Profit potential lures FIs’ clutch to Birgunj
After Mega Bank opened a branch at Adarshanagar, Birgunj on Monday, three more financial institutions are all set to open their outlets in the city. They include Sanima Development Bank, NMB Bank and Annapurna Development Bank.
According to local bankers, 10-15 financial institutions (FIs) are planning to offer their services from the town within this fiscal year. Earlier, five FIs opened their branches in the area in the first nine months of 2010-11. They are Jyoti Development Bank, Gorkha Development Bank, International Development Bank, Janta Bank and Capital Merchant Finance.
Sameer Thakur, branch manager of International Development Bank, said many FIs were attracted to the area as it was one of the main business hubs of the country. “Being one of the main entry points in the country, the area is seeing more export and import business,” he added. “Also, the large number of factories operating in the Birgunj-Pathlaiya corridor and potential for investment have attracted many FIs these days.”
“The regulations of Nepal Rastra Bank (NRB) have also contributed to increasing the number of FIs in the region’s rural areas.” The central bank has required banks to open two branches in rural areas outside the Kathmandu Valley for every one they open in the capital.
NRB chief administrator Ejindra Prasad Luitel said there was an increasing flow of FIs in the Birgunj area.
Posted on: 2011-04-19 09:16
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