RBB's golden jubilee observed in Capital

KATHMANDU:

President Dr Ram Baran Yadav today urged bankers, industrialists, and business people, among others to create synergy to expand economic activities that would generate more employment within the country to retain youth, who are going abroad to seek job opportunities.

“It’s alarming that 1,500 youths are leaving the country every day for employment in the Gulf and other countries,” said President Yadav.

Speaking at the Golden Jubilee function of the state-owned Rastriya Banijya Bank (RBB), President Yadav also emphasised on political stability for economic progress and social harmony.

Appreciating the ‘go green’ initiative of RBB that was announced during the celebration, which is aimed at building parks and planting trees in different places of the country, the President informed he is also taking an initiative on Chure conservation.

Likewise, Finance Minister Ram Sharan Mahat suggested RBB to enhance its competitiveness through prudent practices and appreciated rigorous efforts to improve its financial health in the last 10 years. “The bank had nearly collapsed some 10 years back due to high non-performing loans (NPLs) and its networth stood at negative Rs 23 billion,” said Mahat. “RBB has turned the corner and has become one of the finest banks of country.”

Citing the private sector lending data of banks and financial institutions in first half of this fiscal, which is double compared to corresponding period of previous fiscal, Mahat said this situation points towards conducive environment for investment. “The liberal economic policies that we’ve been adopting since 1990s are irreversible,” Mahat said. He also directed the state-owned bank to reinstate branches that were closed down during the insurgency, and issue shares to the public at the earliest.

Chief Secretary Leela Mani Paudyal and NRB Deputy Governor Maha Prasad Adhikari suggested providing efficient services to the clients by adopting new technology to minimise various risks.

RBB Chief Executive Officer Krishna Prasad Sharma said client protection and recovery of NPL are the main priorities of the bank.

RBB announced a raft of reform programmes during the event by offering various schemes to debtors to pay back loans. It has also announced agriculture loan at five per cent interest rate in a bid to deliver easy access of finance to farmers.

As part of corporate social responsibility, it has offered 0.5 per cent additional interest for senior citizens of above 70 years and a similar amount to single women. It will also provide accidental insurance of up to Rs 100,000 for single women who open accounts at RBB.

THT journo awarded

Rastriya Banijya Bank, during its golden jubilee on Saturday, awarded economic journalists for their contribution in the financial sector reporting. The Himalayan Times Business Bureau Chief Rupak D Sharma and Annapurna Post Business Bureau Chief Kuvera Chalise jointly bagged the award titled ‘Journalist with Rastriya Banijya Bank’. Both have over a decade-long experience in economic journalism. Finance Minister Ram Sharan Mahat handed over the award to them.

Source: THT