LOWER MODI HYDROELECTRIC ROJECT (20MW) IN PARBAT DISTRICT

At this time when Nepal is reeling with 16 hours of power cuts every day, Nepal needs many medium and small hydropower projects that can be installed at the shortest time. If it wants to address the power deficit problem, the role of quick viable projects will be crucial. Lower Modi Khola Hydroelectric Project is one such project. The foundation stone of this project was laid on March 4, 2009. Situated in Parbat District, this project is a Run-of-River type having 20 MW installed capacity. With the source river Modi, this project will be able to generate about 124GWh of energy annually. The project requires no additional access road and only about 4.5 km transmission line to connect it to the National Grid. If it gains support from all quarters, this project can be constructed in 2.5 years time. The project has already obtained financial commitment from Nepal Investment Bank Limited. The contract for the office building has been awarded. The detail design is currently under final review for construction. Hydro Solutions Group, KL Dugar Group, Murarka Group and Debenara Group are promoting this project.

Bajaj XCD 135 DTS-Si launched in Nepali Market

The evermore innovative and digitally advanced Bajaj Motorcycle has always been able to pull off those technological renovations that other motorcycle can only think of. Nepal’s number 1 selling motorcycle brand – Bajaj compiled up all the digital technologies in its famous bike like Pulsar and Discover, now has come up with exclusive features in Bajaj XCD motorcycle that has been incorporated with 135 DTS-Si engine.

Bajaj is the world leader in Twin Spark Technology and this technology has been featured exclusively in the stylish bike – Bajaj XCD 135 DTS-Si. The 135cc DTS-Si engine is the best combination of power and mileage and is claimed to be the bike that takes up least amount of fuel.

Also, Bajaj XCD 135 DTS-Si exclusively features the introduction of Auto Choke facility. This unique in built auto choke mechanism provides optimum performance and easy bike starting in all weather conditions. This hassle-free technology is introduced first in this very bike for the first time.

Gas filled Nitrox suspension for ride comfort on all terrain – is the other exclusive feature in Bajaj XCD 135 DTS-Si. Suitable for Nepali roads, this technology provides comfort for both rider and pillion as Bajaj has excelled in Nitrox suspension technology. Parallel to this exclusive feature, Bajaj XCD 135 DTS-Si avails the feature of wider rear tyre for better road grip and sporty styling.

HH Bajaj has provided the information that all the exclusive features, along with Bajaj XCD 135 DTS-Si stylish looks and superior performance; this bike is able to address the 'demands' of motorcycle customers all over Nepal. As the technological aspects like less fuel consumption, auto choke facility and enhanced suspension are able to deal with the customers' needs; HH Bajaj believes that this bike will be able to bring in the new revolution in Nepali market.

HH Bajaj has informed that the starting price for Bajaj XCD 135 DTS-Si (Disc Brake System) is Rs. 149900 and the price for Bajaj Discover DTS-i 135cc (Drum Brake System) is Rs. 144900.

19th Branch of KIST

KATHMANDU: Kist Merchant Banking and Finance Ltd inaugurated its 19th branch office at Banepa on Sunday. The company is planning to open branch offices at Bhaktapur, Ratna Nagar, Koteshwor, Dharan, and Damauli, said it.

DCBL's ATM at Kamaladi

KATHMANDU: Development Credit Bank Ltd on Sunday started its ATM service at Kamaladi. According to a press statement, till date the bank has total paid up capital of Rs 1.1 billion and is planning to distribute 2:1 rights shares. With the permission of Nepal Rastra Bank, the 8th AGM of the bank has decided to rename the bank ‘DCBL Bank Ltd’ from March 15.

Nepal SBI Bank's 25th Branch

KATHMANDU: Nepal SBI Bank Ltd has opened its 25th branch at New Baneshower to provide quality banking services to its customers. Indian ambassador to Nepal Rakesh Sood formally inaugurated the Bank’s New Baneshwor Branch amid a select gathering on Wednesday.

Bank of Asia in Dharan

Kathmandu: Bank of Asia Nepal (BoAN) inaugurated its branch office at Dharan on Thursday. The bank till mid February registered deposit of Rs 5.23 billion and total credit flow of the bank is Rs 5.19 billion, states press statement issued. It is planning to open its branch offices at Samakhusi, Maharajgunj, Bouddha, Baghbajar, Kausaltar, Narayangarh, Pokhara, Butwal and Nepalgunj.

Bahrain Air's service to Kathmandu from March 17.

Zenith Travels Pvt Ltd — GSA for Bahrain Air in Nepal — is commencing its service to Kathmandu from March 17. Bahrain Air goes to several destinations using its modern fleet of Airbus A320 and A319 aircrafts, according to a press statement. It is commencing its Kathmandu service with three weekly flights, Tue, Fri & Sun, using Airbus A320 or A319 aircraft with 12-premium and 150 economy class seats. Flight B513/514 will leave Bahrain International Airport at 02:35 AM, reach Kathmandu at 10:05 AM local time and leave at 10:50 AM to reach Bahrain at 12:50 PM.

18th Branch of KIST

Kist Merchant Banking and Finance inaugurated its 18th branch at Charikot of Dolakha. The bank that will soon become a commercial bank is also planning to open branch offices at Bhaktapur, Banepa, Ratna Nagar, Koteshwor, Sinamangal, Dharan and Damauli.

Sunrise's 20 Branches within 17 month.

Sunrise Bank Ltd in its 17th month of operations has established 20 branch offices including those at Maharajgunj, Pharping, Bhaktapur, Narayangarh, Birgunj, Sunaul and Bardibas. According to a press release, the bank plans to open 25 branches within this fiscal year. It has collected a deposit of Rs 9.48 billion and within the second quarter of the present fiscal year, it registered an operating profit of Rs 46.7 million. The bank is going to float its own 30 per cent primary shares worth Rs 300 million next month.

Syakar, EBL join hands.

Kathmandu, March 3: Padma Jyoti, chairman of Jyoti Group and R K Ummat, CEO of Everest Bank Ltd today jointly launched the Easy Finance scheme for Honda/ Hero Honda motorcycles outside the Kathmandu valley. This is the first time Syakar Company Ltd — the authorised distributor of Honda/ Hero Honda motorcycles for Nepal and Everest Bank have joined hands for a scheme that is aimed at providing Honda/Hero Honda bikes on easy monthly installments to customers outside the Kathmandu valley. Syakar Company Ltd will provide its motorcycles under EBL’s financing scheme with an easy loan at 10 per cent interest, said the company. However, it will provide benefit of one per cent rebate, if a customer follow the conditions of scheme under which 60 per cent of the invoice value of the proposed motorbike or a maximum Rs 1,50,000 will be provided by EBL — to customers for an EMI for a maximum of two years.

Mero Nightspeak

KATHMANDU: Spice Nepal Pvt Ltd has launched its Nightspeak facility for all Mero Mobile subscribers all over the country. The new facility provides Mero mobile subscribers to be able to talk from 10:00 pm to 6:00 am at a low rate of Rs 0.70 per minute, effective from March 1, states a press statement. Mero Mobile also recently announced that Mero Mobile Ramro SIM subscribers can set up to three Ramro numbers and can call these numbers at a minimal tariff of Rs 0.99 per minute, which earlier was Rs 1.99 per minute.

Maatribhumi Bachat Yojana of Citizen

KATHMANDU: Citizens’ Bank International has launched a new scheme ‘Maatribhumi Bachat Yojana’ for people living abroad. Under this scheme, saving accounts can be opened with zero balance at 4.5 per cent interest rate and special facility in remittance service, according to a release.

Hyundai appointed Laxmi Intercontinental

KATHMANDU: Hyundai Motor Company, Korea and Hyundai Motor, India has appointed Laxmi Intercontinental Pvt Ltd as its authorised dealer. According to a press release, Laxmi Intercontinental — working as the official partner of Hyundai Motor Company — has also launched, ‘Hyundai Fresh Offer 2009’. Under the scheme, it will sell Hyundai motors of 2009 model with discount.

New Scheme of Bank of Asia Nepal

Bank of Asia Nepal (BoAN) has brought into operation its new financial service called, ‘Enterprise Financial Solutions’ for the promotion of small industries and businessmen. The bank till the end of Magh month registered a deposit of Rs 5.23 billion and credit of Rs 5.19 billion.

Remittance immune to gloom

Kathmandu: Rameshwor Khanal, secretary at the Finance Ministry, today said that the global recession had not yet affected Nepal’s remittance sector.Talking to the media this morning, he said Nepal’s remittance had increased by 65.9 per cent between Mangsir last year to this year’s Mangsir-end. “Remittance rose by 20 per cent during the last fiscal year. Looking at the indices, our remittance has not received any setback,” Secretary Khanal said adding, however, that he was apprehensive regarding the coming future. -

NIBL’s 27th branch

Nepal Investment Bank Ltd (NIBL) on Sunday opened its 27th branch in Lukla. The bank had total deposits of Rs 41,070 million till mid-January. The NPA of the bank was at 1.12 per cent while the operating profit was Rs 718 million till mid-January. The bank has issued 1,77,919 Visa debit/credit cards to its customers, said a press release

Laxmi Bank's 17th Branch

Laxmi Bank Limited has opened its 17th branch in Bhairahawa. “It marks the beginning of the bank’s branch expansion in the western part of the country,” said a bank statement. The branch will offer full range of banking services ranging from personal banking solutions such as innovative savings schemes, home loans, life insurance, credit cards, bill payment services, e-banking services, loans to small businesses and large corporate. The bank reported earnings of Rs 165 million — an increase of 36 per cent — in the first quarter of this fiscal year compared to the same period the previous year. With an asset base of over Rs 15 billion, it has the best quality loan portfolio with non-performing loans of 0.10 per cent.

Nepal Investment Bank's 26th Branch

Nepal Investment Bank Ltd (NIBL) opened its 26th branch in Palpa on Sunday. The branch will be linked through ABBS (Any branch Banking Services) to all other 25 branches. Key services provided include deposit and lending, foreign exchange, retail banking, import, export - letter of credit, guarantees and remittance. NIBL plans to have 50 branches in the country within two years. Total deposits of the bank as of Poush-end 2065 stood at Rs 4,1070 million and total loans and advances at Rs 3,2600 million. NPA is well within control at 1.12 per cent, said the bank that has issued a total number of 1,79,670 Visa debit/credit cards to its customers and earned Rs Rs 718 million operating profit by the end of Poush 2065.

Now Sunrise Bank to provide the services of Western Union

Sunrise Bank Ltd. has also started operations to provide remittance service of Western Union through one of its primary agents in Nepal – Hulas Remittance Pvt. Ltd.

According to the CEO of Sunrise Bank Ltd., Mr. Kishore Maharjan, Sunrise Bank is also now affiliated with Hulas Remittance Pvt. Ltd., one of the primary agents of Western Union in Nepal. Mr. Maharjan has notified that Western Union's customers can receive money sent by their loved ones abroad through all branches of Sunrise Bank Limited.

Director of Hulas Remittance, Mr. Hemant Golchha said –"Hulas Remittance has been the largest agent in terms of locations within three years as an agent of Western Union since January 2006. We have tremendous growth each year and had a growth of 80% in 2008 alone. We already have some famous commercial banks as our sub-agents. Now with the inclusion of Sunrise Bank as another banking sub-agent, we hope to deliver better services to our customers and increase our transactions volume even further."

About Sunrise Bank
Sunrise Bank Ltd. is the 23rd commercial bank of Nepal providing full banking facilities since its establishment in 2007 AD. Till date, Sunrise Bank has 13 branch offices across major cities of Nepal and aiming to open up 11 more branches within this fiscal year.

About Hulas Remittance
Hulas Remittance Pvt. Ltd. is one of the primary agents of Western Union, a global leader in remittance services, in Nepal since January 2006. Hulas Remittance has a distribution network of over 600 sub-agents' locations all over Nepal including some prestigious commercial banks, development banks and financial institutions. Hulas Remittance has the largest network among the agents spread in 65 districts of Nepal.

About Western Union
Western Union Services has been providing remittance services worldwide since the last 150 years. Western Union is the fast, safe, reliable and convenient way of remitting funds in more than 200 countries and territory through its over 320,000 agent locations.

Fuel prices go down again

Kathmandu Feb 03, 2009

The government has announced marginal cuts in petroleum products on Monday.
The price of petrol has been reduced by Rs 3 per litre, diesel and kerosene by Rs 2 each while the price of per cylinder cooking gas has been slashed by Rs 25. Petrol will now cost Rs 77, diesel and kerosene Rs 57 each and cooking gas will cost Rs 1125.