NIBL provides financial help to retired army personnel

KATHMANDU:

As part of the deprived sector lending initiative, Nepal Investment Bank Ltd (NIBL) together with Nepal Army Welfare Board (NAWB) held special programmes in Nepalgunj and Surkhet, on April 9 and 10, respectively, with an aim to upgrade the living standard and create self-employment opportunities for retired Nepal Army personnel.

During the programmes, NIBL CEO Jyoti Prakash Pandey and Nepali Army Chief Gaurav SJB Rana handed cheques to 10 entrepreneurs. On April 9, a cheque of Rs 3.3 million was handed to Nepal

Rastriya Bhutpurwa Sainik Krishi Sahakari Sansthan Ltd as part of deprived sector lending.

NIBL has started deprived sector lending in mid-western, far-western, western, and eastern regions of the country and has till date disbursed Rs 350 million in loans to 2,789 ex-army personnel. NIBL along with NAWB plans to launch this programme in the central region of the country from next week.

Deprived sector loans at 4.5 per cent interest per annum were given after due diligence and recommendation from the Nepal Army Welfare Board to the ex-army personnel as per the guidelines of Nepal Rastra Bank, under various headings like micro business/entrepreneurship, cattle and sheep farming, fisheries, etc.

As of the second quarter of this fiscal 2014-15, NIBL has a deposit base of Rs 79.92 billion and has disbursed loans and advances worth Rs 63.74 billion.

Source: THT