KATHMANDU, Sept 4: Mahalaxmi Bikas Bank Ltd formally started operation from Sunday.

The Class 'B' financial institution was formed following merger among Mahalaxmi Finance Ltd, Siddhartha Finance Ltd and Malika Bikas Bank Ltd.

Issuing a statement, the development bank said that the operation of the merged entity was inaugurated by Nepal Rastra Bank Governor Chiranjibi Nepal amid a ceremony on Sunday.

The merged has a paid-up capital of Rs 1.16 billion, deposits of Rs 11.94 billion and loans of Rs 9.54 billion, according to the statement.

It has 40 branch offices, 11 ATMs and 204,487 clients.

Meanwhile, the board meeting of the development bank held on Saturday elected Babulal Agrawal as its chairman.

The development bank has appointed Ramesh Kumar Bhattarai as its CEO for a four-year term, according to the statement.

 
• mahalaxmi bikas bank ltd
 
• starts operation
 
• class 'b' financial institution