. The government was successful in revenue mobilisation as it grew by 41.6 per cent to Rs.46.70 billion compared to an increase of 35.4 per cent in the corresponding period of the previous fiscal. Firm commitment to controlling revenue leakage and tax administration reforms contributed to such an increase in the revenue mobilization, said the central bank.
But the external sector exhibited a dismal picture in the first four months as exports plummeted by 23.7 per cent in contrast to an upsurge of 38.1 per cent in the same period in the last fiscal year.
According to the central banks' report, exports to India fell considerably arising from the decline in the exports of readymade garments, zinc sheet, shoes and sandals, thread and marble slab, among others.
Exports to other countries decreased because of the decline in the export of pulses, woollen carpets, readymade garments, tanned hides and herbs.
Total imports rose by 27.8 per cent compared to a growth of 41.1 per cent in the corresponding period of the previous fiscal year.
Similarly, the overall Balance of Payment (BoP) recorded a deficit of Rs 20.49 billion in contrast to a surplus of Rs 11.86 billion in the same period of the previous year The current account also registered a deficit of Rs 13.94 billion in the first four months as against a surplus of Rs 8.38 billion in the same period last fiscal year.
The report has highlighted a number of factors like expansion in trade deficit by 48.9 per cent, under transfers, decline of grants by 10.2 per cent, and decline of remittances inflow - that has gone up by just 6.6 per cent compared with its significant growth of 65.9 per cent in the same period last fiscal year.
Recently, NRB governor Bijaya Nath Bhattarai said NRB is worried over the BoP and current account deficit.
Gross forex reserves stood at Rs 248.89 bilion in mid November 2009 -- a drop by 11.1 per cent compared to mid-July 2009. In US dollar terms, gross forex reserves fell 6.2 per cent to $3.36bn last November.
New washing machines from IFB
Sagtani Exim (P) Ltd has introduced four new models of the IFB brand washing machine in the market. Now, the company is marketing 12 models of washing machines.
The newly-introduced washing machine models are Eva DX 5 kg, Elena DX 5.5 kg, Digital 5.5 kg and Digital SX 6 Kg. al SX 6 Kg.
The mod els are loaded with un matched f e a t u re s like ex p r e s s wash, ful ly auto m a t i c function ing, tumble-wash technology, aqua energy, eco wash and special saree programme with LCD display, said Niruja Joshi, head of operations.
IFB is the only brand to introduce front loading washing machine at top loading prices.
Seeing the scarcity of fresh water in the country, IFB Front loaders are the best solution with an unbeatable combination of European styling and German engineering
Cooperatives rob poor of over Rs 250m
Cooperatives' rackets in Kathmandu metropolis devoured over Rs 250 million -- mostly the savings of poor people -in the last decade. Division Cooperatives Office (DCO) Kathmandu has filed cases of fraud against 52 cooperatives in the district court till date.
Over 2,000 cooperatives are registered in Kathmandu district and 70 per cent of them are within the metropolis.
Managing cooperatives is a big challenge for DCO due to poor infrastructure and scant human resources. "We are doing our best to reduce the risk to people's savings," said Krishna Prasad Sharma, a section officer. According to Sharma, a new enforcement policy and f strengthened monitoring t mechanism have reduced fraud cases since 2003. But not all the cooperatives are following the directive of submission of monthly and annual reports. "Only 50 per cent of the cooperatives are submitting annual report regularly," an of icer at DCO said. He added hat the monthly report submission rate is less than 10 per cent.
DCO has recorded one fraud case against New Global Cooperative in the last seven years.
The year 2002 was a glorious one for fraudulent cooperatives, with 39 out of the 52 guilty cooperatives looting millions of rupees. The biggest looters are Future Cooperative in Thamel (Rs 20 million), Center Cooperative in Asan (Rs 82,98,872), Bhawani Multipurpose Cooperative in Thamel (Rs 10 million) and Siddharth Savings and Credit Cooperative in Chabahil (Rs 46,61,206).
Promoters of these cooperatives are absconding.
Some 15,000 Nepali cooperatives have a total deposit of around Rs 69 billion and the deposits are in risk due to lack of strong mechanism to monitor their finance. "Yes, it is a crying need," said Sharma.
However, he stressed on building separate mechanisms for big and small cooperatives. "A dozen cooperatives need strong financial monitoring mechanism," he explained.
In terms of transaction, Civil Savings and Credit, Oriental, Kantipur and Milan Multipurpose are the biggest in town.
Their deposits are over a billion rupees each.
Last December, Nepal Rastra Bank (NRB) showed interest in monitoring the big cooperatives but it still seems a tall order.
NYT 2011 sectt sets `patriotism stage'
Nepal Tourism Year secretariat urged people to display their commitment to being Nepalis by hoisting the national flag at home and workplace from February 19 as part of the NTY 2011 launch programme.
A four-day briefing on the official launch of NTY 2011 concluded today with commitment of people from different walks of life. The main objective of the briefing programme was to educate the nation about NTY 2011 and get assurance from each sector of society, with the slogan, "Commitment from one, commitment from all."
During the programme, political leaders, private sector and tourism entrepreneurs, representatives of the film Industry and sportspersons participated and vowed to make NTY 2011 a grand success.
The briefing programme was organised from January 3 at Nepal Tourism Board by the NTY 2011 secretariat.
Speaking during the programme, Ravi Raj Karnikar of the Nepal Olympic Committee informed about the Asian Cross Country Championship that is going to be held in the country. According to Karnikar, sports can also promote Nepal as a tourist destination. Therefore, there should be more effort to boost sports programmes held in Nepal.
Meanwhile, Nepali dohori singer Badri Pangeni opined that with the use of the most beautiful places and new destinations in Nepal, songs are being created that is helping to bring a number of rural places and villages into light. "Nepal's film industry is doing a lot to promote tourist destinations," said fil director Tulsi Ghimire.
Ghimre said that through the medium of Nepali films positive messages regarding different tourist destinations in Nepal are being flashed. He added, however, that there is a need for further marketing. Ghimire added that targeting NTY 2011 the film industry is planning to organise a Nepali film festival that year.
Kathmandu Development Bank's cash dividend
Kathmandu Development Bank Ltd has decided to distribute 3 per cent cash dividend to for the fiscal year 2008/09. According to the press statement issued, the bank during the fiscal year 2008/09 has posted total operating profit of Rs 68.82 lakh after tax and bonus. The share of the bank is on the way to get listed from Nepal Stock Exchange and soon the share of the bank will be in the security market, states the bank release.
Mero's bonanza
Spice Nepal, the service provider of Mero Mobile, has introduced a New Year bonanza. Now, Mero users can get talk time of Rs 350 on the purchase of a Mero Mobile SIM priced at Rs 350.
Subscribers can get the SIM from customer care centres as well as different outlets of Spice Nepal. Spice Nepal marketing director Anastasia said the company is committed to delivering unmatched consistency, quality and clarity. According to customer surveys and technical assessments, Mero Mobile possesses the best quality network in Nepal.
Subscribers can get the SIM from customer care centres as well as different outlets of Spice Nepal. Spice Nepal marketing director Anastasia said the company is committed to delivering unmatched consistency, quality and clarity. According to customer surveys and technical assessments, Mero Mobile possesses the best quality network in Nepal.
NCCCI for balance in Sino-Nepal trade
Officials of the Nepal China Chamber of Commerce and Industry (NCCCI) after their recent visit to China have proposed removing the imbalances in bilateral trade between Nepal and China.
Currently, Nepal suffers a major deficit as far as bilateral trade is concerned. As per figures provided by NCCCI, the deficit in export is Rs 144.4 million, and in import the deficit amounts to Rs 27.3 million while the trade deficit stands at more than Rs 22.48 billion.
"For balance in trade, there has to be zero tariff on Nepalese goods, and we have been lobbying for this not only with the Nepal government but the Chinese government as well. Yet, nothing has been done so far," said NCCCI chairman Rajesh Kaji Shrestha.
According to Shrestha, there are nine major areas that can extensively support Chinese investment, with banking, tourism, mineral and cement, information and technology, education, hydropower, agriculture, Ayurveda, and the medicine industry being the key areas of Chinese investment.
Nepal is wedged between China and India, which are the first and second most populated countries in the world and have attained economic growth at an accelerated rate as well as maintaining strong trade ties with each other, "If we manage to be the transit route to these two countries, the rate of economic and trade growth for Nepal can be strong," added Shrestha. The idea of being the transit route between China and India has been in the pipeline for the last eight years but no progress has been made on this front.
Data provided by NCCCI also show that the year 2011 can be used to target many Chinese tourists. The rise in tourist arrival was maximum from India, followed by Americans, Europeans and Chinese.
MoLTM running JITCO process at a snail's pace
The Japan International Training Cooperation Organization (JITCO) process managed by the Ministry of Labour and Transport Management (MoLTM) is moving at a snail's pace. Nepal has not got even a single call from Japan in a month even after launching the JITCO directives.
Earlier, officials of MoLTM had claimed that sending industrial trainees (ITs) would start from the launching of directives. "Japan is open for IT aspirants from today," MoLTM secretary Babu Ram Acharya had said on December 7, 2009.
Outsourcing agencies selected for JITCO have not got any demand till date. "We are exploring the market and it takes at least two months to get calls," said Nepal Association of Foreign Employment Agencies (NAFEA) president Tilak Rana Bhat. "It takes time to explore new market," he said.
"But we are trying our best."
MoLTM had selected 172 outsourcing agencies, including Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in the middle of last year.
The ministry is distributing certificates of selection these days. The delay by MoLTM is hampering the JITCO process, marring the dreams of hundreds of youth.
The much-vaunted JITCO process will not be easy to carry out. It has strict provisions and scrutinizing processes from where the source agencies, outsourcing agencies and ITs have to pass, said Department of Foreign Employment (DoFE) director Umashankar Joshi. "It is a Herculean task," he said adding sending 500 ITs in a year will be a big achievement for Nepal.
Under JITCO process, ITs must produce guarantee of return after completing the training or internship period. "Family members or close-relative of ITs must give the assurance of their return," said Joshi.
The outsourcing agency too will have responsibility of calling back the ITs. Unemployed youths cannot get benefit from the JITCO process.
People working in industrial or service sectors can apply as ITs but their firm must be three years old on December 31, 2009. Workwise, they should have minimum experience of two years before applying. JITCO trainees earn Rs 35,000 whereas interns can earn up to Rs 1,00,000 per month.
Moreover, JITCO trainees should have knowledge of Japanese language and culture.
ITs must take a 180-hour language course and pass it.
JITCO and MoLTM have appointed Bishwa Bhasha Campus to arrange the language exam.
Timex watches in town
Timex wrist watches are now available at Him Electronics Pvt Ltd outlets here. Him Electronics is part of the Golcha organization.
Timex, a US brand founded in 1854, designs, manufactures and markets innovative timepieces and jewellery.
Timex Group is one of the largest watchmakers, globally.
"It will soon be a fashion symbol in Nepal," said managing director Shekhar Golcha.
Timex watches are available at outlets of Him Electronics in United World Trade Center , NLIC City Center and Kathmandu Mall.
Timex Group India Ltd vicepresident V D Vadhwa said Timex would be a hit. The watch is available in all series and cost from Rs 1,800 to 30,000 with a two-year warranty, said Golchha .
Capacity building
The Confederation of Nepalese Industries Young Entrepreneurs' Forum (CNIYEF) organized a workshop on `Building High Engagement Organizations' on Monday to build organizational capacity for enhancing employee engagement in the industrial sector. Professor Biju Varkkey from the Indian Institute of Management (IIM), expoubded the mantras of promotion of entrepreneurship to over 25 managers who participated in the programme.
Bank of Asia's dividend
Second annual general meeting (AGM) of Bank of Asia (BoA) Nepal Ltd held on Tuesday has decided to distribute 5 per cent cash dividend from the profit of the fiscal year 2008-09 and 2:1 rights share to its investors. Likewise, BoA elected Him Bahadur Rawal and Binod KUmar Pyakurel, representing Sri Kamdhenu Investment Pvt Ltd to its BoD from among general investors.
Sunrise Bank in Sundarbazar Lamjung
Sunrise Bank Ltd extended its service to Sundarbazaar of Lamjung district from Monday.
Deputy general manager of the bank Bal Ram Bista and outgoing president of Federation of Nepalese Chambers of Commerce's Lamjung district chapter Ram Babu Shrestha jointly inaugurated the 26th branch. Sunrise Bank has Rs 13.28 billion collection and lending of Rs 12.25 billion. It has invested Rs 2.1 billion in different sectors.
Deputy general manager of the bank Bal Ram Bista and outgoing president of Federation of Nepalese Chambers of Commerce's Lamjung district chapter Ram Babu Shrestha jointly inaugurated the 26th branch. Sunrise Bank has Rs 13.28 billion collection and lending of Rs 12.25 billion. It has invested Rs 2.1 billion in different sectors.
Citizen's new scheme
Citizen Bank International Ltd is introducing super savings account offering 7 per cent interest, from January 15. Nepalis can open this account with a minimum balance of Rs 2,00,000, said chief administrative officer Ganesh Raj Pokhrel. The accountholder will get benefits of free ATM card, 25 per cent discount on locker, 50 per cent discount on traveller cheques and 25 per cent discount on demand draft.
CNI takes FNCCI cue
The Confederation of Nepalese Industries (CNI) has decided to adopt a `no work, no pay' provision during strikes and blockades caused by workers. Issuing a press statement, CNI said on Monday entrepreneurs will not pay for the day when workers are absent from work.
"It will apply to all illegal demandsbound strikes and politically motivated strikes and bandhs," it said.
"It will apply to all illegal demandsbound strikes and politically motivated strikes and bandhs," it said.
NDEX's live trade
Nepal Derivative Exchange Ltd (NDEX) started live trade of four commodities -gold, silver, crude oil and copper -- from Monday. NDEX is an electronic commodity and derivative market which provides online state-of-the-art platform for traders to buy and sell commodities and derivatives efficiently and at a justified price. NDEX aims to facilitate trading in commodities, metals, energies and currencies. Around 20 commodity brokers are associated with the exchange, said broker Damodar Joshi of SB Company Pvt Ltd, Anamnagar.
NRB in interest rate hike mood, claims NBA vice-president
Nepal Rastra Bank (NRB) is mulling hiking the bank interest rate, said Nepal Bankers' Association (NBA) vice-president Rajan Singh Bhandari. Commenting on Nepal Rastra Bank's recent move to limit investment in real estate and housing, he said, "It is not scientific."
Commercial banks are already adopting strong norms in investment, so there is little chance of impact of the NRB directive, he said. "But it will definitely hike the interest rate," he claimed. According to Bhandari, interest on deposit will go up to nearly 13 per cent at the end of the fiscal year 2009-10.
Currently, commercial banks are offering 7 per cent interest on fixed deposit and above 3 per cent interest on savings account. Development banks and finance companies are offering 10 per cent interest on fixed deposit. "If the trend continues, lending rate will go up to 21 per cent," said Bhandari, who is also the chief executive officer of Citizens' Bank International Ltd.
"Commercial banks invest only after risk and benefit analysis, so there is no high risk at all," he said adding limitation on investment is good for a healthy business environment. He accused NRB of creating liquidity crunch saying NRB is not providing sufficient money as per the demand of banks.
Citizens' Bank has 31 per cent lending in real estate and home loans. Real estate alone is 25 per cent, he added addressing journalists at a press meet organized here today. He also Citizens' deposit and lending ratio was below 80 per cent.
Nepal urges India for open LPG mkt
In a move aimed at easing LPG supply, the government has urged India to adopt an open market system for LPG sold to Nepal. The Ministry of Commerce and Supply (MoCS) has taken the step to involve the private sector in the LPG business.
"MoCS sent the proposal two weeks ago," said ministry secretary Purushottam Ojha. "There is no response from India till date."
Indian government-entity Indian Oil Corporation (IOC) has been supplying LPG in the Nepali market under quota system.
The existing petroleum products agreement between Nepal and India does not allow the private sector to take up the business. The agreement clearly mentions IOC will be the sole exporter of petroleum products -- petrol, diesel, kerosene and LPG -- to Nepal. "We want changes in the agreement for the LPG sector to fulfill the growing demand," he said.
Monopoly in supply and distribution by IOC and subsequently Nepal Oil Corporation (NOC) has been hampering smooth supply of petroleum products here. Inadequate supply and frequent strikes, road blockades and disputes among line-agencies involved in the supply and distribution have been causing petroleum shortage from time to time.
NOC used to buy petroleum products from the international market and take refined oil from IOC before 2000. Now, NOC is buying refined oil directly from IOC. The government adopted a free import strategy for LPG in 2007. MoCS is planning to involve the private sector to minimise the loss. The private sector has been lukewarm to the idea because the government has fixed the price of LPG in Nepal.
NOC says it is bearing a loss of Rs 300 per LPG gas cylinder (14.4 kg) as per the rate of January 1.
NTY 2011 sectt outlines plan
The Nepal Tourism Year (NTY) 2011 secretariat today unveiled its programmes during a briefing on the official launch of NTY 2011 that is scheduled for February 26 at Tundikhel. Under the programme, a peace torch will be taken from Lumbini to Kathmandu and the NTY 2011 secretariat head will pass the torch to a high-profile personality while parades from six different places in the valley will be held.
Representatives of the private sector and tourism entrepreneurs appreciated the planning for the official launch. However, they also opined that the launch programme was rather Kathmandu-centric. The participants also suggested some changes for the consideration of the secretariat.
Speaking during the programme, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) vice-president Suray Vaidya called for commitment from all the political parties to develop a peaceful environment. The NTY 2011 logo should be a must in official documents like letterheads and stationery for the brand promotion, said tourism entrepreneurs and members of the private sector. FNCCI president Kush Kumar Joshi said, "FNCCI will do its best and utmost for the brand promotion of NTY 2011 at all levels." Suman Shrestha of Gokarna Resort too insisted on carrying the NTY 2011 logos on official documents and letterheads for better brand promotion.
During the briefing, Ministry of Tourism and Civil Aviation joint secretary Laxman Bhattarai said, "There is full commitment from the government's side to make NTY 2011 a grand success. Similarly, there should also be commitments from leaders of all political parties for at least two years." Bhattarai also urged for keeping the tourism year in the top priority list and adequate budget for infrastructure development of the tourism industry. Talking about the accommodation problem for the targeted one million tourists, Nepal Tourism Board chief executive officer Prachanda Man Shrestha said that facilities have to be arranged according to the demand.
Shrestha said, "Whenever a demand is created, investors are seen to be more focused regarding the increased demand and it is fulfilled with their investments. Hence, the present issue regarding accommodation problem will also be solved along with the demand." He added that during the Visit Nepal Year 10 years ago, there was demand for accommodation for five lakh tourists but the programme was a success. The only problem is growing uncertainty of the political scenario, he added.
PFL reaches Siraha
Prabhu Finance Ltd (PFL) opened its 20th branch in Mirchaiya of Siraha district. Federation of Nepalese Chambers of Commerce and Industry (FNCCI) district chapter president Ganesh Prasad Shah inaugurated the branch amid a function on Sunday. The finance company aims to provide modern financial services in the district.
Thursday, January 7, 2010
NTB can pat itself on the shoulder
The year 2009 ended on positive notes both in terms of total visitor arrivals for the month of December and also for the whole year. Figures released by Immigration Office, Tribhuvan International Airport (TIA), reveal that visitor arrivals in the month of December 2009, compared to the same month last year, increased by 4.4 per cent to 31,396.
Also, the total number of visitor arrivals in aggregate (from January to December), compared to the same time period in 2008, increased by 1.1 per cent to 378,712. A total of 374,661 visitors arrived in Nepal by air in 2008.
In December 2009, there was a robust growth of 51.4 per cent in visitor arrivals from China. Arrivals from Asia (other than South Asia) recorded positive growth. Visitor arrivals from South Korea, Malaysia, Singapore, and Thailand registered a positive growth of 25.1 per cent, 7.8 per cent, 22 per cent and 26.5 per cent, respectively. However, Japan suffered a soft decline by 1 per cent . In aggregate, the Asian segment (other than South Asia) registered a positive growth of 19.4 per cent in the month of December and 10.1 per cent in the year 2009.
In the SAARC region, arrivals from Pakistan grew by 8.2 per cent but arrivals from India and Sri Lanka declined by 5 per cent and 31.5 per cent, respectively, in December 2009. In aggregate, the South Asian segment registered a negative growth of 4.3 per cent in the month of December and 2.5 per cent in the year 2009.
An overall positive growth of 10.1 per cent was observed from the European markets for the month of December 2009 and 4.5 per cent in the year 2009. Arrivals from the UK, France, Germany, Italy, the Netherlands and Austria went up by 2.2 per cent, 4.3 per cent, 1.9 per cent, 30.6 per cent, 14.2 per cent and 37.1 per cent, respectively. Furthermore, arrivals from Belgium, the Netherlands and Switzerland registered a marginal growth.
However, Spain, Denmark and Norway posted a nominal negative growth.
Tourist arrivals from Australia, Canada and the USA also registered remarkable growth of 13.8 per cent, 5 per cent and 10.9 per cent respectively. However the `Others' category witnessed a negative growth of 18.4 per cent in the month of December and 21.1 per cent in 2009.
More than 75,058 trekkers visited Annapurna region in 2009 (this is derived from the number of permits issued by Annapurna Conservation Area Project offices in Kathmandu and Pokhara). Similarly, 1769 trekkers visited Manaslu region in 2009.
According to the UNWTO Tourism Barometer published in October 2009, till August international tourism demand declined by 7 per cent compared to the same period of last year. If this general trend continued through the remainder of the year, full year results were expected to show a decline in arrivals from 4 per cent to 6 per cent. However, Nepal has enjoyed sustained positive growth in international tourist arrivals since June 2009, although the year started with negative growth of 15.8 per cent in January 2009.
Also, the total number of visitor arrivals in aggregate (from January to December), compared to the same time period in 2008, increased by 1.1 per cent to 378,712. A total of 374,661 visitors arrived in Nepal by air in 2008.
In December 2009, there was a robust growth of 51.4 per cent in visitor arrivals from China. Arrivals from Asia (other than South Asia) recorded positive growth. Visitor arrivals from South Korea, Malaysia, Singapore, and Thailand registered a positive growth of 25.1 per cent, 7.8 per cent, 22 per cent and 26.5 per cent, respectively. However, Japan suffered a soft decline by 1 per cent . In aggregate, the Asian segment (other than South Asia) registered a positive growth of 19.4 per cent in the month of December and 10.1 per cent in the year 2009.
In the SAARC region, arrivals from Pakistan grew by 8.2 per cent but arrivals from India and Sri Lanka declined by 5 per cent and 31.5 per cent, respectively, in December 2009. In aggregate, the South Asian segment registered a negative growth of 4.3 per cent in the month of December and 2.5 per cent in the year 2009.
An overall positive growth of 10.1 per cent was observed from the European markets for the month of December 2009 and 4.5 per cent in the year 2009. Arrivals from the UK, France, Germany, Italy, the Netherlands and Austria went up by 2.2 per cent, 4.3 per cent, 1.9 per cent, 30.6 per cent, 14.2 per cent and 37.1 per cent, respectively. Furthermore, arrivals from Belgium, the Netherlands and Switzerland registered a marginal growth.
However, Spain, Denmark and Norway posted a nominal negative growth.
Tourist arrivals from Australia, Canada and the USA also registered remarkable growth of 13.8 per cent, 5 per cent and 10.9 per cent respectively. However the `Others' category witnessed a negative growth of 18.4 per cent in the month of December and 21.1 per cent in 2009.
More than 75,058 trekkers visited Annapurna region in 2009 (this is derived from the number of permits issued by Annapurna Conservation Area Project offices in Kathmandu and Pokhara). Similarly, 1769 trekkers visited Manaslu region in 2009.
According to the UNWTO Tourism Barometer published in October 2009, till August international tourism demand declined by 7 per cent compared to the same period of last year. If this general trend continued through the remainder of the year, full year results were expected to show a decline in arrivals from 4 per cent to 6 per cent. However, Nepal has enjoyed sustained positive growth in international tourist arrivals since June 2009, although the year started with negative growth of 15.8 per cent in January 2009.
Agri FM radio
Ministry of Information and Communications secretary Sushil Ghimire on Thursday inspected the `Agriculture Radio 105 MHz' at Dharke Bazaar, Kebalpur VDC-1, in Dhading district. The FM radio broadcasts only programmes on agriculture-related activities in the district. Local farmers work as radio reporters. The FM is operated by Dhunibesi Community Agriculture Communications Centre. Sixty per cent of the operation cost of the FM station is borne by a local cooperative. Agriculture Radio 105 MHz airs its programmes from 5 am to 11 am and 4 pm to 10 pm everyday.
Door opens for foreign banks
The Nepali financial sector is formally open for foreign banks from today. The government has set a dateline of January 1, 2010 to open the financial sector to foreigners when joining World Trade Organization (WTO). Nepal became a member of WTO on April 23, 2004.
Nepal Rastra Bank (NRB) has set a minimum capital of US$ 30 million (equal to Rs 2.23 billion) for foreign banks to open their first branch in Nepal. NRB has further provisioned $5 million capital for each additional branch. Moreover, foreign banks are also legally bound to produce a no-objection letter issued by the regulatory authority of their home country if they want to open a branch here.
As per NRB regulations, foreign banks can only do wholesale banking in Nepal. They cannot collect deposit below Rs 100 million and cannot invest below Rs 300 million. According to NRB, foreign banks wishing to expand their service in Nepal must be at least `B' rated as per the evaluation of international rating agencies such as Standard & Poor, Moody's and Fitch.
Foreign banks are also obligated to follow the rules and regulations of NRB. They can repatriate their profits to their home country after paying taxes, fees and other liabilities as per the laws of Nepal. But they have to obtain the approval of the central bank before taking away the income.
The NRB policy also states that branches of foreign banks which are scrapped or liquidated could get their licenses scrapped in Nepal too.
Like the banking sector, Nepal has two major provisions -- reduction in import duty of vehicles and protection of intellectual rights (IPR) -- in three years. A per the plan, Nepal should follow international rates in import duty on vehicles in January 2012 and ensure IPR a year later.
Beko cooker hoods
Orbit International has introduced Beko cooker hood range from 300 to 500 m3/h in the market. They come in washable aluminum and metal cassette filter variants while some models also feature height adjustable chimney section and glass visors. Beko products are manufactured by Arcelik group, the third-largest appliance producer in Europe. Its products are sold in 107 countries worldwide and supported by an international network of 367 authorized distributors and 18,000 employees globally.
Orbit Inter national has been selling Beko home appliances in Nepal since October 30 this year.
Two new foreign airlines to begin service by March
Oman Air and Spirit of Manila will soon make their launch as the two new international airlines in Nepal from March 2010. Within six months since last June, six international airlines entered the Nepali market, taking the number of international operators to 25.
"As there is a total of 25 airlines there will not be any problem of air accessibility," said Ministry of Tourism and Civil Aviation (MoTCA) secretary Narendra Prasad Ghimire on the 11th anniversary celebrations of Civil Aviation Authority of Nepal (CAAN). Ghimire said the launch of two new international airlines -- Oman Air and Spirit of Manila -- would take place in March 2010. According to him, the current total seat capacity is 21.5 lakh which has reduced the air accessibility problem.
Despite the economic downturn all over the world, it is expected that air transport will regain momentum from 2010, said CAAn director general Keshab Raj Khanal.
Compared to first 10 months' traffic throughout 2008, this year TIA showed 8.41 per cent, 9.63 per cent and 7.62 per cent increase in aircraft, passenger and cargo movement, respectively, for the same period. On the domestic front for the same period of comparison, aircraft movement grew by 19.72 per cent and passenger traffic by 35.15 per cent.
Talking about infrastructure development, Khanal said, "It is after 14 years that runway and taxiway overlay works at TIA are to begin. An additional parking bay is also being expanded which will lessen congestion at TIA. The project for the development of car parking has been initiated."
Khanal added, "Compared to fiscal 2007-08, the fiscal 2008-09 saw an increase of 13 per cent in the total income of CAAN -- Rs 2.18 billion."
The recent negotiations with India has availed 30,000 seats to and from six metropolitan cities of India, a historic surge of 6000 air seats and from seven points in India both ways.
IME's DTH service
IME Group is planning to start direct-to-home (DTH) service in Nepal within April 2010 through the brand name Home TV.
The new service will have facility of 80 TV channels along with movies and songs on demand and games.
IME's new service will be broadcast through KU band. Currently, the service is provided by India-based operators. IME group got the permission from the Ministry of Information and Communication to operate its own DTH service .
Fishtail Air's base
Fishtail Air Pvt Ltd has decided to base itself in Pokhara from Friday to provide air services in the western region. The management of Fistail Air has taken the decision to provide rescue services in Annapurna, Dhaulagiri and Manaslu regions as well as passenger services for pilgrims going to Muktinath and Damodar Kunda. Fishtail will base one helicopter in Pokhara throughout the year
Sunrise's remit
Sunrise Bank Ltd has introduced Suryodaya Remit Savings account targeting Nepali migrant workers. The bank introduced remittance service since last year. The service has extended to 10 countries where majority of Nepalis are working. Under the new scheme, the account can be opened from the remittance collection counters of destination countries. Sunrise Bank will provide interest up to 7.25 per cent, two credit cards to the account-holder and his/her family living in Nepal. If the account is in US dollars, it will provide 2 per cent interest, said general manager Suman Neupane
NICBL in Malangawa
NIC Bank Ltd opened a new branch in Malangawa of Sarlahi district on Thursday. It will provide a full range of products and services including all modern day banking facilities like trade finance, remittance, business banking, ATM debit cards, drafts, SMS banking and traveller cheques. The bank recently announced 15 per cent bonus shares and 0.79 per cent cash dividend for the year 2008-09.
Saturday, January 2, 2010
AGM ends well of Mani Keshab Narayan Savings and Credit Cooperative
Mani Keshab Narayan Savings and Credit Cooperative Company Ltd on Saturday completed its second annual general meeting. It said in a statement, the AGM approved the report of fiscal year 2008-09 and ratified the estimated income expenditure for the fiscal year 2009-10
Hillsdale Group keen to invest in hydropower
Hillsdale Group Inc is interested in investing in the 500 megawatt Tamor Mewa Hydropower Project.
According to Sambhuman Saiju, executive director of Hillsdale Group Inc, USA, Hillsdale Group Inc is basically based on renewal energy production. Saiju said, "As Nepal is rich in hydropower, the company is willing to attract investments in small and large projects in the hydropower sector of Nepal."
To begin the survey for the production of 500 MW hydropower from Tamor, in 2008 the group had applied for approval from the then Ministry of Hydropower but the application has still not been approved. "It was July 14, 2008 when the application for the survey was forwarded to the ministry but still there is no permission granted," said Saiju during a programme. He added that the application fulfilled all the required criteria. Representatives of Hillsdale Group also called on Minister for Energy Dr Prakash Sharan Mahat, executive director of Nepal Electricity Authority and representatives of different political parties to know about the requirements for the projects.
"They have given positive response and we hope to get the approval letter for the observation and study of the 500 MW Tamor Mewa Hydropower Project," said Saiju.
Roadlink to SAARC model village at last
Road network has connected the model village of SAARC situated at the foot of Lamjung Himal-Ghalegaun for this first time.
Vehicles reached one of the top destinations for rural tourism after the construction of a 22-km-long BesisaharBhujung road.
Tourists can now directly go to the pristine village considered a repository of ethnic culture and endowed with stunning natural beauty. With the transport facility, the previous duration of seven hours from Ghalegaun to Besisahar has now reduced to three hours.
Earlier, vehicles used to reach up to Kapurgaun, 16-km from Besisahar. The road will be expanded to Bhujung by next year, said Prem Ghale, chairman of the road construction consumer committee.
Just a month ago, electricity lit up the villagers' homes, and now Ghalegaun can boast of road facility, said Lil Bahadur Gurung, a local social worker.
He said the model village will have a temporary police post and information centre soon.
LilacNepal brings lab equipment
LilacNepal Pvt Ltd, a joint venture with Lilac Group India, has brought medical laboratory equipment in the market on Saturday.
Lilac is one of the prominent medical testing equipment manufacturer in 53 countries.
Lilac has unique product ranges like Lumax (hormone, cancer, infertility testing analyzer) Genio (electrophoresis analyzer), Rida X Screen (Allergy testing analyzer) , HPLC (diabetes testing analyzer). These products are designed and customized based on local needs with high-end technology and cost effective price. A special VAST (versatile Analyte Se lection Technolo gy kit is intro duced that has the capability to test 30 parameters from one single master kit.
This is first of its kind in the history of diagnostic business. The facility will support Nepali medical personal to find out best results at cheap cost. Currently, around Rs 16-18 lakh Nepalese currency goes out of the country for lab testing facilities abroad. LilacNepal has been able to fulfil the growing need for medical lab equipment here.
LilacNepal will also train to lab-technicians to operate the equipment.
No GAN data available on RMG export
The Nepali readymade garment (RMG) industry that has a history of more than a decade has come to such a pass that Garment Association Nepal (GAN), an apex organization of the garment sector, has difficulty collecting data on export to the US GAN president Prashant Kumar Pokharel said that as Nepali RMG export has nosedived to only around $1 lakh per month, GAN has not been collectiong data as there is no authorized data regarding the export volume to India. Close to 70 per cent RMG is being exported to India, while the European countries are buying the rest 30 per cent.
In 2004 there used to be around 350 factories but now there are only four RMG factories and they too are operating with an uncertain future. "There were numbers of garment industries in operation till 2004 but with the quota phaseout and labour unrest the number has become negligible. There are only large scale industries," said Pokharel.
Adam and Eve, Heritage Fashion, Momento Apparels and Ami Apparels are the large scale garment industries in operation and even their survival not sure. "The garment industries that are operating export to Europe and India," said Pokharel adding that as the export to US is negligible there is no data available with GAN. According to Pokharel, it's not the quota phase-out so much that is hitting the sector but the unstable political scenario and labour unrest. "We are urging for duty-free access but along with it we need flexible labour policy and exportfriendly environment," added Pokharel.
Nepal has started the process for bilateral trade treaty with the US. Pokharel said that Minister for Commerce and Supplies Rajendra Mahato will visit the US coming February to finalise the draft proposed trade treaty. During the visit of United States Trade Representatives to Nepal recently, a draft proposal of USNepal trade agreement was prepared for facilitating duty-free access of Nepali RMG to the American market. Due to high production costs and dismal labour laws the garment industries are either on verge of closure or running at reduced capacity. Industrialists and workers are hard hit.
KIST backs cyclist's Everest bid
Kist Bank Ltd is planning to scale Mt Everest in 2010 through its brand ambassador Pushkar Shah, a renowned cyclist of Nepal.
The bank has launched two accounts -- Kist Peace Savings and Kist Peace Fixed Deposit-- to support the move from today.
The bank is planning to contribute to the Mt Everest expedition through its new accounts opening scheme.
As per the plan, Kist Bank will contribute 50 per cent of the opening amount to the expedition fund from Kist Peace Savings and Rs 500 per 1,00,000 deposit from Kist Peace Fixed Deposit.
The contribution will be named according to account holders, said Kist deputy general manager Bal Narsingh Gharti.
Kist Peace Savings account can be opened with Rs 100 while Rs 10,000 is the minimum mark for Kist Fixed Deposit account with 6.25 per cent and 9 per cent interest per year on the accounts, respectively. Kist Peace Savings account holders will get free debit ATM card, any-branchbanking and SMS banking. Kist is expecting good response to these new schemes. "At least 1,00,000 new accounts will be opened within the next five months," said managing director Kamal Gyawali. Kist is supporting Shah since 2007, sponsoring his world cycle tour.
"We will make the expedition a grand success through mass campaign," Gyawali added.
Cyclist Shah has plan to plant 150 flags on the top of Mt Everest where he visited during his 12 years of cycling that ended in 2009.
`I will leave Kathmandu for Everest base camp by cycle in April," he said. The cost of the expedition is Rs 10.7 million." Meanwhile, Kist bank has launched separate scheme for journalists. The Kist Journalist Peace Savings account offers 6.75 per cent interest on daily deposit.
"We are offering free debit ATM card, SMS banking, 50 per cent discount on locker and 25 per cent discount on service charge in lending," said Gharti. Meanwhile, Kist Bank also donated a computer set worth Rs 25,000 to Shiva Madan Higher Secondary School, Shaktinetta, in Arghakhanchi district.
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