Garima & Subhechha Bikas Bank joint transaction to start from Ashwin 4 as Garima Bikas Bank

Nepal Rastra Bank had given final approval for the merger of Garima Bikas Bank Limited and Subhecha Bikas Bank Limited on Bhadra 27, 2073. The joint transaction of both development banks will start from Ashwin 4, 2073. The merged entity will be named as Garima Bikas Bank Limited and will start the integrated business. The merged entity will publish combined quarterly report from the upcoming quarter after their joint operation. The transaction of both banks will remain closed on Ashwin 2, 2073 for the process of system integration to start joint operation. Everything related to banking services such as ATM services, Internet Banking, Mobile banking, etc. will be closed on Ashwin 1 and Ashwin 3, 2073. After the merger, the registrar office of the bank will be in Lazimpat, Kathmandu. The paid up capital of Garima Bikas Bank stands at Rs 85.32 crore. It had earned net profit of Rs 22.37crore in the fourth quarter of the fiscal year 2072/73. The paid up capital of Subhechha Bikas Bank stands at Rs 22.73 crore. The bank had earned net profit of Rs 3.82 crore in the fourth quarter of the fiscal year 2072/73.