Ghimire is associated with Republica, English National Daily, since November 2013. He reports and writes on banking, financial, cooperatives, labor, foreign employment and Mount Everest expedition issues. Twitter:@sagarghi email@example.com
KATHMANDU, June 21: Business leaders have urged the central bank to put a rule that requires bank and financial institutions (BFIs) to bring multi-bank borrowing above Rs 1 billion into consortium financing by mid-July on hold for the time being.
KATHMANDU, June 19: The preparation of the Securities Board of Nepal (Sebon) to license a new stock exchange company has divided investors, analysts, experts and other stakeholders over the need and rationale of another bourse.
KATHMANDU, June 8: Dr Baburam Bhattarai-led Naya Shakti Party-Nepal (NSPN) has flayed the government decision to handover Budhi Gandaki Hydro Project to China Gezhouba Group Corporation (CGGC), China’s government-owned Company.
KATHMANDU, June 6: Ravi Chandra Khanal, a branch manager of a development bank collected deposits from various cooperatives and individuals, promising high interests. He never deposited the allured funds in the bank. The bank he worked with - Kailash Development Bank - understood the heist of nearly Rs 20 million only after the former manager of its Lamachaur, Kaski branch, bade adieu to the bank, and had disappeared in the USA.
KATHMANDU, June 5: A commercial bank, which becomes the first financial institution to open its branch office in rural municipality, will now enjoy business monopoly in that local unit for three years.
The government has tabled the budget for the upcoming fiscal year 2017/18 amid positive economic outlook of the country with growth rate in the current fiscal year projected at 6.94 percent -- the highest since 1993/94. The International Monetary Fund has also made a projection of 5.5 percent of GDP growth for Nepal. Sagar Ghimire of Republica caught up with Andreas Bauer, the Senior Resident Representative of the International Monetary Fund (IMF) for India, Nepal and Bhutan, to talk about a broad range of economic issues of Nepal. Excerpts:
KATHMANDU, April 26: The Central Bureau of Statistics (CBS) has projected the national economy to grow by 6.94 percent for the current fiscal year 2016/17, up from the 6 percent target set by the government.
KATHMANDU, April 19: The number of suspicious transaction reports (STRs) by various bank and financial institutions, insurance companies and securities companies, among other entities that deals with cash transactions, more than tripled in the last fiscal year.
KATHMANDU, April 15: Bank and financial institutions (BFIs) are seeing the exodus of depositors from saving and call deposit accounts to fixed deposits following the rise in interest rates of fixed deposits.
KATHMANDU, March 31: As the banking industry rushes to meet its new paid-up capital requirement by the mid-July 2017 deadline, insurance companies too were told Friday to raise their own paid-up capitals and given about 15 months to do so.
KATHMANDU, March 23: Bankers have said that it was not possible to follow a new rule proposed by the Nepal Rastra Bank (NRB) that will prohibit them to revise interest rates on floated loans more than twice a year.
The Asian Infrastructure Investment Bank (AIIB) started its operation as a new multilateral financial institution on January 16 last year. Its president Jin Liqun is in Kathmandu to attend Nepal Investment Summit as a keynote speaker. Sagar Ghimire of Republica talked to Liqun on the sidelines of the summit. Excerpts:
KATHMANDU, Feb 23: The Indian government has sanctioned an investment of Rs 91.58 billion (Indian Rs 57.24 billion) by the Satluj Jal Vidyut Nigam Limited (SJVNL) for the development of the 900 MW Arun III Hydropower Project, giving new momentum to the project that was first mooted by Nepal some three decades ago.
KATHMANDU, Feb 22: As the banking industry grapples with the mismatch in deposit and credit growth that have causing shortage of lendable fund, the Nepal Rastra Bank has come up with some relaxations to the BFIs which will free up some funds for them to float as loans.
KATHMANDU, Feb 22: Nepal Rastra Bank (NRB) has tightened lending toward auto and vehicle purchases, allowing banks and financial institutions (BFIs) to provide loans of up to only 50 percent of the valuation of a private vehicle.