With new avenues for investment opening up, the establishment and expansion of development banks is on the rise in Nepalgunj. They are now competing with big commercial banks in the city.
The expansion of development banks in Nepalgunj started six years ago. After the establishment of Bagheshwori Development Bank five years ago, other financial institutions also began setting up shop in the city.Bagheshwori is a regional level development bank that now has three branches in Birendranagar, Lamahi and Bhaluwang. It plans to open branches in Ghorahi and Tulsipur. Established with a paid-up capital of Rs. 20 million, Bagheshwori has increased its capital to Rs. 49.8 million. According to Rajendra Poudel, chief executive officer of the bank, it has plans to increase the paid-up capital to Rs. 200 million during this fiscal year. The bank is planning to expand its branches to far west Nepal. It also aims to upgrade itself into a national level development bank, said Poudel. There are two other development banks in Nepalgunj.
Source: Kantipur
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