Though the district does not have good investment opportunity, BFIs are expanding their network here to mobilize deposits and lend through their other branches.[break]
BFIs are offering attractive schemes to attract deposits. Bank of Kathmandu (BoK), which recently opened its 40th branch in Baglung, is offering attractive schemes like pre-payment of interest on fixed deposits and cash prize of Rs 25 to customers visiting the branch for issuance of remittance.
Most of the BFIs in Baglung are after the inward remittance that runs up to tens of millions of rupees everyday. The branch of Nepal SBI Bank alone remits around Rs 3 million a day from India to the district. “Obviously, remittance income is the major source for deposit mobilization for most of the BFIs here,” said Rajesh Acharya, branch manager of Nepal SBI Bank.
Leading commercial banks like Nabil, Everest, Global, Kumari, Himalayan, Machhapuchhre and Nepal SBI Bank along with state-owned Nepal Bank Limited, Rastriya Banijya Bank and Agricultural Development Bank Nepal have opened their branch offices in Baglung.
“Most of the banks are after the remittance income that runs up to tens of millions of rupees,” said Basanta Kumar Shrestha, chairman of Baglung Chamber of Commerce and Industry. “They mobilize deposits here and invest from their other branches.”
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