Economic insecurity looms due to lack of BFIs

BAJURA, JUNE 1: 

Economic insecurity has added to woes to the people of northern part of Bajura district as the Rastriya Banijya Bank (RBB) based in Kolti which was displaced during the insurgency, was not reinstated as yet. 

Other banks and financial institutions (BFIs) also have not established their branches in the region.

The RBB branch was merged into the Martadi branch in 2057 B.S citing security threat due to armed conflict.

The locals have demanded to reinstate the branch of RBB at Kolti arguing that no initiative was taken till now though more than six years have passed after the end of the armed conflict.

Local trader Kashiram Thapa said that they were facing security threats to carry out business due to lack of banks.

Kolti is the business hub of 11 different VDCs of Humla, Mugu and Bajura districts. Each day, traders of the area do transactions of over two million rupees. Kolti is also the main commercial centre of the neighboring districts.

The traders are forced to go to either district headquarters Martadi or Surkhet and Nepalgunj via plane to deposit the money earned from their businesses.

Traders said that they have security threat at Porakhelek on the way to Martadi.

Similarly, they have to pay at least Rs 20,000 to go to Surkhet or Nepalgunj via plane to deposit the money. 

The officials at the food Depot of Nepal Food Corporation (NFC) complained that they were forced to travel by plane only to deposit the money received from selling rice.

More than that, the teachers, locals and service recipients travel over a week just to receive the banking services in the district headquarters.

Speaking at an interaction recently organised in Kolti, various persons said that the state was not paying attention to reinstate the bank in the region despite that the locals were heavily suffering and were waiting for the banking services.

Social worker Bhim Bahadur Karki said that they have shared their problems with officials and leaders of major political parties, but to no avail.