Purbanchal Grameen Bikash Bank Ltd. (PGBB) will soon be upgraded to a category 'A' financial institution. Talking to the Post, PGBB Director Shyam Dev Yogi said the new commercial bank will be called Purbanchal Bank. The bank, which was established to provide financial services to the rural sector, provides loans between Rs. 10,000 to Rs. 60,000 to villagers in the eastern region without collateral. It has been operating in Morang, Sunsari, Jhapa, Siraha, and Saptari since 1992. PGBB had a 66 percent capital investment by Nepal Rastra Bank (NRB), the central bank of the country, at the time of establishment. It was privatised around two years ago.
Yogi said PGBB had started preparations to upgrade to a commercial bank after fulfilling the criterion set by NRB. Of the required paid-up capital of Rs. 2 billion, promoters will own 68.2 percent of the shares while the remaining will be offered to the public and bank employees.
The bank has so far lent Rs. 7.287 billion to 53,000 villagers, and recovered Rs. 6.499 billion. Yogi also said the bank's total investment amounts Rs. 788.36 million. Currently this bank is allowed to invest Rs. 800 million. He also said the bank had earned a net profit of Rs. 8.294 million in first quarter of the current fiscal year.
Source:
Ekantipur
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Friday, December 12, 2008
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