KATHMANDU, July 10: Lumbini Development Bank, a entity formed after the merger of Vibor Society Development Bank and Lumbini Finance and Leasing Company, formally started its operation from Sunday.
According to a statement issued on Sunday, Nepal Rastra Bank Governor Chiranjibi Nepal inaugurated the development bank amidst a program held in Kathmandu. The new entity has paid-up capital of Rs 2 billion. Similarly, it has Rs 363 million in its reserve fund, according to the statement.
The merged entity has mobilized Rs 17 billion in deposits and extended Rs 15.58 billion in loans and investments. The development bank said that it was committed to providing easier, accessible and high-quality banking services to its customers.
The statement further stated that the development bank would open branch offices in rural areas that still do not have access to finance.