Category Archives: Bank and Finance

Number of World Bank-funded problematic projects double in a year

The number of World Bank-funded problem projects has doubled in a year. Some 10 projects, out of 18 under operation in the current fiscal year, are either risky or potentially risky, according to the World Bank. However, there were only

US court vacates verdict to transfer central bank’s $1 million to US bank

The central bank has won a six-year old case at a US court as the court vacated its earlier verdict of debiting $1 million from central bank’s account to the Standard Chartered Bank’s New York branch. Had the central bank

Nine cooperatives merge

Nine savings and credit cooperatives and a multipurpose cooperative merged – for the first time in the history of cooperatives in Nepal – to become ‘Hamro Sagarmatha Multipurpose Cooperative’. The new entity started its formal operations from today. Former Prime

ADB launches Asia women leaders programme

Asian Development Bank (ADB) today launched Asia Women Leaders Programme (AWLP) to address a glaring absence of women from leadership roles in Asia and the Pacific. “The programme will dissect why there are so few women leaders in the region

New ADB office to provide independent PPP transaction advisory services

Asian Development Bank (ADB) today opened a new office to provide governments with independent advice on shaping public-private partnerships (PPPs), a key conduit for greater infrastructure investment in developing Asia. “Using PPP business models is one of the best ways

New ADB study underscores disaster prevention and climate action

Countries in Asia and the Pacific should ramp up preventive measures to avert disasters from floods, storms, droughts and heat waves, in addition to better measures in response to these events, according to a new paper from Independent Evaluation at

FIU goAML to be linked with banks and financial institutions

Financial Information Unit-Nepal (FIU-Nepal) is soon link banks and financial institutions with a new software, according to its international commitment. The FIU-Nepal has installed a new software ‘goAML’ developed by United Nations Office of Drugs and Crime (UNODC), according to

Non-performing loans of banks increases

Non-Performing Loans (NPL) commercial banks have increased in the last fiscal year compared to a fiscal year ago. “The average non-performing loans of commercial banks increased to 3.27 per cent to Rs 29.18 billion in the last fiscal year 2013-14,”

Cabinet approves ADB local currency bond

The government today approved Asian Development Bank’s (ADB) Nepali rupee bonds worth up to Rs 50 billion to raise funds from the domestic market to finance various development projects including eight hydropower projects. A Cabinet meeting’s decision today has made

Rastriya Banijya Bank to offload cross holding shares through auction from Sunday

Rastriya Banijya Bank is offloading cross holding shares of Nepal Investment Bank and Nepal Aawas Finance partially to small investors, if they are not fully subscribed. The fully-government owned bank has decided to offload its 6,220,066 units of Nepal Investment

IFC, GAFSP to invest $3.8m in Probiotech

Private sector lending arm of World Bank Group International Finance Corporation (IFC) and private sector window of Global Agriculture and Food Security Programme (GAFSP) are investing $3.8 million in Probiotech Industries to enhance poultry farm productivity and boost incomes in

Rising number of cooperatives poses systemic risk to financial sector

The latest Financial Stability Report published by the central bank has warned of systemic risk to the financial sector due to ballooning cooperatives in recent years. The cooperatives, unlike their basic norms, have earned bad name in Nepal due to

Kamata WB’s country manager for Nepal

Takuya Kamata has been appointed World Bank’s country manager for Nepal. Kamata, a Japanese national, joined the World Bank in 1990, said the World Bank. He has since held various positions in the infrastructure sector, country and corporate units in

Development banks capable of handling shocks: FinanStability Report

Unlike commercial banks, national-level development banks are better equipped to cushion impact of real estate market shock as they are less exposed to the sector, and also have comfortable liquidity situation, according to a report. “The stress test of 18

Commercial banks’ capacity to absorb shocks erode, real estate sector still exposed to high risk

Due to low capital base and high risk of exposure to the real sector lending has eroded the commercial banks’ capacity to absorb market shocks. A recent stress test by central bank revealed that a standard credit shock would cause

China, Nepal jointly launch international pre-paid card

Himalayan Bank in partnership with UnionPay International (UPI) – a subsidiary of China’s national bankcard association UnionPay – has today launched US dollar-denominated International UnionPay pre-paid card, which can be accepted in over 140 countries. Himalayan Bank chief executive officer

Government set to allow ADB rupee bonds

The government is preparing to approve Asian Development Bank (ADB) local currency bond. The Cabinet is going to approve the ADB’s local currency bonds worth Rs 50 billion, said finance secretary Suman Sharma. The ADB had submitted a proposal –

Central bank tries to calm stock investors

The central bank today asked the investors not to be buoyed by rumours at the stock market. The central bank’s move to clip the wings of banks and financial institutions on short-term investment on the stock market has been blamed