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<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.<br />
			<br />
			Yes, people have really started becoming nostalgic. For example, they remember the days when they could go and get relieved of the nature's call in the clean open air. And there was no fear of being kidnapped. The security level was so high. Though some high level feudal and royals may come cruising towards you on their imported cars and jeeps and run you over, the days and nights in those days were still so nice.<br />
			<br />
			The current days are bad because of only one reason the population growth.<br />
			<br />
			<br />
			Nepal's population must have reached 30 million by now. To confirm it we will have to wait a couple of years as the official census is planned for the next year only. However, there is another way to check how fast the Nepali population is growing. For example, a baby, who was born while Makune was signing his resignation letter as the prime minister four or five months ago (depending upon when you are reading this page), is now older than about a million compatriots. That is how the number of Nepalis is growing. You don't have to be a biologist to realize that Nepalis could teach rabbits a lesson or two.<br />
			<br />
			The result is that, some people say if the ongoing trend continues, Nepal will soon overtake India and China in terms of population. Think what would happen if Nepal really overtook China and India. Both of these neighbours of ours are now developing so fast on the strength of both being the two largest populated countries on earth. If Nepal snatches that distinction from these giants, would not they really be angry and do something bad to Nepal? <br />
			<br />
			<br />
			Or perhaps they will show what is known the world over as the Chinese or India ingenuity. You can just imagine how competitive the Indian and Chinese will be. As soon as Nepal gets within a million of India's or China's population, the Indian and Chinese governments will start a National month of baby-production campaign.Or they will introduce schemes like anyone who produces triplets gets a</div>
	</div>
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			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bonus(1).jpg" style="margin: 0pt; padding: 0pt;" /><br />
			<br />
			free car or something like that.<br />
			<br />
			Both of these countries are teeming with the creative people for coining aggressive campaign slogans.<br />
			<br />
			And the analyses provided by some people is really smart. They say the power outage (known as loadshedding in Nepal) is to blame for the latest population boom. That is quite understandable. Had there been electricity, the Nepali couples would have watched TV and avoided the baby boom. Therefore, these people say that Nepal must produce more electricity and more TV channels to reduce the bed time, read, to cut the population growth rate. <br />
			<br />
			We all know about the progress in these two fronts. We are making a good progress in TV channels by leaps and bounds, so to say. But we are doing pretty badly in electricity. <br />
			<br />
			But wait a while. Perhaps there are still better solutions to this problem. What about the followings: <br />
			<br />
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Offer people in foreign countries a bonus of <br />
				&nbsp; Rs.10 thousand for every Nepali child they <br />
				&nbsp; adopt and increase the bonus to Rs. 100,000 if <br />
				&nbsp; they adopt an adult.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Train more Nepali to speak English and put<br />
				&nbsp; them on the next flight to Gulf, Malaysia or Korea <br />
				&nbsp; or on a train to Mumbai so that they get HIV and <br />
				&nbsp; don't return.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Find Nepalis who want to sell one of their<br />
				&nbsp;&nbsp; kidneys f or organ transplants in India. Try to<br />
				&nbsp; convince them to sell both.</div>
		</div>
	</div>
	<div style="clear: both;">
		 </div>
</div>',
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			'created' => '2010-12-29',
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			'description' => 'Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.',
			'sortorder' => '138',
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			'id' => '199',
			'article_category_id' => '46',
			'title' => 'Dr Yubaraj Khatiwada',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size: 14px;"><strong>Banks Should Serve To Remote Areas Too</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><img alt="yubaraj" border="1" height="321" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/yubarajkatiwada.jpg" vspace="5" width="292" /><br />
	</span></p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
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			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>When noted economist Dr Yubaraj Khatiwada was appointed the Governor of the Nepal Rastra Bank (NRB), he clearly faced several challenges in the form of depleting foreign exchange reserves, negative balance of payment, rising inflation, and banking and financial institutions over-exposure to risky sectors. Dr Khatiwada, who started his career with NRB in the early 1980s retired as an Executive Director to serve the National Planning Commission as its Vice- Chairman. He also worked as a consultant for the United Nations Development Programme in Sri Lanka. In a recent interview with Nubiz, he shares his views on the current state of Nepal's economy, the controversial issues in the latest Monetary Policy and the measures he plans to adopt to regulate the banking and financial sector. Excerpts:</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<strong>We only want the salaries of the CEOs managed as the component of the wider financial governance. The global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>Monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Some say Nepal's economy is on the verge of collapse and Nepal is heading towards becoming a failed economy, while others say it's an exaggeration. What's your view?</strong><br />
			<br />
			I think both are extreme viewpoints. Actually, the Nepali economy is not doing well compared to our neighbouring countries. That doesn't necessarily mean we are going to collapse. We have downward risk such as being overtly dependent on agriculture and remittance. Both of them have either climatic socks or say international market socks. So, we are vulnerable. <br />
			<br />
			The fact is :Nepali economy will run at a very low equilibrium, with low growth, low employment, and low forex reserves. If you have a good economic environment across the political spectrum, we could have high growth and accordingly high employment and high income scenario. People are expecting better results. Perhaps out of frustration, that's why they like to comment on the negative extremes.<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			<p>
				<strong>Why have people's expectations grown so unrealistically ?</strong></p>
			<p>
				<br />
				China is growing at 9-10 per cent and amidst global recession. India is growing at 8 per cent and Bihar is registering a double digit growth. We raise the people's expectations saying that the new Nepal will have a double digit growth. And then we end up with less than a fraction of that when our per capita income happens to be the lowest in South Asia. If we compare ourselves with Bhutan, it's per capita income is in excess of US $ 2000 and there is pressure building up to upgrade Bhutan from its current LDC status. People are bound to compare and voice their frustration. But we must also look at our own history; we have been growing at 5 per cent on an average for the last 25-30 years and now we are growing at the rate of 4 per cent. The frustration is coming mostly from looking at the progress made by other countries in the region. I would say that we could do much better if we had political stability.</p>
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	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Why haven't our macroeconomic indicators improved even after the peace deal? </strong><br />
			<br />
			Well, macroeconomic indicators o inflation, growth, trade and balance of payment etc.help to create an enabling environment for investment. We could not do well in the balance of payment from last year and we had huge deficit during the first six months. We managed to recover in the year end somewhat. We have a double digit inflation making people speculate towards the real assets rather than focussing on the financial side. So, it has created some distortions in the economy but that is not the story behind weak economic performance. Actually, the structural weaknesses like resumption of power outage of the economy are important to address. You cannot grow power intensive manufacturing or power intensive services when you have heavy power shortage. You cannot have labour intensive industry simply because the trade union is stronger and perhaps the political parties themselves don't have control over their own trade unions. You can see the anarchy in the labour market. Everybody is avoiding two types of industries or services--labour and power intensive ones. You are back to being dependent on agriculture which again we are left at the mercy of rain. Only if we could sort out these issues, then we can be hopeful over the state of the economy.</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>A few months ago, the central bank tried to restrict the banking sector's investment in the real estate and housing. Is the progress as expected of it? </strong><br />
			<br />
			Well, we have not stopped it. We have only set a limits where the investment in the real estate in the true sense of the world, should not exceed 10 per cent of a bank's lending portfolio. If some banks have invested say five percent, they still have room but if a bank has already lent 25per cent in this sector alone, it has to bring down the figure. So, industry wise there is still some space. And now if banks collect more deposits they can create more room for the real estate financing too. Also, we have separated housing from the real estate business. Housing for medium class families or low income group families is a necessity because people need to have shelters. So, we are still encouraging housing. Regarding the result, the speculative moves in the land deals have almost stopped. Coming to the financial repercussion, people have apprehension that the borrowers might not be able to repay the loan. If the banks have some more deposits collected, they can still roll over your credit. So that way we are not even asking everybody to collapse.<br />
			 </div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Why do you think there has been a sort of organised protest against NRB's recent guidelines aimed at limiting the salaries of Bank CEOs? Don't you think it's for a bank to decide the salary for its top executive?</strong><br />
			<br />
			On our part, we only want the salaries of the CEOs managed as the component of the wider financial governance. We have seen that the global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives. There is no point in the CEOs earning huge incentives by undertaking risky ventures to maximise profits and then leave the industry and move to a different occupation. This has often led to the banks landing in financial troubles. So the system would be at risk if extravagant salaries and incentives are linked to profits which lead to risk taking behaviour. <br />
			<br />
			When somebody is having socially unacceptable benefits at the cost of a wide range of stakeholders such as the depositors, the share holders, and the borrowers, it could create a tension in society and we sense it already. Highly paid executives must be compensated adequately for their productivity but that also needs to be at a socially acceptable range. It is also an issue that is being taken up globally. I do not see any reason for Nepal to be an exception in this matter. We are looking at managing salaries in a transparent way which will be socially acceptable. Besides, it will be sustainable for the institution too.<br />
			<br />
			&nbsp;I guess my friends in the banking sector have understood it differently, and were hence provoked. We have basically focused on setting norms that would guide the salaries and perks of the CEOs, not on limiting it in numeric terms. We are definitely not looking at fixing salaries; it's for the banks themselves to determine salaries for their CEOs. The recent guidelines which have existing laws embedded in them are only the parameters to follow.<br />
			<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>There does not seem to be much success in the operationalising of the monetary policy for this fi scal year. How would you evaluate it?</strong><br />
			<br />
			It is premature to judge the output of the monetary policy. On the macro outputs, things are improving, the rate of inflation is decelerating. It has come down to single digit on basis of new calculations. On the built up of reserves, we expect to have Rs 9 billion additional reserves in one year. In the first three months, no additional built up has taken place. As this is the festival season, we Nepalis spend more. The November data will show how we can recover towards that direction. There are a couple of other areas where we needed the compliment of fiscal budget such as for mergers and acquisitions where fiscal incentives are also necessary. This indeed has been addressed by the national budget. Similarly, we need this for some of the developing financing areas where the central bank and the finance ministry have to work together like in hydro-power financing, tourism financing etc.<br />
			<br />
			One issue that has also drawn flak is on the conditions set to open bank branches in the Kathmandu valley. Critics opine this was brought into effect too late, after existing banks have had enough braches in the valley. The new banks are allowed to have their corporate office and one more branch in the valley. But if they want to have more branches, we want them to serve the remote and the semi-remote areas too. If a new bank opens at least one such branch, it can always come back to open a third one in the valley. <br />
			<br />
			And to facilitate their business transactions, we have allowed them to have multiple branches in the border areas. So the new banks are in a position to open at least ten branches which is a good number. In this context, even the banks have to find new areas of savings mobilisation. I think it should work for the banks to explore virgin areas for the operationalisation of savings and credit. The problem begins when some banks are opening branches without properly accessing the commercial viability of the branches and accessing the capital base.<br />
			<br />
			&nbsp;In that case, it becomes the responsibility of the central bank to intervene. That's why we have stepped in this process to see that the banks branching policies are in the right place. It's certainly not to create bureaucracy. It is simply to ensure that a majority of the population in this country have access to finance.</div>
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</div>
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		<div>
			<strong>The central bank has announced to withdraw all notes bearing the image of former monarch from the market by the end of 2067 BS. What are the costs and benefi ts of this move? What are the bank's plans to introduce more durable notes?</strong><br />
			<br />
			The withdrawal of the notes in circulation with the former king's image needs to be honoured. We have been delaying because there is a cost involved to it. We want such notes to be naturally phased out in a manner such that the notes that come back to the bank will not be re-circulated. In terms of volume, most notes have already come back to the central bank. We have in circulation notes worth about Rs160 billion outside the central bank out of which only about Rs 4 billion notes are with the former king's image. On the issuance and printing of more durable notes, it has two dimensions. <br />
			<br />
			The short life of the existing notes is because of our culture and habits. We certainly lack the consciousness and responsibility to handle notes. We must understand that this is a national property and spoiling or damaging notes costs money. Any savings from printing notes adds to the government's coffer in the form of dividend. This ultimately goes to the people in different areas like education, health, transportation etc. Habits like culturally colouring, writing and worshiping with water over notes have to change over time. The second point is the quality of the note itself. That would imply shifting away from paper notes to polymer notes. Polymer notes, if properly printed and designed, last longer than paper notes. That is the policy shift we have to make. The polymer notes we had earlier with Rs 10 denomination didn't yield a good result. Although most countries are now already entering the polymer notes scheme, we are still in the process of finalising it. We are looking at better quality polymer notes in circulation and also at raising the people's awareness on handling them properly.<br />
			<br />
			<br />
			<br />
			<br />
			<br />
			<br />
			<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>On the one hand, NRB seems convinced that the existing number of banks in Nepal is too high, while on the other you continue to issue new licences. Isn't it a contradiction?</strong><br />
			<br />
			<br />
			Actually, when we gave letters of intent to at least half a dozen banks, we decided that we have to have a moratorium on establishing new banks. When we say no more banks, we don't say that there are already six banks which have been almost approved. My colleagues in the central bank had taken this decision before my appointment as the Governor. They had indeed said ''no to more banks after having approved at least half a dozen of them. That's what has confused people. Since my appointment, I haven't approved a single new commercial bank. The banks that have opened are a result of the decisions made in the past. There are two more banks coming up very soon which are again decisions from the past. Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas. The other dimension is that some banks have asked for upgradation from class C or B to class A. They have been issued letters of intent before or have been given some kind of assurance from us. Now, with our policy of no more commercial banks we need to make decisions on those who have already been given green signal to be graduated. Whatever the internal challenges may be, the main issue is that we have enough commercial banks - 30 of them on the last count. In terms of number, 30 commercial banks are enough but in terms of financial access, services and the capacity of the banks to go into the rural market, we are lagging behind. The total capital of the commercial banks is perhaps between Rs. 50 to 60 billion.<br />
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			If you are developing a 200 MW power project, you can access the cost but even the entire capital may not be enough. In that sense, this is still a small shallow financial market. So now the challenge is to seek ways to expand the services of the existing banks as well as to enhance the quality of the banks. The reallocation of the resources from less productive to more productive areas and to see that the poor are having some access to capital needs a look-in too.<br />
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			<strong>Banks are reportedly going to face a liquidity crunch again? </strong><br />
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			What are NRB's plans to avert this situation? First, the central bank must guide or warn them about such a scenario. Before Dashain when banks had a lot of cash, apparently they were trying to bring the interest rates down. Publicly, I said that it's too hard to decrease it, perhaps you have to wait and see, and perhaps you should look for new avenues of investment. So that was my concern and that is still valid. I would request the banks to continue with the interest rate that is necessary. The second point is we have seasonal withdrawals. Before Dashain, people want to have new currency notes so they withdraw more money from the banks. They also change old notes with new ones. Usually, the new notes are with the people till Tihar. Once the festivities end, these notes are back in circulation in the market. Thirdly, you must take into account the harvesting season. The new notes can come to the market only when there are certain activities in the agricultural sector. You should have new production which has to be transacted that demands money. Once the notes circulation gains momentum, it enhances liquidity and that brings money back to the banks. That cycle will start when the paddy comes to the market. The other factor is remittance. If there is a high flow of remittance, the money comes to the banks and then gets converted into Nepali currency. Either spending or saving the money is eventually bringing it to the bank. Increased remittance is a trend that starts with the start of the festive season. This money is spent largely during the festivals. The official exchange rate between Indian and Nepali currencies is still fixed at NRs 160 for IRs 100. However, in the market, an IRs 100 note is already being exchanged for NRs 165. Do you think that calls for a devaluation of the Nepali currency vis-a-vis the Indian one? I would not recommend that as we have enough Indian currency with us. The artificial trading of Indian rupee is for some other reason. Why do you think there are people who need Indian rupee in cash and even ready to pay a higher margin? NRB has been giving unlimited amount of Indian currency through the banking channels. So the story is not about the exchange rate, it has to do with governance and its controlling measures. And also about stopping the legal imports to Nepal because the issue is somewhere else than the import exchange market. Why does one need to pay NRs 165 for IRs 100 when the banks can issue cheques, drafts, LCs, and even the ATMs can be used for the purpose? It is about people who indulge in business practices outside the purview of the formal legal system. The solution to this lies with the broader surveillance issue, trade management, customs management etc.</div>
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			<strong>Is that the reason for NRB to cut down the volume of Indian Currency given to the money changers? </strong><br />
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			Yes. We realise that this could put the country at a great risk. Speculation is rife that in the border areas, there might be a lot of illegal activities provoking factors which might pose a threat to the peace process. And still the central bank is liberally distributing cash currency which may not be a wise decision after all. These are times when we are concerned about terrorist financing. While looking at anti-money laundering measures, we want to talk about financial disclosures and encouraging cash transactions in the border areas.<br />
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			<strong>The new monetary policy has provisioned mandatory lending to the deprived sections of the population by fi nancial institutions. But it they are trying to form subsidiary institution of their own which is agian likely to be centred in the urban areas. The actual target population, to a large extent, still lacks access to funds. How do you plan to address this issue?</strong><br />
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			We have been able to address this issue partly. What we have said that you can have some institutional arrangement to retail credit in the urban sector but that cannot be more than 1/3rd of your total volume. The major component must go to the real borrowers through some or the other mechanism. The money going to the deprived sector through any institution cannot be re-deposited in the bank at an interest payment that we have stopped. We have also strengthened our supervision to see that the money marked for the deprived sector should be spent on a daily basis. If the financial institutions fail to do so, we would not count the spending under the deprived sector. We are definitely trying to strengthen the process. We have also asked the banks to have a plan to increase their resources allocation towards the agricultural sector. It should, in part address the issues of the weaker section of society. It's a myth that poor people are not bankable. I think there is more credibility attached to them because they don't have the capacity to become defaulters.<br />
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			<strong>What is your response to the criticism that the new monetary policy could lead towards a more restrictive regime akin to a control of socialist nature?</strong><br />
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			Critics may say what they like to but nobody is disagreeing on the evaluator economic system or the system of social justice. However, the monetary policy is not designed to address these issues but to direct credit. People must first understand monetary policy vis-a-vis the credit policy. Monetary policy is totally designed towards the macroeconomic strategy, low inflation, better reserves, enabling growth with adequate provision of credit etc. On the other hand, the credit policy could be selective and qualitative in a country like ours whereby access to finance and formal credit for some productive sectors cannot be denied. These sectors include agriculture, tourism, water, and hydroelectricity etc. If this makes us restrictive and socialistic, I would simply accept that. But monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets. What a credit policy does is something that every country does. Look at the overall picture in South Asia. Directed sector credit programmes, productive sector credit programmes in some of the South Asian countries is higher than in Nepal. We cannot challenge Bangladesh, India, Maldives, or Sri Lanka on that account. Their credit policies are stronger than ours. So I would like to ask my good friends to look at these examples in the region.</div>
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			'description' => 'When noted economist Dr Yubaraj Khatiwada was appointed the Governor of the Nepal Rastra Bank (NRB), he clearly faced several challenges in the form of depleting foreign exchange reserves, negative balance of payment, rising inflation, and banking and financial institutions over-exposure to risky sectors.',
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				<strong>You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group. A long established name in Nepal's ready made garment (RMG) industry, Saakha accredits all his success to the three virtues he learnt from his father and grandfather. These three virtues, shares Saakha, have helped him prevail for over two decades in an industry where many have perished.</strong></div>
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				<strong>Abnormal profit always hides a trap. If anyone tries to attract you with huge abnormal profit, you have to be extra careful.</strong></div>
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			Born to Ganesh Bhakta Saakha and Late Janak Laxmi as the first child, Kiran was raised like any ordinary Kathmandu Valley child. He went to Nepal Adarsha Vidhyalaya, a normal government school where every other kid from the neighbuorhood went. Though he came from a well-off business family, he was never allowed to feel any more privileged than a kid from an average-income family. As a child, Saakha recollects, his biggest dream was to have a bicycle. I thought I would be the king if I had a bicycle, he goes down the memory lane.<br />
			<br />
			Unable to get one, he used to play marbles in the chowks and streets of old Kathmandu. Because of the time and environment back then, he didn't have big dreams as a child. And hobbies? I couldn't afford to have any, he puts it candidly. So he never thought of becoming a doctor or engineer or a pilot. But somewhere at the back of his mind he pictured himself as a businessman. <br />
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			After finishing school, he did his bachelors from Trichandra Campus and masters from the Central Campus, Tribhuvan University. Saakha thouroughly enjoyed his college days. He learned to play new sports such as table tennis, tennis and squash. He also learned swimming and started going to health clubs, a habit which has kept him fit and fine until now. <br />
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			Soon after leaving college, he found himself working in the factory his family owned. He was completely engaged in the company that manufactured adhesives and also carried out trade activities with China. But life had other plans for him. Young Saakha was gradually attracted to the RMG industry, a promising enterprise in the 1980s. The slow and steady player of the Nepali apparel business believes all the name and fame he has today is because of the RMG. He says he may not have made a fortune but is doing quite well in Nepal's RMG industry, perhaps the most hardhit sector in recent times. <br />
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			And the interesting thing is it was a betrayal, not an inspiration as many would think, that propelled him into the apparel business. Perhaps I wouldn't have been what I am today if it wasn't for a betrayal, says Saakha who got into the RMG business just to show to his betrayer. <br />
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			It was the early 80s and RMG was fast evolving into a lucrative business. Orders from neighbouring India were pouring in. Foreigners would come to Nepal, find a Nepali citizen and set up a factory as citizenship was mandatory to register a company. They would take care of everything else: investment, machines, technology, labour, orders, and shipments. He was lured into RMG by a friend and his relatives showing these possibilities. They promised him a joint venture. When the plan was ready for execution and he was expecting the business to start, they ditched him. The betrayal hurt Saakha very badly. And the best way he could answer them, he thought, was to start an apparel business on his own. <br />
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			This is how the foundations of what is today known as Prasuna Fashion were laid. Saakha started small, setting up his factory with just 50 sewing machines. He was a novice in the apparel industry, without much knowledge and experience. So at the beginning, he hardly got any orders as he had no major contacts abroad. <br />
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			Shipping was a major problem back then. The failure to complete the orders on time meant the products had to be sent by air instead of on a ship. This in turn meant not only giving away almost all the profit but also incurring a huge loss. Soon there was a tough competition with the mushrooming of many units. The companies grew greedier and greedier, trying to get as many orders as possible by overstating their production capacity. But most of them couldn't deliver the orders on time, leading to either the cancellation of the orders or the selling of the products for peanuts. This greed and overtrading, he believes, is the reason why many garment firms collapsed. But Saakha's strategy was different. <br />
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			<strong>PERSONAL SIDE</strong>
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							<strong>Loves music, watches MTV a lot </strong></li>
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							<strong>Loves long drives </strong></li>
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							<strong>Is scared of flights in small planes </strong></li>
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							<strong>Is religious but not superstitious </strong></li>
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							<strong>Loves to cook </strong></li>
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							<strong>Avoids nancial transactions with friends </strong></li>
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							<strong>Scared of atheist people</strong></li>
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						In the first place, he never tried to bite more than he could chew. He was also committed and honest, never exaggerating his production capacity to grab more business than he could handle. He discloses his success formula: At a time when most companies were overtrading, as a rule I always accepted orders slightly less than I could actually produce. Thus I was always able to make the deliveries on time by a ship, and never had to resort to delivery by air. And my clients were always happy This is a formula he has always adhered and it has always worked for him. </p>
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			Having spent more than two decades in the RMG business, Saakha certainly knows most of the tricks of the trade. Saakha has a very sound advice</div>
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			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Kiran-P-Saakha--2.jpg" style="margin: 0pt; padding: 0pt;" /><br />
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			for those who are tempted to go for a quick, abnormal profit. An abnormal profit always hides a trap. If anyone tries to lure you with a huge abnormal profit, you have to be extra careful, says Saakha.<br />
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			Being on the safe side and avoiding risks is his philosophy, both in personal and professional lives. Clearly a safe player, he is never enticed by gains that involve risks. In all his undertakings, he moves ahead only after analyzing the worst case scenario. <br />
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			He has already held respectful positions in the Garment Association of Nepal as the treasurer, joint secretary, vice president and finally the president.<br />
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			No matter how busy he is, he always finds time to be with his family. If you don't give importance to your family, then you're finished. Having a rolling business and all the riches is of no use if you don't share a good bond with your family. The proud father of a son and a daughter, he is blessed with a very understanding wife, Kusum Saakha, an LLM from the Harvard Law School. The couple have been happily married for 32 years now. We are very much compatible with each other. Our marriage was an arranged one but I already knew her as we both were in the same college,recalls Saakha. Kusum is involved with several NGOs and also teaches in colleges. <br />
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			Saakha considers his bad temper a major drawback of his personality. As he can rarely control it, he doesn't go for inspection rounds in his factory. I know in advance that the carelessness of the workers will trigger my bad temper. He is occupied mostly by desk work and maintaining public relations. I don't get on well with many peple. I can handle everyone but cannot have a close relationship with everyone, so I have very few close friends. I only make friends with those who are on my wavelength, he reveals. Whenever he is free, he likes to spend his time with close friends and family at his own residence. Many would envy the fit body of Saakha, a man in his late fifties. He goes to the health club at Hotel Radisson every day and works out for about an hour. Paying for the health clubs is much cheaper than going to the doctors and paying for the medications. It is because of my regular workout that I have never been bed-ridden for the last 20 years, says Saakha proudly. <br />
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			He is not that brand conscious. As a student of economics, he looks for the value for money and utility in whatever he buys. I go for brands provided that I get them at a reasonable price, says Saakha. However, he accept that he always wears readymade suits from Menz. I have been wearing them for the last 20 years, says Saakha. He doesn't believe in showing off the brands. He just needs to feel comfortable in whatever he wears. But when it comes to watches and glasses, he always chooses the best brands. I am very fascinated by watches of different brands. I think of them as a status symbol. He loves Omega, Rolex and other top brands. <br />
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			Saakha, who currently drives a Toyota, doesn't allow anyone to drive his car, not even his family. The busy businessman doesn't go for holidays much. My holidays and business trips are tied up together, he says. Whenever it's possible, he goes with his family to Pokhara and Sauraha for holidays. He doesn't like to spend much on foreign tours but prefers going to Goa as it combines economy with utility. He prefers Vietnam, Cambodia, Bangkok and other Asian destinations to Europe and the USA as the Asian destinations are far more economic and equally entertaining. I like to keep a balance of what's coming in and what's going out in every aspect of life. <br />
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			The MD of the Saakha Group doesn't have any immediate plans for new investments. The time is not right for expansions. I think it is better to take care of and hold on to what you already have, he says. At present, his company is providing employment to around 400 people. From his long experience, he suggests that aspiring entrepreneurs should not overtrade. Although it can help you make quick money, if it backfires, then you're done. Believe in honesty and commitment as you cannot sustain without them, he concludes with a quote from his late grandfather.<br />
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			'description' => 'You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group.',
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					<img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sabhu.jpg" style="margin: 0px 5px 0px 0pt; padding: 0pt; float: left;" width="112" /><img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/subash.jpg" style="margin: 0pt 0pt 0px 5px; padding: 0pt; float: right;" width="112" /><strong>Sambhu Guragain </strong>has joined New Business Age Pvt. Ltd. as General Manager (Sales &amp; Marketing). Guragain brings 14 years of experience of working in Himal Media Pvt. Ltd. Similarly, <strong>Subas Das</strong> who worked with Himal Media for 12 years has joined New Business Age as Marketing Manager.</div>
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					NIC Bank became the fi rst among private banks to open a branch office in Malangawa of Sarlahi. The bank is intending to invest in the avenues of micro and small industries along with commercial banking, said the bank.</div>
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					Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj. The branch will provide services like remittance, inter-branch banking, depositing and ATM. The head offi ce of the company is at Battisputali of Kathmandu.</div>
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			'description' => 'Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj.',
			'sortorder' => '133',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '184',
			'article_category_id' => '44',
			'title' => 'National Banking Training Institute (NBTI)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					National Banking Training Institute (NBTI) has organised training on Risk Management. The training was conducted with the cooperation of State Bank of India (SBI). Forty one senior offi cers from 19 commercial banks participated in the training.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'National Banking Training Institute (NBTI) has organised training on Risk Management.',
			'sortorder' => '132',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '183',
			'article_category_id' => '44',
			'title' => 'International Development Bank Has Opened Its 12th Branch',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay. The bank is planning to open seven new branches within the current fi scal year and aims towards opening 50 branches within the next fi ve years.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay.',
			'sortorder' => '131',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '182',
			'article_category_id' => '44',
			'title' => 'Silver Palace',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products. CEO Basudev Bhetwal says the outlet will help in the conservation of traditional Nepali silver craft by giving priority to the handmade products.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products.',
			'sortorder' => '130',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '181',
			'article_category_id' => '44',
			'title' => 'NDP Development Bank And Shangri-la Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation. The former bank has its head offi ce at Kamaladi, Kathmandu whereas the latter has its head office at New Road, Pokhara. Services of both the banks can be received from any branches of these banks.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2010-12-31',
			'keywords' => '',
			'description' => 'NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation.',
			'sortorder' => '129',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '180',
			'article_category_id' => '44',
			'title' => 'Nepal’s First Bank',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre. It is the bank’s 110th branch. On the occasion, the bank organised a talk programme entitled ‘opportunities and challenges of Nepal Bank on the changed context’. Similarly, it also organised different programmes for the children of the bank‘s employees. The bank has 110 branches in 52 districts. The bank will adopt computerized system in all its branches in the running fi scal year, says the bank.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre.',
			'sortorder' => '128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '179',
			'article_category_id' => '44',
			'title' => 'Agriculture Development Bank (ADB)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight. The total number of ADB’s branch is 242 now. Similarly the bank opened its 122 second branch at Charikot, Dolakha.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight.',
			'sortorder' => '127',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '178',
			'article_category_id' => '44',
			'title' => 'Kasthamandap Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu. The bank has been providing ATM service in its Gongbu, Kalimati and Pokhara branches. It is also establishing ATM counters at Swayambhu, New Baneshwor, and Pulchowk in future. The bank has been offering remittance services along with overall banking services. Currently, it has started SMS banking service as well.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu.',
			'sortorder' => '126',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '177',
			'article_category_id' => '44',
			'title' => 'Sewa Bikas Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.',
			'sortorder' => '125',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '176',
			'article_category_id' => '44',
			'title' => 'Swastik Oil Industries Pvt.',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang. The company claims to be the fi rst edible oil factory in Nepal to have HACCP.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang.',
			'sortorder' => '124',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 60]
Code Context
//    $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
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$articles = array(
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			'article_category_id' => '48',
			'title' => 'Population, Electricity & TV',
			'sub_title' => '',
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	<style type="text/css">
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<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.<br />
			<br />
			Yes, people have really started becoming nostalgic. For example, they remember the days when they could go and get relieved of the nature's call in the clean open air. And there was no fear of being kidnapped. The security level was so high. Though some high level feudal and royals may come cruising towards you on their imported cars and jeeps and run you over, the days and nights in those days were still so nice.<br />
			<br />
			The current days are bad because of only one reason the population growth.<br />
			<br />
			<br />
			Nepal's population must have reached 30 million by now. To confirm it we will have to wait a couple of years as the official census is planned for the next year only. However, there is another way to check how fast the Nepali population is growing. For example, a baby, who was born while Makune was signing his resignation letter as the prime minister four or five months ago (depending upon when you are reading this page), is now older than about a million compatriots. That is how the number of Nepalis is growing. You don't have to be a biologist to realize that Nepalis could teach rabbits a lesson or two.<br />
			<br />
			The result is that, some people say if the ongoing trend continues, Nepal will soon overtake India and China in terms of population. Think what would happen if Nepal really overtook China and India. Both of these neighbours of ours are now developing so fast on the strength of both being the two largest populated countries on earth. If Nepal snatches that distinction from these giants, would not they really be angry and do something bad to Nepal? <br />
			<br />
			<br />
			Or perhaps they will show what is known the world over as the Chinese or India ingenuity. You can just imagine how competitive the Indian and Chinese will be. As soon as Nepal gets within a million of India's or China's population, the Indian and Chinese governments will start a National month of baby-production campaign.Or they will introduce schemes like anyone who produces triplets gets a</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bonus(1).jpg" style="margin: 0pt; padding: 0pt;" /><br />
			<br />
			free car or something like that.<br />
			<br />
			Both of these countries are teeming with the creative people for coining aggressive campaign slogans.<br />
			<br />
			And the analyses provided by some people is really smart. They say the power outage (known as loadshedding in Nepal) is to blame for the latest population boom. That is quite understandable. Had there been electricity, the Nepali couples would have watched TV and avoided the baby boom. Therefore, these people say that Nepal must produce more electricity and more TV channels to reduce the bed time, read, to cut the population growth rate. <br />
			<br />
			We all know about the progress in these two fronts. We are making a good progress in TV channels by leaps and bounds, so to say. But we are doing pretty badly in electricity. <br />
			<br />
			But wait a while. Perhaps there are still better solutions to this problem. What about the followings: <br />
			<br />
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Offer people in foreign countries a bonus of <br />
				&nbsp; Rs.10 thousand for every Nepali child they <br />
				&nbsp; adopt and increase the bonus to Rs. 100,000 if <br />
				&nbsp; they adopt an adult.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Train more Nepali to speak English and put<br />
				&nbsp; them on the next flight to Gulf, Malaysia or Korea <br />
				&nbsp; or on a train to Mumbai so that they get HIV and <br />
				&nbsp; don't return.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Find Nepalis who want to sell one of their<br />
				&nbsp;&nbsp; kidneys f or organ transplants in India. Try to<br />
				&nbsp; convince them to sell both.</div>
		</div>
	</div>
	<div style="clear: both;">
		 </div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2012-09-16',
			'keywords' => '',
			'description' => 'Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.',
			'sortorder' => '138',
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		'Article' => array(
			'id' => '199',
			'article_category_id' => '46',
			'title' => 'Dr Yubaraj Khatiwada',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size: 14px;"><strong>Banks Should Serve To Remote Areas Too</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><img alt="yubaraj" border="1" height="321" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/yubarajkatiwada.jpg" vspace="5" width="292" /><br />
	</span></p>
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				<strong>When noted economist Dr Yubaraj Khatiwada was appointed the Governor of the Nepal Rastra Bank (NRB), he clearly faced several challenges in the form of depleting foreign exchange reserves, negative balance of payment, rising inflation, and banking and financial institutions over-exposure to risky sectors. Dr Khatiwada, who started his career with NRB in the early 1980s retired as an Executive Director to serve the National Planning Commission as its Vice- Chairman. He also worked as a consultant for the United Nations Development Programme in Sri Lanka. In a recent interview with Nubiz, he shares his views on the current state of Nepal's economy, the controversial issues in the latest Monetary Policy and the measures he plans to adopt to regulate the banking and financial sector. Excerpts:</strong></div>
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<p>
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				<strong>We only want the salaries of the CEOs managed as the component of the wider financial governance. The global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
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			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas.</strong></div>
		</div>
	</div>
</div>
<p>
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<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
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			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>Monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Some say Nepal's economy is on the verge of collapse and Nepal is heading towards becoming a failed economy, while others say it's an exaggeration. What's your view?</strong><br />
			<br />
			I think both are extreme viewpoints. Actually, the Nepali economy is not doing well compared to our neighbouring countries. That doesn't necessarily mean we are going to collapse. We have downward risk such as being overtly dependent on agriculture and remittance. Both of them have either climatic socks or say international market socks. So, we are vulnerable. <br />
			<br />
			The fact is :Nepali economy will run at a very low equilibrium, with low growth, low employment, and low forex reserves. If you have a good economic environment across the political spectrum, we could have high growth and accordingly high employment and high income scenario. People are expecting better results. Perhaps out of frustration, that's why they like to comment on the negative extremes.<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			<p>
				<strong>Why have people's expectations grown so unrealistically ?</strong></p>
			<p>
				<br />
				China is growing at 9-10 per cent and amidst global recession. India is growing at 8 per cent and Bihar is registering a double digit growth. We raise the people's expectations saying that the new Nepal will have a double digit growth. And then we end up with less than a fraction of that when our per capita income happens to be the lowest in South Asia. If we compare ourselves with Bhutan, it's per capita income is in excess of US $ 2000 and there is pressure building up to upgrade Bhutan from its current LDC status. People are bound to compare and voice their frustration. But we must also look at our own history; we have been growing at 5 per cent on an average for the last 25-30 years and now we are growing at the rate of 4 per cent. The frustration is coming mostly from looking at the progress made by other countries in the region. I would say that we could do much better if we had political stability.</p>
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	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
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			<strong>Why haven't our macroeconomic indicators improved even after the peace deal? </strong><br />
			<br />
			Well, macroeconomic indicators o inflation, growth, trade and balance of payment etc.help to create an enabling environment for investment. We could not do well in the balance of payment from last year and we had huge deficit during the first six months. We managed to recover in the year end somewhat. We have a double digit inflation making people speculate towards the real assets rather than focussing on the financial side. So, it has created some distortions in the economy but that is not the story behind weak economic performance. Actually, the structural weaknesses like resumption of power outage of the economy are important to address. You cannot grow power intensive manufacturing or power intensive services when you have heavy power shortage. You cannot have labour intensive industry simply because the trade union is stronger and perhaps the political parties themselves don't have control over their own trade unions. You can see the anarchy in the labour market. Everybody is avoiding two types of industries or services--labour and power intensive ones. You are back to being dependent on agriculture which again we are left at the mercy of rain. Only if we could sort out these issues, then we can be hopeful over the state of the economy.</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>A few months ago, the central bank tried to restrict the banking sector's investment in the real estate and housing. Is the progress as expected of it? </strong><br />
			<br />
			Well, we have not stopped it. We have only set a limits where the investment in the real estate in the true sense of the world, should not exceed 10 per cent of a bank's lending portfolio. If some banks have invested say five percent, they still have room but if a bank has already lent 25per cent in this sector alone, it has to bring down the figure. So, industry wise there is still some space. And now if banks collect more deposits they can create more room for the real estate financing too. Also, we have separated housing from the real estate business. Housing for medium class families or low income group families is a necessity because people need to have shelters. So, we are still encouraging housing. Regarding the result, the speculative moves in the land deals have almost stopped. Coming to the financial repercussion, people have apprehension that the borrowers might not be able to repay the loan. If the banks have some more deposits collected, they can still roll over your credit. So that way we are not even asking everybody to collapse.<br />
			 </div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Why do you think there has been a sort of organised protest against NRB's recent guidelines aimed at limiting the salaries of Bank CEOs? Don't you think it's for a bank to decide the salary for its top executive?</strong><br />
			<br />
			On our part, we only want the salaries of the CEOs managed as the component of the wider financial governance. We have seen that the global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives. There is no point in the CEOs earning huge incentives by undertaking risky ventures to maximise profits and then leave the industry and move to a different occupation. This has often led to the banks landing in financial troubles. So the system would be at risk if extravagant salaries and incentives are linked to profits which lead to risk taking behaviour. <br />
			<br />
			When somebody is having socially unacceptable benefits at the cost of a wide range of stakeholders such as the depositors, the share holders, and the borrowers, it could create a tension in society and we sense it already. Highly paid executives must be compensated adequately for their productivity but that also needs to be at a socially acceptable range. It is also an issue that is being taken up globally. I do not see any reason for Nepal to be an exception in this matter. We are looking at managing salaries in a transparent way which will be socially acceptable. Besides, it will be sustainable for the institution too.<br />
			<br />
			&nbsp;I guess my friends in the banking sector have understood it differently, and were hence provoked. We have basically focused on setting norms that would guide the salaries and perks of the CEOs, not on limiting it in numeric terms. We are definitely not looking at fixing salaries; it's for the banks themselves to determine salaries for their CEOs. The recent guidelines which have existing laws embedded in them are only the parameters to follow.<br />
			<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>There does not seem to be much success in the operationalising of the monetary policy for this fi scal year. How would you evaluate it?</strong><br />
			<br />
			It is premature to judge the output of the monetary policy. On the macro outputs, things are improving, the rate of inflation is decelerating. It has come down to single digit on basis of new calculations. On the built up of reserves, we expect to have Rs 9 billion additional reserves in one year. In the first three months, no additional built up has taken place. As this is the festival season, we Nepalis spend more. The November data will show how we can recover towards that direction. There are a couple of other areas where we needed the compliment of fiscal budget such as for mergers and acquisitions where fiscal incentives are also necessary. This indeed has been addressed by the national budget. Similarly, we need this for some of the developing financing areas where the central bank and the finance ministry have to work together like in hydro-power financing, tourism financing etc.<br />
			<br />
			One issue that has also drawn flak is on the conditions set to open bank branches in the Kathmandu valley. Critics opine this was brought into effect too late, after existing banks have had enough braches in the valley. The new banks are allowed to have their corporate office and one more branch in the valley. But if they want to have more branches, we want them to serve the remote and the semi-remote areas too. If a new bank opens at least one such branch, it can always come back to open a third one in the valley. <br />
			<br />
			And to facilitate their business transactions, we have allowed them to have multiple branches in the border areas. So the new banks are in a position to open at least ten branches which is a good number. In this context, even the banks have to find new areas of savings mobilisation. I think it should work for the banks to explore virgin areas for the operationalisation of savings and credit. The problem begins when some banks are opening branches without properly accessing the commercial viability of the branches and accessing the capital base.<br />
			<br />
			&nbsp;In that case, it becomes the responsibility of the central bank to intervene. That's why we have stepped in this process to see that the banks branching policies are in the right place. It's certainly not to create bureaucracy. It is simply to ensure that a majority of the population in this country have access to finance.</div>
	</div>
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		 </div>
</div>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>The central bank has announced to withdraw all notes bearing the image of former monarch from the market by the end of 2067 BS. What are the costs and benefi ts of this move? What are the bank's plans to introduce more durable notes?</strong><br />
			<br />
			The withdrawal of the notes in circulation with the former king's image needs to be honoured. We have been delaying because there is a cost involved to it. We want such notes to be naturally phased out in a manner such that the notes that come back to the bank will not be re-circulated. In terms of volume, most notes have already come back to the central bank. We have in circulation notes worth about Rs160 billion outside the central bank out of which only about Rs 4 billion notes are with the former king's image. On the issuance and printing of more durable notes, it has two dimensions. <br />
			<br />
			The short life of the existing notes is because of our culture and habits. We certainly lack the consciousness and responsibility to handle notes. We must understand that this is a national property and spoiling or damaging notes costs money. Any savings from printing notes adds to the government's coffer in the form of dividend. This ultimately goes to the people in different areas like education, health, transportation etc. Habits like culturally colouring, writing and worshiping with water over notes have to change over time. The second point is the quality of the note itself. That would imply shifting away from paper notes to polymer notes. Polymer notes, if properly printed and designed, last longer than paper notes. That is the policy shift we have to make. The polymer notes we had earlier with Rs 10 denomination didn't yield a good result. Although most countries are now already entering the polymer notes scheme, we are still in the process of finalising it. We are looking at better quality polymer notes in circulation and also at raising the people's awareness on handling them properly.<br />
			<br />
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	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>On the one hand, NRB seems convinced that the existing number of banks in Nepal is too high, while on the other you continue to issue new licences. Isn't it a contradiction?</strong><br />
			<br />
			<br />
			Actually, when we gave letters of intent to at least half a dozen banks, we decided that we have to have a moratorium on establishing new banks. When we say no more banks, we don't say that there are already six banks which have been almost approved. My colleagues in the central bank had taken this decision before my appointment as the Governor. They had indeed said ''no to more banks after having approved at least half a dozen of them. That's what has confused people. Since my appointment, I haven't approved a single new commercial bank. The banks that have opened are a result of the decisions made in the past. There are two more banks coming up very soon which are again decisions from the past. Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas. The other dimension is that some banks have asked for upgradation from class C or B to class A. They have been issued letters of intent before or have been given some kind of assurance from us. Now, with our policy of no more commercial banks we need to make decisions on those who have already been given green signal to be graduated. Whatever the internal challenges may be, the main issue is that we have enough commercial banks - 30 of them on the last count. In terms of number, 30 commercial banks are enough but in terms of financial access, services and the capacity of the banks to go into the rural market, we are lagging behind. The total capital of the commercial banks is perhaps between Rs. 50 to 60 billion.<br />
			<br />
			If you are developing a 200 MW power project, you can access the cost but even the entire capital may not be enough. In that sense, this is still a small shallow financial market. So now the challenge is to seek ways to expand the services of the existing banks as well as to enhance the quality of the banks. The reallocation of the resources from less productive to more productive areas and to see that the poor are having some access to capital needs a look-in too.<br />
			 </div>
	</div>
</div>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Banks are reportedly going to face a liquidity crunch again? </strong><br />
			<br />
			What are NRB's plans to avert this situation? First, the central bank must guide or warn them about such a scenario. Before Dashain when banks had a lot of cash, apparently they were trying to bring the interest rates down. Publicly, I said that it's too hard to decrease it, perhaps you have to wait and see, and perhaps you should look for new avenues of investment. So that was my concern and that is still valid. I would request the banks to continue with the interest rate that is necessary. The second point is we have seasonal withdrawals. Before Dashain, people want to have new currency notes so they withdraw more money from the banks. They also change old notes with new ones. Usually, the new notes are with the people till Tihar. Once the festivities end, these notes are back in circulation in the market. Thirdly, you must take into account the harvesting season. The new notes can come to the market only when there are certain activities in the agricultural sector. You should have new production which has to be transacted that demands money. Once the notes circulation gains momentum, it enhances liquidity and that brings money back to the banks. That cycle will start when the paddy comes to the market. The other factor is remittance. If there is a high flow of remittance, the money comes to the banks and then gets converted into Nepali currency. Either spending or saving the money is eventually bringing it to the bank. Increased remittance is a trend that starts with the start of the festive season. This money is spent largely during the festivals. The official exchange rate between Indian and Nepali currencies is still fixed at NRs 160 for IRs 100. However, in the market, an IRs 100 note is already being exchanged for NRs 165. Do you think that calls for a devaluation of the Nepali currency vis-a-vis the Indian one? I would not recommend that as we have enough Indian currency with us. The artificial trading of Indian rupee is for some other reason. Why do you think there are people who need Indian rupee in cash and even ready to pay a higher margin? NRB has been giving unlimited amount of Indian currency through the banking channels. So the story is not about the exchange rate, it has to do with governance and its controlling measures. And also about stopping the legal imports to Nepal because the issue is somewhere else than the import exchange market. Why does one need to pay NRs 165 for IRs 100 when the banks can issue cheques, drafts, LCs, and even the ATMs can be used for the purpose? It is about people who indulge in business practices outside the purview of the formal legal system. The solution to this lies with the broader surveillance issue, trade management, customs management etc.</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>Is that the reason for NRB to cut down the volume of Indian Currency given to the money changers? </strong><br />
			<br />
			Yes. We realise that this could put the country at a great risk. Speculation is rife that in the border areas, there might be a lot of illegal activities provoking factors which might pose a threat to the peace process. And still the central bank is liberally distributing cash currency which may not be a wise decision after all. These are times when we are concerned about terrorist financing. While looking at anti-money laundering measures, we want to talk about financial disclosures and encouraging cash transactions in the border areas.<br />
			<br />
			<strong>The new monetary policy has provisioned mandatory lending to the deprived sections of the population by fi nancial institutions. But it they are trying to form subsidiary institution of their own which is agian likely to be centred in the urban areas. The actual target population, to a large extent, still lacks access to funds. How do you plan to address this issue?</strong><br />
			<br />
			<br />
			We have been able to address this issue partly. What we have said that you can have some institutional arrangement to retail credit in the urban sector but that cannot be more than 1/3rd of your total volume. The major component must go to the real borrowers through some or the other mechanism. The money going to the deprived sector through any institution cannot be re-deposited in the bank at an interest payment that we have stopped. We have also strengthened our supervision to see that the money marked for the deprived sector should be spent on a daily basis. If the financial institutions fail to do so, we would not count the spending under the deprived sector. We are definitely trying to strengthen the process. We have also asked the banks to have a plan to increase their resources allocation towards the agricultural sector. It should, in part address the issues of the weaker section of society. It's a myth that poor people are not bankable. I think there is more credibility attached to them because they don't have the capacity to become defaulters.<br />
			<br />
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		<strong><br />
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<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>What is your response to the criticism that the new monetary policy could lead towards a more restrictive regime akin to a control of socialist nature?</strong><br />
			<br />
			Critics may say what they like to but nobody is disagreeing on the evaluator economic system or the system of social justice. However, the monetary policy is not designed to address these issues but to direct credit. People must first understand monetary policy vis-a-vis the credit policy. Monetary policy is totally designed towards the macroeconomic strategy, low inflation, better reserves, enabling growth with adequate provision of credit etc. On the other hand, the credit policy could be selective and qualitative in a country like ours whereby access to finance and formal credit for some productive sectors cannot be denied. These sectors include agriculture, tourism, water, and hydroelectricity etc. If this makes us restrictive and socialistic, I would simply accept that. But monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets. What a credit policy does is something that every country does. Look at the overall picture in South Asia. Directed sector credit programmes, productive sector credit programmes in some of the South Asian countries is higher than in Nepal. We cannot challenge Bangladesh, India, Maldives, or Sri Lanka on that account. Their credit policies are stronger than ours. So I would like to ask my good friends to look at these examples in the region.</div>
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		<br />
		<br />
		 </div>
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				<strong>You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group. A long established name in Nepal's ready made garment (RMG) industry, Saakha accredits all his success to the three virtues he learnt from his father and grandfather. These three virtues, shares Saakha, have helped him prevail for over two decades in an industry where many have perished.</strong></div>
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				<strong>Abnormal profit always hides a trap. If anyone tries to attract you with huge abnormal profit, you have to be extra careful.</strong></div>
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			Born to Ganesh Bhakta Saakha and Late Janak Laxmi as the first child, Kiran was raised like any ordinary Kathmandu Valley child. He went to Nepal Adarsha Vidhyalaya, a normal government school where every other kid from the neighbuorhood went. Though he came from a well-off business family, he was never allowed to feel any more privileged than a kid from an average-income family. As a child, Saakha recollects, his biggest dream was to have a bicycle. I thought I would be the king if I had a bicycle, he goes down the memory lane.<br />
			<br />
			Unable to get one, he used to play marbles in the chowks and streets of old Kathmandu. Because of the time and environment back then, he didn't have big dreams as a child. And hobbies? I couldn't afford to have any, he puts it candidly. So he never thought of becoming a doctor or engineer or a pilot. But somewhere at the back of his mind he pictured himself as a businessman. <br />
			<br />
			After finishing school, he did his bachelors from Trichandra Campus and masters from the Central Campus, Tribhuvan University. Saakha thouroughly enjoyed his college days. He learned to play new sports such as table tennis, tennis and squash. He also learned swimming and started going to health clubs, a habit which has kept him fit and fine until now. <br />
			<br />
			Soon after leaving college, he found himself working in the factory his family owned. He was completely engaged in the company that manufactured adhesives and also carried out trade activities with China. But life had other plans for him. Young Saakha was gradually attracted to the RMG industry, a promising enterprise in the 1980s. The slow and steady player of the Nepali apparel business believes all the name and fame he has today is because of the RMG. He says he may not have made a fortune but is doing quite well in Nepal's RMG industry, perhaps the most hardhit sector in recent times. <br />
			<br />
			And the interesting thing is it was a betrayal, not an inspiration as many would think, that propelled him into the apparel business. Perhaps I wouldn't have been what I am today if it wasn't for a betrayal, says Saakha who got into the RMG business just to show to his betrayer. <br />
			<br />
			It was the early 80s and RMG was fast evolving into a lucrative business. Orders from neighbouring India were pouring in. Foreigners would come to Nepal, find a Nepali citizen and set up a factory as citizenship was mandatory to register a company. They would take care of everything else: investment, machines, technology, labour, orders, and shipments. He was lured into RMG by a friend and his relatives showing these possibilities. They promised him a joint venture. When the plan was ready for execution and he was expecting the business to start, they ditched him. The betrayal hurt Saakha very badly. And the best way he could answer them, he thought, was to start an apparel business on his own. <br />
			<br />
			This is how the foundations of what is today known as Prasuna Fashion were laid. Saakha started small, setting up his factory with just 50 sewing machines. He was a novice in the apparel industry, without much knowledge and experience. So at the beginning, he hardly got any orders as he had no major contacts abroad. <br />
			<br />
			Shipping was a major problem back then. The failure to complete the orders on time meant the products had to be sent by air instead of on a ship. This in turn meant not only giving away almost all the profit but also incurring a huge loss. Soon there was a tough competition with the mushrooming of many units. The companies grew greedier and greedier, trying to get as many orders as possible by overstating their production capacity. But most of them couldn't deliver the orders on time, leading to either the cancellation of the orders or the selling of the products for peanuts. This greed and overtrading, he believes, is the reason why many garment firms collapsed. But Saakha's strategy was different. <br />
			<br />
			<strong>PERSONAL SIDE</strong>
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				<div align="left">
					<ul>
						<li>
							<strong>Loves music, watches MTV a lot </strong></li>
						<li>
							<strong>Loves long drives </strong></li>
						<li>
							<strong>Is scared of flights in small planes </strong></li>
						<li>
							<strong>Is religious but not superstitious </strong></li>
						<li>
							<strong>Loves to cook </strong></li>
						<li>
							<strong>Avoids nancial transactions with friends </strong></li>
						<li>
							<strong>Scared of atheist people</strong></li>
					</ul>
					<p>
						 </p>
					<p>
						In the first place, he never tried to bite more than he could chew. He was also committed and honest, never exaggerating his production capacity to grab more business than he could handle. He discloses his success formula: At a time when most companies were overtrading, as a rule I always accepted orders slightly less than I could actually produce. Thus I was always able to make the deliveries on time by a ship, and never had to resort to delivery by air. And my clients were always happy This is a formula he has always adhered and it has always worked for him. </p>
				</div>
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			<br />
			Having spent more than two decades in the RMG business, Saakha certainly knows most of the tricks of the trade. Saakha has a very sound advice</div>
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	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
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			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Kiran-P-Saakha--2.jpg" style="margin: 0pt; padding: 0pt;" /><br />
			<br />
			for those who are tempted to go for a quick, abnormal profit. An abnormal profit always hides a trap. If anyone tries to lure you with a huge abnormal profit, you have to be extra careful, says Saakha.<br />
			<br />
			Being on the safe side and avoiding risks is his philosophy, both in personal and professional lives. Clearly a safe player, he is never enticed by gains that involve risks. In all his undertakings, he moves ahead only after analyzing the worst case scenario. <br />
			<br />
			He has already held respectful positions in the Garment Association of Nepal as the treasurer, joint secretary, vice president and finally the president.<br />
			<br />
			No matter how busy he is, he always finds time to be with his family. If you don't give importance to your family, then you're finished. Having a rolling business and all the riches is of no use if you don't share a good bond with your family. The proud father of a son and a daughter, he is blessed with a very understanding wife, Kusum Saakha, an LLM from the Harvard Law School. The couple have been happily married for 32 years now. We are very much compatible with each other. Our marriage was an arranged one but I already knew her as we both were in the same college,recalls Saakha. Kusum is involved with several NGOs and also teaches in colleges. <br />
			<br />
			Saakha considers his bad temper a major drawback of his personality. As he can rarely control it, he doesn't go for inspection rounds in his factory. I know in advance that the carelessness of the workers will trigger my bad temper. He is occupied mostly by desk work and maintaining public relations. I don't get on well with many peple. I can handle everyone but cannot have a close relationship with everyone, so I have very few close friends. I only make friends with those who are on my wavelength, he reveals. Whenever he is free, he likes to spend his time with close friends and family at his own residence. Many would envy the fit body of Saakha, a man in his late fifties. He goes to the health club at Hotel Radisson every day and works out for about an hour. Paying for the health clubs is much cheaper than going to the doctors and paying for the medications. It is because of my regular workout that I have never been bed-ridden for the last 20 years, says Saakha proudly. <br />
			<br />
			He is not that brand conscious. As a student of economics, he looks for the value for money and utility in whatever he buys. I go for brands provided that I get them at a reasonable price, says Saakha. However, he accept that he always wears readymade suits from Menz. I have been wearing them for the last 20 years, says Saakha. He doesn't believe in showing off the brands. He just needs to feel comfortable in whatever he wears. But when it comes to watches and glasses, he always chooses the best brands. I am very fascinated by watches of different brands. I think of them as a status symbol. He loves Omega, Rolex and other top brands. <br />
			<br />
			Saakha, who currently drives a Toyota, doesn't allow anyone to drive his car, not even his family. The busy businessman doesn't go for holidays much. My holidays and business trips are tied up together, he says. Whenever it's possible, he goes with his family to Pokhara and Sauraha for holidays. He doesn't like to spend much on foreign tours but prefers going to Goa as it combines economy with utility. He prefers Vietnam, Cambodia, Bangkok and other Asian destinations to Europe and the USA as the Asian destinations are far more economic and equally entertaining. I like to keep a balance of what's coming in and what's going out in every aspect of life. <br />
			<br />
			The MD of the Saakha Group doesn't have any immediate plans for new investments. The time is not right for expansions. I think it is better to take care of and hold on to what you already have, he says. At present, his company is providing employment to around 400 people. From his long experience, he suggests that aspiring entrepreneurs should not overtrade. Although it can help you make quick money, if it backfires, then you're done. Believe in honesty and commitment as you cannot sustain without them, he concludes with a quote from his late grandfather.<br />
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				 </div>
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</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2012-09-17',
			'keywords' => '',
			'description' => 'You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group.',
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	(int) 3 => array(
		'Article' => array(
			'id' => '193',
			'article_category_id' => '45',
			'title' => 'Corporate Movements December 2010',
			'sub_title' => '',
			'summary' => null,
			'content' => '<table border="0" cellpadding="5px" cellspacing="0" width="595">
	<tbody>
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					<img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sabhu.jpg" style="margin: 0px 5px 0px 0pt; padding: 0pt; float: left;" width="112" /><img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/subash.jpg" style="margin: 0pt 0pt 0px 5px; padding: 0pt; float: right;" width="112" /><strong>Sambhu Guragain </strong>has joined New Business Age Pvt. Ltd. as General Manager (Sales &amp; Marketing). Guragain brings 14 years of experience of working in Himal Media Pvt. Ltd. Similarly, <strong>Subas Das</strong> who worked with Himal Media for 12 years has joined New Business Age as Marketing Manager.</div>
			</td>
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<p>
	 </p>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2012-09-06',
			'keywords' => '',
			'description' => 'Sambhu Guragain has joined New Business Age Pvt. Ltd. as General Manager (Sales & Marketing).',
			'sortorder' => '135',
			'image' => null,
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			'id' => '186',
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			'title' => 'NIC Bank',
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			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					NIC Bank became the fi rst among private banks to open a branch office in Malangawa of Sarlahi. The bank is intending to invest in the avenues of micro and small industries along with commercial banking, said the bank.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'NIC Bank became the fi rst among private banks to open a branch office in Malangawa of Sarlahi.',
			'sortorder' => '134',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 5 => array(
		'Article' => array(
			'id' => '185',
			'article_category_id' => '44',
			'title' => 'Capital Merchant Banking And Finance Has Opened Its 7th Branch',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
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			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj. The branch will provide services like remittance, inter-branch banking, depositing and ATM. The head offi ce of the company is at Battisputali of Kathmandu.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj.',
			'sortorder' => '133',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '184',
			'article_category_id' => '44',
			'title' => 'National Banking Training Institute (NBTI)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					National Banking Training Institute (NBTI) has organised training on Risk Management. The training was conducted with the cooperation of State Bank of India (SBI). Forty one senior offi cers from 19 commercial banks participated in the training.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'National Banking Training Institute (NBTI) has organised training on Risk Management.',
			'sortorder' => '132',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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	(int) 7 => array(
		'Article' => array(
			'id' => '183',
			'article_category_id' => '44',
			'title' => 'International Development Bank Has Opened Its 12th Branch',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay. The bank is planning to open seven new branches within the current fi scal year and aims towards opening 50 branches within the next fi ve years.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay.',
			'sortorder' => '131',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '182',
			'article_category_id' => '44',
			'title' => 'Silver Palace',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products. CEO Basudev Bhetwal says the outlet will help in the conservation of traditional Nepali silver craft by giving priority to the handmade products.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products.',
			'sortorder' => '130',
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			'article_date' => '0000-00-00 00:00:00',
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	(int) 9 => array(
		'Article' => array(
			'id' => '181',
			'article_category_id' => '44',
			'title' => 'NDP Development Bank And Shangri-la Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
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				<div align="justify">
					NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation. The former bank has its head offi ce at Kamaladi, Kathmandu whereas the latter has its head office at New Road, Pokhara. Services of both the banks can be received from any branches of these banks.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2010-12-31',
			'keywords' => '',
			'description' => 'NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation.',
			'sortorder' => '129',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
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	(int) 10 => array(
		'Article' => array(
			'id' => '180',
			'article_category_id' => '44',
			'title' => 'Nepal’s First Bank',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
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			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre. It is the bank’s 110th branch. On the occasion, the bank organised a talk programme entitled ‘opportunities and challenges of Nepal Bank on the changed context’. Similarly, it also organised different programmes for the children of the bank‘s employees. The bank has 110 branches in 52 districts. The bank will adopt computerized system in all its branches in the running fi scal year, says the bank.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre.',
			'sortorder' => '128',
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			'article_date' => '0000-00-00 00:00:00',
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	(int) 11 => array(
		'Article' => array(
			'id' => '179',
			'article_category_id' => '44',
			'title' => 'Agriculture Development Bank (ADB)',
			'sub_title' => '',
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				<div align="justify">
					Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight. The total number of ADB’s branch is 242 now. Similarly the bank opened its 122 second branch at Charikot, Dolakha.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight.',
			'sortorder' => '127',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
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	(int) 12 => array(
		'Article' => array(
			'id' => '178',
			'article_category_id' => '44',
			'title' => 'Kasthamandap Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
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			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu. The bank has been providing ATM service in its Gongbu, Kalimati and Pokhara branches. It is also establishing ATM counters at Swayambhu, New Baneshwor, and Pulchowk in future. The bank has been offering remittance services along with overall banking services. Currently, it has started SMS banking service as well.</div>
			</div>
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	</div>
</div>',
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			'created' => '2010-12-29',
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			'keywords' => '',
			'description' => 'Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu.',
			'sortorder' => '126',
			'image' => null,
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			'id' => '177',
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	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.</div>
			</div>
		</div>
	</div>
</div>',
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			'created' => '2010-12-29',
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			'description' => 'Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.',
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			'title' => 'Swastik Oil Industries Pvt.',
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	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang. The company claims to be the fi rst edible oil factory in Nepal to have HACCP.</div>
			</div>
		</div>
	</div>
</div>',
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			'description' => 'Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang.',
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<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div align="justify">
			Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.<br />
			<br />
			Yes, people have really started becoming nostalgic. For example, they remember the days when they could go and get relieved of the nature's call in the clean open air. And there was no fear of being kidnapped. The security level was so high. Though some high level feudal and royals may come cruising towards you on their imported cars and jeeps and run you over, the days and nights in those days were still so nice.<br />
			<br />
			The current days are bad because of only one reason the population growth.<br />
			<br />
			<br />
			Nepal's population must have reached 30 million by now. To confirm it we will have to wait a couple of years as the official census is planned for the next year only. However, there is another way to check how fast the Nepali population is growing. For example, a baby, who was born while Makune was signing his resignation letter as the prime minister four or five months ago (depending upon when you are reading this page), is now older than about a million compatriots. That is how the number of Nepalis is growing. You don't have to be a biologist to realize that Nepalis could teach rabbits a lesson or two.<br />
			<br />
			The result is that, some people say if the ongoing trend continues, Nepal will soon overtake India and China in terms of population. Think what would happen if Nepal really overtook China and India. Both of these neighbours of ours are now developing so fast on the strength of both being the two largest populated countries on earth. If Nepal snatches that distinction from these giants, would not they really be angry and do something bad to Nepal? <br />
			<br />
			<br />
			Or perhaps they will show what is known the world over as the Chinese or India ingenuity. You can just imagine how competitive the Indian and Chinese will be. As soon as Nepal gets within a million of India's or China's population, the Indian and Chinese governments will start a National month of baby-production campaign.Or they will introduce schemes like anyone who produces triplets gets a</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bonus(1).jpg" style="margin: 0pt; padding: 0pt;" /><br />
			<br />
			free car or something like that.<br />
			<br />
			Both of these countries are teeming with the creative people for coining aggressive campaign slogans.<br />
			<br />
			And the analyses provided by some people is really smart. They say the power outage (known as loadshedding in Nepal) is to blame for the latest population boom. That is quite understandable. Had there been electricity, the Nepali couples would have watched TV and avoided the baby boom. Therefore, these people say that Nepal must produce more electricity and more TV channels to reduce the bed time, read, to cut the population growth rate. <br />
			<br />
			We all know about the progress in these two fronts. We are making a good progress in TV channels by leaps and bounds, so to say. But we are doing pretty badly in electricity. <br />
			<br />
			But wait a while. Perhaps there are still better solutions to this problem. What about the followings: <br />
			<br />
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Offer people in foreign countries a bonus of <br />
				&nbsp; Rs.10 thousand for every Nepali child they <br />
				&nbsp; adopt and increase the bonus to Rs. 100,000 if <br />
				&nbsp; they adopt an adult.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Train more Nepali to speak English and put<br />
				&nbsp; them on the next flight to Gulf, Malaysia or Korea <br />
				&nbsp; or on a train to Mumbai so that they get HIV and <br />
				&nbsp; don't return.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Find Nepalis who want to sell one of their<br />
				&nbsp;&nbsp; kidneys f or organ transplants in India. Try to<br />
				&nbsp; convince them to sell both.</div>
		</div>
	</div>
	<div style="clear: both;">
		 </div>
</div>',
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			'description' => 'Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.',
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			'title' => 'Dr Yubaraj Khatiwada',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size: 14px;"><strong>Banks Should Serve To Remote Areas Too</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><img alt="yubaraj" border="1" height="321" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/yubarajkatiwada.jpg" vspace="5" width="292" /><br />
	</span></p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>When noted economist Dr Yubaraj Khatiwada was appointed the Governor of the Nepal Rastra Bank (NRB), he clearly faced several challenges in the form of depleting foreign exchange reserves, negative balance of payment, rising inflation, and banking and financial institutions over-exposure to risky sectors. Dr Khatiwada, who started his career with NRB in the early 1980s retired as an Executive Director to serve the National Planning Commission as its Vice- Chairman. He also worked as a consultant for the United Nations Development Programme in Sri Lanka. In a recent interview with Nubiz, he shares his views on the current state of Nepal's economy, the controversial issues in the latest Monetary Policy and the measures he plans to adopt to regulate the banking and financial sector. Excerpts:</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<strong>We only want the salaries of the CEOs managed as the component of the wider financial governance. The global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; text-align: center;">
				<strong>Monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets.</strong></div>
		</div>
	</div>
</div>
<p>
	 </p>
<p>
	 </p>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Some say Nepal's economy is on the verge of collapse and Nepal is heading towards becoming a failed economy, while others say it's an exaggeration. What's your view?</strong><br />
			<br />
			I think both are extreme viewpoints. Actually, the Nepali economy is not doing well compared to our neighbouring countries. That doesn't necessarily mean we are going to collapse. We have downward risk such as being overtly dependent on agriculture and remittance. Both of them have either climatic socks or say international market socks. So, we are vulnerable. <br />
			<br />
			The fact is :Nepali economy will run at a very low equilibrium, with low growth, low employment, and low forex reserves. If you have a good economic environment across the political spectrum, we could have high growth and accordingly high employment and high income scenario. People are expecting better results. Perhaps out of frustration, that's why they like to comment on the negative extremes.<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div align="justify">
			<p>
				<strong>Why have people's expectations grown so unrealistically ?</strong></p>
			<p>
				<br />
				China is growing at 9-10 per cent and amidst global recession. India is growing at 8 per cent and Bihar is registering a double digit growth. We raise the people's expectations saying that the new Nepal will have a double digit growth. And then we end up with less than a fraction of that when our per capita income happens to be the lowest in South Asia. If we compare ourselves with Bhutan, it's per capita income is in excess of US $ 2000 and there is pressure building up to upgrade Bhutan from its current LDC status. People are bound to compare and voice their frustration. But we must also look at our own history; we have been growing at 5 per cent on an average for the last 25-30 years and now we are growing at the rate of 4 per cent. The frustration is coming mostly from looking at the progress made by other countries in the region. I would say that we could do much better if we had political stability.</p>
		</div>
	</div>
	<div style="clear: both;">
		 </div>
</div>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Why haven't our macroeconomic indicators improved even after the peace deal? </strong><br />
			<br />
			Well, macroeconomic indicators o inflation, growth, trade and balance of payment etc.help to create an enabling environment for investment. We could not do well in the balance of payment from last year and we had huge deficit during the first six months. We managed to recover in the year end somewhat. We have a double digit inflation making people speculate towards the real assets rather than focussing on the financial side. So, it has created some distortions in the economy but that is not the story behind weak economic performance. Actually, the structural weaknesses like resumption of power outage of the economy are important to address. You cannot grow power intensive manufacturing or power intensive services when you have heavy power shortage. You cannot have labour intensive industry simply because the trade union is stronger and perhaps the political parties themselves don't have control over their own trade unions. You can see the anarchy in the labour market. Everybody is avoiding two types of industries or services--labour and power intensive ones. You are back to being dependent on agriculture which again we are left at the mercy of rain. Only if we could sort out these issues, then we can be hopeful over the state of the economy.</div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>A few months ago, the central bank tried to restrict the banking sector's investment in the real estate and housing. Is the progress as expected of it? </strong><br />
			<br />
			Well, we have not stopped it. We have only set a limits where the investment in the real estate in the true sense of the world, should not exceed 10 per cent of a bank's lending portfolio. If some banks have invested say five percent, they still have room but if a bank has already lent 25per cent in this sector alone, it has to bring down the figure. So, industry wise there is still some space. And now if banks collect more deposits they can create more room for the real estate financing too. Also, we have separated housing from the real estate business. Housing for medium class families or low income group families is a necessity because people need to have shelters. So, we are still encouraging housing. Regarding the result, the speculative moves in the land deals have almost stopped. Coming to the financial repercussion, people have apprehension that the borrowers might not be able to repay the loan. If the banks have some more deposits collected, they can still roll over your credit. So that way we are not even asking everybody to collapse.<br />
			 </div>
	</div>
	<div style="clear: both;">
		<br />
		 </div>
</div>
<div style="width: 595px;">
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: left;">
		<div>
			<strong>Why do you think there has been a sort of organised protest against NRB's recent guidelines aimed at limiting the salaries of Bank CEOs? Don't you think it's for a bank to decide the salary for its top executive?</strong><br />
			<br />
			On our part, we only want the salaries of the CEOs managed as the component of the wider financial governance. We have seen that the global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives. There is no point in the CEOs earning huge incentives by undertaking risky ventures to maximise profits and then leave the industry and move to a different occupation. This has often led to the banks landing in financial troubles. So the system would be at risk if extravagant salaries and incentives are linked to profits which lead to risk taking behaviour. <br />
			<br />
			When somebody is having socially unacceptable benefits at the cost of a wide range of stakeholders such as the depositors, the share holders, and the borrowers, it could create a tension in society and we sense it already. Highly paid executives must be compensated adequately for their productivity but that also needs to be at a socially acceptable range. It is also an issue that is being taken up globally. I do not see any reason for Nepal to be an exception in this matter. We are looking at managing salaries in a transparent way which will be socially acceptable. Besides, it will be sustainable for the institution too.<br />
			<br />
			&nbsp;I guess my friends in the banking sector have understood it differently, and were hence provoked. We have basically focused on setting norms that would guide the salaries and perks of the CEOs, not on limiting it in numeric terms. We are definitely not looking at fixing salaries; it's for the banks themselves to determine salaries for their CEOs. The recent guidelines which have existing laws embedded in them are only the parameters to follow.<br />
			<br />
			 </div>
	</div>
	<div style="border: 1px solid rgb(204, 204, 204); padding: 5px; width: 47%; float: right;">
		<div>
			<strong>There does not seem to be much success in the operationalising of the monetary policy for this fi scal year. How would you evaluate it?</strong><br />
			<br />
			It is premature to judge the output of the monetary policy. On the macro outputs, things are improving, the rate of inflation is decelerating. It has come down to single digit on basis of new calculations. On the built up of reserves, we expect to have Rs 9 billion additional reserves in one year. In the first three months, no additional built up has taken place. As this is the festival season, we Nepalis spend more. The November data will show how we can recover towards that direction. There are a couple of other areas where we needed the compliment of fiscal budget such as for mergers and acquisitions where fiscal incentives are also necessary. This indeed has been addressed by the national budget. Similarly, we need this for some of the developing financing areas where the central bank and the finance ministry have to work together like in hydro-power financing, tourism financing etc.<br />
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			One issue that has also drawn flak is on the conditions set to open bank branches in the Kathmandu valley. Critics opine this was brought into effect too late, after existing banks have had enough braches in the valley. The new banks are allowed to have their corporate office and one more branch in the valley. But if they want to have more branches, we want them to serve the remote and the semi-remote areas too. If a new bank opens at least one such branch, it can always come back to open a third one in the valley. <br />
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			And to facilitate their business transactions, we have allowed them to have multiple branches in the border areas. So the new banks are in a position to open at least ten branches which is a good number. In this context, even the banks have to find new areas of savings mobilisation. I think it should work for the banks to explore virgin areas for the operationalisation of savings and credit. The problem begins when some banks are opening branches without properly accessing the commercial viability of the branches and accessing the capital base.<br />
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			&nbsp;In that case, it becomes the responsibility of the central bank to intervene. That's why we have stepped in this process to see that the banks branching policies are in the right place. It's certainly not to create bureaucracy. It is simply to ensure that a majority of the population in this country have access to finance.</div>
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			<strong>The central bank has announced to withdraw all notes bearing the image of former monarch from the market by the end of 2067 BS. What are the costs and benefi ts of this move? What are the bank's plans to introduce more durable notes?</strong><br />
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			The withdrawal of the notes in circulation with the former king's image needs to be honoured. We have been delaying because there is a cost involved to it. We want such notes to be naturally phased out in a manner such that the notes that come back to the bank will not be re-circulated. In terms of volume, most notes have already come back to the central bank. We have in circulation notes worth about Rs160 billion outside the central bank out of which only about Rs 4 billion notes are with the former king's image. On the issuance and printing of more durable notes, it has two dimensions. <br />
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			The short life of the existing notes is because of our culture and habits. We certainly lack the consciousness and responsibility to handle notes. We must understand that this is a national property and spoiling or damaging notes costs money. Any savings from printing notes adds to the government's coffer in the form of dividend. This ultimately goes to the people in different areas like education, health, transportation etc. Habits like culturally colouring, writing and worshiping with water over notes have to change over time. The second point is the quality of the note itself. That would imply shifting away from paper notes to polymer notes. Polymer notes, if properly printed and designed, last longer than paper notes. That is the policy shift we have to make. The polymer notes we had earlier with Rs 10 denomination didn't yield a good result. Although most countries are now already entering the polymer notes scheme, we are still in the process of finalising it. We are looking at better quality polymer notes in circulation and also at raising the people's awareness on handling them properly.<br />
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			<strong>On the one hand, NRB seems convinced that the existing number of banks in Nepal is too high, while on the other you continue to issue new licences. Isn't it a contradiction?</strong><br />
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			Actually, when we gave letters of intent to at least half a dozen banks, we decided that we have to have a moratorium on establishing new banks. When we say no more banks, we don't say that there are already six banks which have been almost approved. My colleagues in the central bank had taken this decision before my appointment as the Governor. They had indeed said ''no to more banks after having approved at least half a dozen of them. That's what has confused people. Since my appointment, I haven't approved a single new commercial bank. The banks that have opened are a result of the decisions made in the past. There are two more banks coming up very soon which are again decisions from the past. Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas. The other dimension is that some banks have asked for upgradation from class C or B to class A. They have been issued letters of intent before or have been given some kind of assurance from us. Now, with our policy of no more commercial banks we need to make decisions on those who have already been given green signal to be graduated. Whatever the internal challenges may be, the main issue is that we have enough commercial banks - 30 of them on the last count. In terms of number, 30 commercial banks are enough but in terms of financial access, services and the capacity of the banks to go into the rural market, we are lagging behind. The total capital of the commercial banks is perhaps between Rs. 50 to 60 billion.<br />
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			If you are developing a 200 MW power project, you can access the cost but even the entire capital may not be enough. In that sense, this is still a small shallow financial market. So now the challenge is to seek ways to expand the services of the existing banks as well as to enhance the quality of the banks. The reallocation of the resources from less productive to more productive areas and to see that the poor are having some access to capital needs a look-in too.<br />
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			<strong>Banks are reportedly going to face a liquidity crunch again? </strong><br />
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			What are NRB's plans to avert this situation? First, the central bank must guide or warn them about such a scenario. Before Dashain when banks had a lot of cash, apparently they were trying to bring the interest rates down. Publicly, I said that it's too hard to decrease it, perhaps you have to wait and see, and perhaps you should look for new avenues of investment. So that was my concern and that is still valid. I would request the banks to continue with the interest rate that is necessary. The second point is we have seasonal withdrawals. Before Dashain, people want to have new currency notes so they withdraw more money from the banks. They also change old notes with new ones. Usually, the new notes are with the people till Tihar. Once the festivities end, these notes are back in circulation in the market. Thirdly, you must take into account the harvesting season. The new notes can come to the market only when there are certain activities in the agricultural sector. You should have new production which has to be transacted that demands money. Once the notes circulation gains momentum, it enhances liquidity and that brings money back to the banks. That cycle will start when the paddy comes to the market. The other factor is remittance. If there is a high flow of remittance, the money comes to the banks and then gets converted into Nepali currency. Either spending or saving the money is eventually bringing it to the bank. Increased remittance is a trend that starts with the start of the festive season. This money is spent largely during the festivals. The official exchange rate between Indian and Nepali currencies is still fixed at NRs 160 for IRs 100. However, in the market, an IRs 100 note is already being exchanged for NRs 165. Do you think that calls for a devaluation of the Nepali currency vis-a-vis the Indian one? I would not recommend that as we have enough Indian currency with us. The artificial trading of Indian rupee is for some other reason. Why do you think there are people who need Indian rupee in cash and even ready to pay a higher margin? NRB has been giving unlimited amount of Indian currency through the banking channels. So the story is not about the exchange rate, it has to do with governance and its controlling measures. And also about stopping the legal imports to Nepal because the issue is somewhere else than the import exchange market. Why does one need to pay NRs 165 for IRs 100 when the banks can issue cheques, drafts, LCs, and even the ATMs can be used for the purpose? It is about people who indulge in business practices outside the purview of the formal legal system. The solution to this lies with the broader surveillance issue, trade management, customs management etc.</div>
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			<strong>Is that the reason for NRB to cut down the volume of Indian Currency given to the money changers? </strong><br />
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			Yes. We realise that this could put the country at a great risk. Speculation is rife that in the border areas, there might be a lot of illegal activities provoking factors which might pose a threat to the peace process. And still the central bank is liberally distributing cash currency which may not be a wise decision after all. These are times when we are concerned about terrorist financing. While looking at anti-money laundering measures, we want to talk about financial disclosures and encouraging cash transactions in the border areas.<br />
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			<strong>The new monetary policy has provisioned mandatory lending to the deprived sections of the population by fi nancial institutions. But it they are trying to form subsidiary institution of their own which is agian likely to be centred in the urban areas. The actual target population, to a large extent, still lacks access to funds. How do you plan to address this issue?</strong><br />
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			We have been able to address this issue partly. What we have said that you can have some institutional arrangement to retail credit in the urban sector but that cannot be more than 1/3rd of your total volume. The major component must go to the real borrowers through some or the other mechanism. The money going to the deprived sector through any institution cannot be re-deposited in the bank at an interest payment that we have stopped. We have also strengthened our supervision to see that the money marked for the deprived sector should be spent on a daily basis. If the financial institutions fail to do so, we would not count the spending under the deprived sector. We are definitely trying to strengthen the process. We have also asked the banks to have a plan to increase their resources allocation towards the agricultural sector. It should, in part address the issues of the weaker section of society. It's a myth that poor people are not bankable. I think there is more credibility attached to them because they don't have the capacity to become defaulters.<br />
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			<strong>What is your response to the criticism that the new monetary policy could lead towards a more restrictive regime akin to a control of socialist nature?</strong><br />
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			Critics may say what they like to but nobody is disagreeing on the evaluator economic system or the system of social justice. However, the monetary policy is not designed to address these issues but to direct credit. People must first understand monetary policy vis-a-vis the credit policy. Monetary policy is totally designed towards the macroeconomic strategy, low inflation, better reserves, enabling growth with adequate provision of credit etc. On the other hand, the credit policy could be selective and qualitative in a country like ours whereby access to finance and formal credit for some productive sectors cannot be denied. These sectors include agriculture, tourism, water, and hydroelectricity etc. If this makes us restrictive and socialistic, I would simply accept that. But monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets. What a credit policy does is something that every country does. Look at the overall picture in South Asia. Directed sector credit programmes, productive sector credit programmes in some of the South Asian countries is higher than in Nepal. We cannot challenge Bangladesh, India, Maldives, or Sri Lanka on that account. Their credit policies are stronger than ours. So I would like to ask my good friends to look at these examples in the region.</div>
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				<strong>You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group. A long established name in Nepal's ready made garment (RMG) industry, Saakha accredits all his success to the three virtues he learnt from his father and grandfather. These three virtues, shares Saakha, have helped him prevail for over two decades in an industry where many have perished.</strong></div>
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				<strong>Abnormal profit always hides a trap. If anyone tries to attract you with huge abnormal profit, you have to be extra careful.</strong></div>
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			Born to Ganesh Bhakta Saakha and Late Janak Laxmi as the first child, Kiran was raised like any ordinary Kathmandu Valley child. He went to Nepal Adarsha Vidhyalaya, a normal government school where every other kid from the neighbuorhood went. Though he came from a well-off business family, he was never allowed to feel any more privileged than a kid from an average-income family. As a child, Saakha recollects, his biggest dream was to have a bicycle. I thought I would be the king if I had a bicycle, he goes down the memory lane.<br />
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			Unable to get one, he used to play marbles in the chowks and streets of old Kathmandu. Because of the time and environment back then, he didn't have big dreams as a child. And hobbies? I couldn't afford to have any, he puts it candidly. So he never thought of becoming a doctor or engineer or a pilot. But somewhere at the back of his mind he pictured himself as a businessman. <br />
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			After finishing school, he did his bachelors from Trichandra Campus and masters from the Central Campus, Tribhuvan University. Saakha thouroughly enjoyed his college days. He learned to play new sports such as table tennis, tennis and squash. He also learned swimming and started going to health clubs, a habit which has kept him fit and fine until now. <br />
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			Soon after leaving college, he found himself working in the factory his family owned. He was completely engaged in the company that manufactured adhesives and also carried out trade activities with China. But life had other plans for him. Young Saakha was gradually attracted to the RMG industry, a promising enterprise in the 1980s. The slow and steady player of the Nepali apparel business believes all the name and fame he has today is because of the RMG. He says he may not have made a fortune but is doing quite well in Nepal's RMG industry, perhaps the most hardhit sector in recent times. <br />
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			And the interesting thing is it was a betrayal, not an inspiration as many would think, that propelled him into the apparel business. Perhaps I wouldn't have been what I am today if it wasn't for a betrayal, says Saakha who got into the RMG business just to show to his betrayer. <br />
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			It was the early 80s and RMG was fast evolving into a lucrative business. Orders from neighbouring India were pouring in. Foreigners would come to Nepal, find a Nepali citizen and set up a factory as citizenship was mandatory to register a company. They would take care of everything else: investment, machines, technology, labour, orders, and shipments. He was lured into RMG by a friend and his relatives showing these possibilities. They promised him a joint venture. When the plan was ready for execution and he was expecting the business to start, they ditched him. The betrayal hurt Saakha very badly. And the best way he could answer them, he thought, was to start an apparel business on his own. <br />
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			This is how the foundations of what is today known as Prasuna Fashion were laid. Saakha started small, setting up his factory with just 50 sewing machines. He was a novice in the apparel industry, without much knowledge and experience. So at the beginning, he hardly got any orders as he had no major contacts abroad. <br />
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			Shipping was a major problem back then. The failure to complete the orders on time meant the products had to be sent by air instead of on a ship. This in turn meant not only giving away almost all the profit but also incurring a huge loss. Soon there was a tough competition with the mushrooming of many units. The companies grew greedier and greedier, trying to get as many orders as possible by overstating their production capacity. But most of them couldn't deliver the orders on time, leading to either the cancellation of the orders or the selling of the products for peanuts. This greed and overtrading, he believes, is the reason why many garment firms collapsed. But Saakha's strategy was different. <br />
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			<strong>PERSONAL SIDE</strong>
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							<strong>Loves music, watches MTV a lot </strong></li>
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							<strong>Loves long drives </strong></li>
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							<strong>Is scared of flights in small planes </strong></li>
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							<strong>Is religious but not superstitious </strong></li>
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							<strong>Loves to cook </strong></li>
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							<strong>Avoids nancial transactions with friends </strong></li>
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							<strong>Scared of atheist people</strong></li>
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						In the first place, he never tried to bite more than he could chew. He was also committed and honest, never exaggerating his production capacity to grab more business than he could handle. He discloses his success formula: At a time when most companies were overtrading, as a rule I always accepted orders slightly less than I could actually produce. Thus I was always able to make the deliveries on time by a ship, and never had to resort to delivery by air. And my clients were always happy This is a formula he has always adhered and it has always worked for him. </p>
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			Having spent more than two decades in the RMG business, Saakha certainly knows most of the tricks of the trade. Saakha has a very sound advice</div>
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			for those who are tempted to go for a quick, abnormal profit. An abnormal profit always hides a trap. If anyone tries to lure you with a huge abnormal profit, you have to be extra careful, says Saakha.<br />
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			Being on the safe side and avoiding risks is his philosophy, both in personal and professional lives. Clearly a safe player, he is never enticed by gains that involve risks. In all his undertakings, he moves ahead only after analyzing the worst case scenario. <br />
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			He has already held respectful positions in the Garment Association of Nepal as the treasurer, joint secretary, vice president and finally the president.<br />
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			No matter how busy he is, he always finds time to be with his family. If you don't give importance to your family, then you're finished. Having a rolling business and all the riches is of no use if you don't share a good bond with your family. The proud father of a son and a daughter, he is blessed with a very understanding wife, Kusum Saakha, an LLM from the Harvard Law School. The couple have been happily married for 32 years now. We are very much compatible with each other. Our marriage was an arranged one but I already knew her as we both were in the same college,recalls Saakha. Kusum is involved with several NGOs and also teaches in colleges. <br />
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			Saakha considers his bad temper a major drawback of his personality. As he can rarely control it, he doesn't go for inspection rounds in his factory. I know in advance that the carelessness of the workers will trigger my bad temper. He is occupied mostly by desk work and maintaining public relations. I don't get on well with many peple. I can handle everyone but cannot have a close relationship with everyone, so I have very few close friends. I only make friends with those who are on my wavelength, he reveals. Whenever he is free, he likes to spend his time with close friends and family at his own residence. Many would envy the fit body of Saakha, a man in his late fifties. He goes to the health club at Hotel Radisson every day and works out for about an hour. Paying for the health clubs is much cheaper than going to the doctors and paying for the medications. It is because of my regular workout that I have never been bed-ridden for the last 20 years, says Saakha proudly. <br />
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			He is not that brand conscious. As a student of economics, he looks for the value for money and utility in whatever he buys. I go for brands provided that I get them at a reasonable price, says Saakha. However, he accept that he always wears readymade suits from Menz. I have been wearing them for the last 20 years, says Saakha. He doesn't believe in showing off the brands. He just needs to feel comfortable in whatever he wears. But when it comes to watches and glasses, he always chooses the best brands. I am very fascinated by watches of different brands. I think of them as a status symbol. He loves Omega, Rolex and other top brands. <br />
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			Saakha, who currently drives a Toyota, doesn't allow anyone to drive his car, not even his family. The busy businessman doesn't go for holidays much. My holidays and business trips are tied up together, he says. Whenever it's possible, he goes with his family to Pokhara and Sauraha for holidays. He doesn't like to spend much on foreign tours but prefers going to Goa as it combines economy with utility. He prefers Vietnam, Cambodia, Bangkok and other Asian destinations to Europe and the USA as the Asian destinations are far more economic and equally entertaining. I like to keep a balance of what's coming in and what's going out in every aspect of life. <br />
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			The MD of the Saakha Group doesn't have any immediate plans for new investments. The time is not right for expansions. I think it is better to take care of and hold on to what you already have, he says. At present, his company is providing employment to around 400 people. From his long experience, he suggests that aspiring entrepreneurs should not overtrade. Although it can help you make quick money, if it backfires, then you're done. Believe in honesty and commitment as you cannot sustain without them, he concludes with a quote from his late grandfather.<br />
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					<img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sabhu.jpg" style="margin: 0px 5px 0px 0pt; padding: 0pt; float: left;" width="112" /><img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/subash.jpg" style="margin: 0pt 0pt 0px 5px; padding: 0pt; float: right;" width="112" /><strong>Sambhu Guragain </strong>has joined New Business Age Pvt. Ltd. as General Manager (Sales &amp; Marketing). Guragain brings 14 years of experience of working in Himal Media Pvt. Ltd. Similarly, <strong>Subas Das</strong> who worked with Himal Media for 12 years has joined New Business Age as Marketing Manager.</div>
			</td>
		</tr>
	</tbody>
</table>
<p>
	 </p>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2012-09-06',
			'keywords' => '',
			'description' => 'Sambhu Guragain has joined New Business Age Pvt. Ltd. as General Manager (Sales & Marketing).',
			'sortorder' => '135',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '186',
			'article_category_id' => '44',
			'title' => 'NIC Bank',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					NIC Bank became the fi rst among private banks to open a branch office in Malangawa of Sarlahi. The bank is intending to invest in the avenues of micro and small industries along with commercial banking, said the bank.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'NIC Bank became the fi rst among private banks to open a branch office in Malangawa of Sarlahi.',
			'sortorder' => '134',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '185',
			'article_category_id' => '44',
			'title' => 'Capital Merchant Banking And Finance Has Opened Its 7th Branch',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj. The branch will provide services like remittance, inter-branch banking, depositing and ATM. The head offi ce of the company is at Battisputali of Kathmandu.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj.',
			'sortorder' => '133',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '184',
			'article_category_id' => '44',
			'title' => 'National Banking Training Institute (NBTI)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					National Banking Training Institute (NBTI) has organised training on Risk Management. The training was conducted with the cooperation of State Bank of India (SBI). Forty one senior offi cers from 19 commercial banks participated in the training.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'National Banking Training Institute (NBTI) has organised training on Risk Management.',
			'sortorder' => '132',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '183',
			'article_category_id' => '44',
			'title' => 'International Development Bank Has Opened Its 12th Branch',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay. The bank is planning to open seven new branches within the current fi scal year and aims towards opening 50 branches within the next fi ve years.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay.',
			'sortorder' => '131',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '182',
			'article_category_id' => '44',
			'title' => 'Silver Palace',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products. CEO Basudev Bhetwal says the outlet will help in the conservation of traditional Nepali silver craft by giving priority to the handmade products.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products.',
			'sortorder' => '130',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '181',
			'article_category_id' => '44',
			'title' => 'NDP Development Bank And Shangri-la Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation. The former bank has its head offi ce at Kamaladi, Kathmandu whereas the latter has its head office at New Road, Pokhara. Services of both the banks can be received from any branches of these banks.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2010-12-31',
			'keywords' => '',
			'description' => 'NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation.',
			'sortorder' => '129',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '180',
			'article_category_id' => '44',
			'title' => 'Nepal’s First Bank',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre. It is the bank’s 110th branch. On the occasion, the bank organised a talk programme entitled ‘opportunities and challenges of Nepal Bank on the changed context’. Similarly, it also organised different programmes for the children of the bank‘s employees. The bank has 110 branches in 52 districts. The bank will adopt computerized system in all its branches in the running fi scal year, says the bank.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre.',
			'sortorder' => '128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '179',
			'article_category_id' => '44',
			'title' => 'Agriculture Development Bank (ADB)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight. The total number of ADB’s branch is 242 now. Similarly the bank opened its 122 second branch at Charikot, Dolakha.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight.',
			'sortorder' => '127',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '178',
			'article_category_id' => '44',
			'title' => 'Kasthamandap Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu. The bank has been providing ATM service in its Gongbu, Kalimati and Pokhara branches. It is also establishing ATM counters at Swayambhu, New Baneshwor, and Pulchowk in future. The bank has been offering remittance services along with overall banking services. Currently, it has started SMS banking service as well.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu.',
			'sortorder' => '126',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '177',
			'article_category_id' => '44',
			'title' => 'Sewa Bikas Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.',
			'sortorder' => '125',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '176',
			'article_category_id' => '44',
			'title' => 'Swastik Oil Industries Pvt.',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang. The company claims to be the fi rst edible oil factory in Nepal to have HACCP.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang.',
			'sortorder' => '124',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117

Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 133]
Code Context
  //  $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';



    if(!$xml = simplexml_load_file($file)){
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
	'articles' => array(
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			'Article' => array(
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)
$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '200',
			'article_category_id' => '48',
			'title' => 'Population, Electricity & TV',
			'sub_title' => '',
			'summary' => null,
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			Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.<br />
			<br />
			Yes, people have really started becoming nostalgic. For example, they remember the days when they could go and get relieved of the nature's call in the clean open air. And there was no fear of being kidnapped. The security level was so high. Though some high level feudal and royals may come cruising towards you on their imported cars and jeeps and run you over, the days and nights in those days were still so nice.<br />
			<br />
			The current days are bad because of only one reason the population growth.<br />
			<br />
			<br />
			Nepal's population must have reached 30 million by now. To confirm it we will have to wait a couple of years as the official census is planned for the next year only. However, there is another way to check how fast the Nepali population is growing. For example, a baby, who was born while Makune was signing his resignation letter as the prime minister four or five months ago (depending upon when you are reading this page), is now older than about a million compatriots. That is how the number of Nepalis is growing. You don't have to be a biologist to realize that Nepalis could teach rabbits a lesson or two.<br />
			<br />
			The result is that, some people say if the ongoing trend continues, Nepal will soon overtake India and China in terms of population. Think what would happen if Nepal really overtook China and India. Both of these neighbours of ours are now developing so fast on the strength of both being the two largest populated countries on earth. If Nepal snatches that distinction from these giants, would not they really be angry and do something bad to Nepal? <br />
			<br />
			<br />
			Or perhaps they will show what is known the world over as the Chinese or India ingenuity. You can just imagine how competitive the Indian and Chinese will be. As soon as Nepal gets within a million of India's or China's population, the Indian and Chinese governments will start a National month of baby-production campaign.Or they will introduce schemes like anyone who produces triplets gets a</div>
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			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/bonus(1).jpg" style="margin: 0pt; padding: 0pt;" /><br />
			<br />
			free car or something like that.<br />
			<br />
			Both of these countries are teeming with the creative people for coining aggressive campaign slogans.<br />
			<br />
			And the analyses provided by some people is really smart. They say the power outage (known as loadshedding in Nepal) is to blame for the latest population boom. That is quite understandable. Had there been electricity, the Nepali couples would have watched TV and avoided the baby boom. Therefore, these people say that Nepal must produce more electricity and more TV channels to reduce the bed time, read, to cut the population growth rate. <br />
			<br />
			We all know about the progress in these two fronts. We are making a good progress in TV channels by leaps and bounds, so to say. But we are doing pretty badly in electricity. <br />
			<br />
			But wait a while. Perhaps there are still better solutions to this problem. What about the followings: <br />
			<br />
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Offer people in foreign countries a bonus of <br />
				&nbsp; Rs.10 thousand for every Nepali child they <br />
				&nbsp; adopt and increase the bonus to Rs. 100,000 if <br />
				&nbsp; they adopt an adult.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Train more Nepali to speak English and put<br />
				&nbsp; them on the next flight to Gulf, Malaysia or Korea <br />
				&nbsp; or on a train to Mumbai so that they get HIV and <br />
				&nbsp; don't return.<br />
				 </div>
			<div style="padding: 0pt 0pt 0pt 10px;">
				* Find Nepalis who want to sell one of their<br />
				&nbsp;&nbsp; kidneys f or organ transplants in India. Try to<br />
				&nbsp; convince them to sell both.</div>
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		 </div>
</div>',
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			'created' => '2010-12-29',
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			'description' => 'Try to remember the good old days when Nepal's population was only 15 million. In fact many have started doing that with relish.',
			'sortorder' => '138',
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		'Article' => array(
			'id' => '199',
			'article_category_id' => '46',
			'title' => 'Dr Yubaraj Khatiwada',
			'sub_title' => '',
			'summary' => null,
			'content' => '<p>
	<span style="font-size: 14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size: 14px;"><strong>Banks Should Serve To Remote Areas Too</strong></span></p>
<p>
	<span style="font-size:14px;"><strong><br />
	</strong></span></p>
<p>
	<span style="font-size:14px;"><img alt="yubaraj" border="1" height="321" hspace="5" src="http://newbusinessage.com/ckfinder/userfiles/Images/yubarajkatiwada.jpg" vspace="5" width="292" /><br />
	</span></p>
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				<strong>When noted economist Dr Yubaraj Khatiwada was appointed the Governor of the Nepal Rastra Bank (NRB), he clearly faced several challenges in the form of depleting foreign exchange reserves, negative balance of payment, rising inflation, and banking and financial institutions over-exposure to risky sectors. Dr Khatiwada, who started his career with NRB in the early 1980s retired as an Executive Director to serve the National Planning Commission as its Vice- Chairman. He also worked as a consultant for the United Nations Development Programme in Sri Lanka. In a recent interview with Nubiz, he shares his views on the current state of Nepal's economy, the controversial issues in the latest Monetary Policy and the measures he plans to adopt to regulate the banking and financial sector. Excerpts:</strong></div>
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				<strong>We only want the salaries of the CEOs managed as the component of the wider financial governance. The global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives.</strong></div>
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<p>
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				<strong>Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas.</strong></div>
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				<strong>Monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets.</strong></div>
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			<strong>Some say Nepal's economy is on the verge of collapse and Nepal is heading towards becoming a failed economy, while others say it's an exaggeration. What's your view?</strong><br />
			<br />
			I think both are extreme viewpoints. Actually, the Nepali economy is not doing well compared to our neighbouring countries. That doesn't necessarily mean we are going to collapse. We have downward risk such as being overtly dependent on agriculture and remittance. Both of them have either climatic socks or say international market socks. So, we are vulnerable. <br />
			<br />
			The fact is :Nepali economy will run at a very low equilibrium, with low growth, low employment, and low forex reserves. If you have a good economic environment across the political spectrum, we could have high growth and accordingly high employment and high income scenario. People are expecting better results. Perhaps out of frustration, that's why they like to comment on the negative extremes.<br />
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				<strong>Why have people's expectations grown so unrealistically ?</strong></p>
			<p>
				<br />
				China is growing at 9-10 per cent and amidst global recession. India is growing at 8 per cent and Bihar is registering a double digit growth. We raise the people's expectations saying that the new Nepal will have a double digit growth. And then we end up with less than a fraction of that when our per capita income happens to be the lowest in South Asia. If we compare ourselves with Bhutan, it's per capita income is in excess of US $ 2000 and there is pressure building up to upgrade Bhutan from its current LDC status. People are bound to compare and voice their frustration. But we must also look at our own history; we have been growing at 5 per cent on an average for the last 25-30 years and now we are growing at the rate of 4 per cent. The frustration is coming mostly from looking at the progress made by other countries in the region. I would say that we could do much better if we had political stability.</p>
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			<strong>Why haven't our macroeconomic indicators improved even after the peace deal? </strong><br />
			<br />
			Well, macroeconomic indicators o inflation, growth, trade and balance of payment etc.help to create an enabling environment for investment. We could not do well in the balance of payment from last year and we had huge deficit during the first six months. We managed to recover in the year end somewhat. We have a double digit inflation making people speculate towards the real assets rather than focussing on the financial side. So, it has created some distortions in the economy but that is not the story behind weak economic performance. Actually, the structural weaknesses like resumption of power outage of the economy are important to address. You cannot grow power intensive manufacturing or power intensive services when you have heavy power shortage. You cannot have labour intensive industry simply because the trade union is stronger and perhaps the political parties themselves don't have control over their own trade unions. You can see the anarchy in the labour market. Everybody is avoiding two types of industries or services--labour and power intensive ones. You are back to being dependent on agriculture which again we are left at the mercy of rain. Only if we could sort out these issues, then we can be hopeful over the state of the economy.</div>
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			<strong>A few months ago, the central bank tried to restrict the banking sector's investment in the real estate and housing. Is the progress as expected of it? </strong><br />
			<br />
			Well, we have not stopped it. We have only set a limits where the investment in the real estate in the true sense of the world, should not exceed 10 per cent of a bank's lending portfolio. If some banks have invested say five percent, they still have room but if a bank has already lent 25per cent in this sector alone, it has to bring down the figure. So, industry wise there is still some space. And now if banks collect more deposits they can create more room for the real estate financing too. Also, we have separated housing from the real estate business. Housing for medium class families or low income group families is a necessity because people need to have shelters. So, we are still encouraging housing. Regarding the result, the speculative moves in the land deals have almost stopped. Coming to the financial repercussion, people have apprehension that the borrowers might not be able to repay the loan. If the banks have some more deposits collected, they can still roll over your credit. So that way we are not even asking everybody to collapse.<br />
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			<strong>Why do you think there has been a sort of organised protest against NRB's recent guidelines aimed at limiting the salaries of Bank CEOs? Don't you think it's for a bank to decide the salary for its top executive?</strong><br />
			<br />
			On our part, we only want the salaries of the CEOs managed as the component of the wider financial governance. We have seen that the global financial system collapsed because of the perverse benefit structure that was embedded in the CEOs salaries and incentives. There is no point in the CEOs earning huge incentives by undertaking risky ventures to maximise profits and then leave the industry and move to a different occupation. This has often led to the banks landing in financial troubles. So the system would be at risk if extravagant salaries and incentives are linked to profits which lead to risk taking behaviour. <br />
			<br />
			When somebody is having socially unacceptable benefits at the cost of a wide range of stakeholders such as the depositors, the share holders, and the borrowers, it could create a tension in society and we sense it already. Highly paid executives must be compensated adequately for their productivity but that also needs to be at a socially acceptable range. It is also an issue that is being taken up globally. I do not see any reason for Nepal to be an exception in this matter. We are looking at managing salaries in a transparent way which will be socially acceptable. Besides, it will be sustainable for the institution too.<br />
			<br />
			&nbsp;I guess my friends in the banking sector have understood it differently, and were hence provoked. We have basically focused on setting norms that would guide the salaries and perks of the CEOs, not on limiting it in numeric terms. We are definitely not looking at fixing salaries; it's for the banks themselves to determine salaries for their CEOs. The recent guidelines which have existing laws embedded in them are only the parameters to follow.<br />
			<br />
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			<strong>There does not seem to be much success in the operationalising of the monetary policy for this fi scal year. How would you evaluate it?</strong><br />
			<br />
			It is premature to judge the output of the monetary policy. On the macro outputs, things are improving, the rate of inflation is decelerating. It has come down to single digit on basis of new calculations. On the built up of reserves, we expect to have Rs 9 billion additional reserves in one year. In the first three months, no additional built up has taken place. As this is the festival season, we Nepalis spend more. The November data will show how we can recover towards that direction. There are a couple of other areas where we needed the compliment of fiscal budget such as for mergers and acquisitions where fiscal incentives are also necessary. This indeed has been addressed by the national budget. Similarly, we need this for some of the developing financing areas where the central bank and the finance ministry have to work together like in hydro-power financing, tourism financing etc.<br />
			<br />
			One issue that has also drawn flak is on the conditions set to open bank branches in the Kathmandu valley. Critics opine this was brought into effect too late, after existing banks have had enough braches in the valley. The new banks are allowed to have their corporate office and one more branch in the valley. But if they want to have more branches, we want them to serve the remote and the semi-remote areas too. If a new bank opens at least one such branch, it can always come back to open a third one in the valley. <br />
			<br />
			And to facilitate their business transactions, we have allowed them to have multiple branches in the border areas. So the new banks are in a position to open at least ten branches which is a good number. In this context, even the banks have to find new areas of savings mobilisation. I think it should work for the banks to explore virgin areas for the operationalisation of savings and credit. The problem begins when some banks are opening branches without properly accessing the commercial viability of the branches and accessing the capital base.<br />
			<br />
			&nbsp;In that case, it becomes the responsibility of the central bank to intervene. That's why we have stepped in this process to see that the banks branching policies are in the right place. It's certainly not to create bureaucracy. It is simply to ensure that a majority of the population in this country have access to finance.</div>
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			<strong>The central bank has announced to withdraw all notes bearing the image of former monarch from the market by the end of 2067 BS. What are the costs and benefi ts of this move? What are the bank's plans to introduce more durable notes?</strong><br />
			<br />
			The withdrawal of the notes in circulation with the former king's image needs to be honoured. We have been delaying because there is a cost involved to it. We want such notes to be naturally phased out in a manner such that the notes that come back to the bank will not be re-circulated. In terms of volume, most notes have already come back to the central bank. We have in circulation notes worth about Rs160 billion outside the central bank out of which only about Rs 4 billion notes are with the former king's image. On the issuance and printing of more durable notes, it has two dimensions. <br />
			<br />
			The short life of the existing notes is because of our culture and habits. We certainly lack the consciousness and responsibility to handle notes. We must understand that this is a national property and spoiling or damaging notes costs money. Any savings from printing notes adds to the government's coffer in the form of dividend. This ultimately goes to the people in different areas like education, health, transportation etc. Habits like culturally colouring, writing and worshiping with water over notes have to change over time. The second point is the quality of the note itself. That would imply shifting away from paper notes to polymer notes. Polymer notes, if properly printed and designed, last longer than paper notes. That is the policy shift we have to make. The polymer notes we had earlier with Rs 10 denomination didn't yield a good result. Although most countries are now already entering the polymer notes scheme, we are still in the process of finalising it. We are looking at better quality polymer notes in circulation and also at raising the people's awareness on handling them properly.<br />
			<br />
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			<strong>On the one hand, NRB seems convinced that the existing number of banks in Nepal is too high, while on the other you continue to issue new licences. Isn't it a contradiction?</strong><br />
			<br />
			<br />
			Actually, when we gave letters of intent to at least half a dozen banks, we decided that we have to have a moratorium on establishing new banks. When we say no more banks, we don't say that there are already six banks which have been almost approved. My colleagues in the central bank had taken this decision before my appointment as the Governor. They had indeed said ''no to more banks after having approved at least half a dozen of them. That's what has confused people. Since my appointment, I haven't approved a single new commercial bank. The banks that have opened are a result of the decisions made in the past. There are two more banks coming up very soon which are again decisions from the past. Since April 2010, we haven't had any letter of intent issued to open any new bank. After joining the NRB, I have encouraged class D, C and even some B class banks which can operate outside Kathmandu in order to expand financial access to the rural areas. The other dimension is that some banks have asked for upgradation from class C or B to class A. They have been issued letters of intent before or have been given some kind of assurance from us. Now, with our policy of no more commercial banks we need to make decisions on those who have already been given green signal to be graduated. Whatever the internal challenges may be, the main issue is that we have enough commercial banks - 30 of them on the last count. In terms of number, 30 commercial banks are enough but in terms of financial access, services and the capacity of the banks to go into the rural market, we are lagging behind. The total capital of the commercial banks is perhaps between Rs. 50 to 60 billion.<br />
			<br />
			If you are developing a 200 MW power project, you can access the cost but even the entire capital may not be enough. In that sense, this is still a small shallow financial market. So now the challenge is to seek ways to expand the services of the existing banks as well as to enhance the quality of the banks. The reallocation of the resources from less productive to more productive areas and to see that the poor are having some access to capital needs a look-in too.<br />
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			<strong>Banks are reportedly going to face a liquidity crunch again? </strong><br />
			<br />
			What are NRB's plans to avert this situation? First, the central bank must guide or warn them about such a scenario. Before Dashain when banks had a lot of cash, apparently they were trying to bring the interest rates down. Publicly, I said that it's too hard to decrease it, perhaps you have to wait and see, and perhaps you should look for new avenues of investment. So that was my concern and that is still valid. I would request the banks to continue with the interest rate that is necessary. The second point is we have seasonal withdrawals. Before Dashain, people want to have new currency notes so they withdraw more money from the banks. They also change old notes with new ones. Usually, the new notes are with the people till Tihar. Once the festivities end, these notes are back in circulation in the market. Thirdly, you must take into account the harvesting season. The new notes can come to the market only when there are certain activities in the agricultural sector. You should have new production which has to be transacted that demands money. Once the notes circulation gains momentum, it enhances liquidity and that brings money back to the banks. That cycle will start when the paddy comes to the market. The other factor is remittance. If there is a high flow of remittance, the money comes to the banks and then gets converted into Nepali currency. Either spending or saving the money is eventually bringing it to the bank. Increased remittance is a trend that starts with the start of the festive season. This money is spent largely during the festivals. The official exchange rate between Indian and Nepali currencies is still fixed at NRs 160 for IRs 100. However, in the market, an IRs 100 note is already being exchanged for NRs 165. Do you think that calls for a devaluation of the Nepali currency vis-a-vis the Indian one? I would not recommend that as we have enough Indian currency with us. The artificial trading of Indian rupee is for some other reason. Why do you think there are people who need Indian rupee in cash and even ready to pay a higher margin? NRB has been giving unlimited amount of Indian currency through the banking channels. So the story is not about the exchange rate, it has to do with governance and its controlling measures. And also about stopping the legal imports to Nepal because the issue is somewhere else than the import exchange market. Why does one need to pay NRs 165 for IRs 100 when the banks can issue cheques, drafts, LCs, and even the ATMs can be used for the purpose? It is about people who indulge in business practices outside the purview of the formal legal system. The solution to this lies with the broader surveillance issue, trade management, customs management etc.</div>
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			<strong>Is that the reason for NRB to cut down the volume of Indian Currency given to the money changers? </strong><br />
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			Yes. We realise that this could put the country at a great risk. Speculation is rife that in the border areas, there might be a lot of illegal activities provoking factors which might pose a threat to the peace process. And still the central bank is liberally distributing cash currency which may not be a wise decision after all. These are times when we are concerned about terrorist financing. While looking at anti-money laundering measures, we want to talk about financial disclosures and encouraging cash transactions in the border areas.<br />
			<br />
			<strong>The new monetary policy has provisioned mandatory lending to the deprived sections of the population by fi nancial institutions. But it they are trying to form subsidiary institution of their own which is agian likely to be centred in the urban areas. The actual target population, to a large extent, still lacks access to funds. How do you plan to address this issue?</strong><br />
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			We have been able to address this issue partly. What we have said that you can have some institutional arrangement to retail credit in the urban sector but that cannot be more than 1/3rd of your total volume. The major component must go to the real borrowers through some or the other mechanism. The money going to the deprived sector through any institution cannot be re-deposited in the bank at an interest payment that we have stopped. We have also strengthened our supervision to see that the money marked for the deprived sector should be spent on a daily basis. If the financial institutions fail to do so, we would not count the spending under the deprived sector. We are definitely trying to strengthen the process. We have also asked the banks to have a plan to increase their resources allocation towards the agricultural sector. It should, in part address the issues of the weaker section of society. It's a myth that poor people are not bankable. I think there is more credibility attached to them because they don't have the capacity to become defaulters.<br />
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			<strong>What is your response to the criticism that the new monetary policy could lead towards a more restrictive regime akin to a control of socialist nature?</strong><br />
			<br />
			Critics may say what they like to but nobody is disagreeing on the evaluator economic system or the system of social justice. However, the monetary policy is not designed to address these issues but to direct credit. People must first understand monetary policy vis-a-vis the credit policy. Monetary policy is totally designed towards the macroeconomic strategy, low inflation, better reserves, enabling growth with adequate provision of credit etc. On the other hand, the credit policy could be selective and qualitative in a country like ours whereby access to finance and formal credit for some productive sectors cannot be denied. These sectors include agriculture, tourism, water, and hydroelectricity etc. If this makes us restrictive and socialistic, I would simply accept that. But monetary policy is the philosophy and is neutral to any ism. In fact, I have never heard of a socialistic monetary policy. A monetary policy is always required for creating markets. What a credit policy does is something that every country does. Look at the overall picture in South Asia. Directed sector credit programmes, productive sector credit programmes in some of the South Asian countries is higher than in Nepal. We cannot challenge Bangladesh, India, Maldives, or Sri Lanka on that account. Their credit policies are stronger than ours. So I would like to ask my good friends to look at these examples in the region.</div>
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			'description' => 'When noted economist Dr Yubaraj Khatiwada was appointed the Governor of the Nepal Rastra Bank (NRB), he clearly faced several challenges in the form of depleting foreign exchange reserves, negative balance of payment, rising inflation, and banking and financial institutions over-exposure to risky sectors.',
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				<strong>You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group. A long established name in Nepal's ready made garment (RMG) industry, Saakha accredits all his success to the three virtues he learnt from his father and grandfather. These three virtues, shares Saakha, have helped him prevail for over two decades in an industry where many have perished.</strong></div>
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				<strong>Abnormal profit always hides a trap. If anyone tries to attract you with huge abnormal profit, you have to be extra careful.</strong></div>
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			Born to Ganesh Bhakta Saakha and Late Janak Laxmi as the first child, Kiran was raised like any ordinary Kathmandu Valley child. He went to Nepal Adarsha Vidhyalaya, a normal government school where every other kid from the neighbuorhood went. Though he came from a well-off business family, he was never allowed to feel any more privileged than a kid from an average-income family. As a child, Saakha recollects, his biggest dream was to have a bicycle. I thought I would be the king if I had a bicycle, he goes down the memory lane.<br />
			<br />
			Unable to get one, he used to play marbles in the chowks and streets of old Kathmandu. Because of the time and environment back then, he didn't have big dreams as a child. And hobbies? I couldn't afford to have any, he puts it candidly. So he never thought of becoming a doctor or engineer or a pilot. But somewhere at the back of his mind he pictured himself as a businessman. <br />
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			After finishing school, he did his bachelors from Trichandra Campus and masters from the Central Campus, Tribhuvan University. Saakha thouroughly enjoyed his college days. He learned to play new sports such as table tennis, tennis and squash. He also learned swimming and started going to health clubs, a habit which has kept him fit and fine until now. <br />
			<br />
			Soon after leaving college, he found himself working in the factory his family owned. He was completely engaged in the company that manufactured adhesives and also carried out trade activities with China. But life had other plans for him. Young Saakha was gradually attracted to the RMG industry, a promising enterprise in the 1980s. The slow and steady player of the Nepali apparel business believes all the name and fame he has today is because of the RMG. He says he may not have made a fortune but is doing quite well in Nepal's RMG industry, perhaps the most hardhit sector in recent times. <br />
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			And the interesting thing is it was a betrayal, not an inspiration as many would think, that propelled him into the apparel business. Perhaps I wouldn't have been what I am today if it wasn't for a betrayal, says Saakha who got into the RMG business just to show to his betrayer. <br />
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			It was the early 80s and RMG was fast evolving into a lucrative business. Orders from neighbouring India were pouring in. Foreigners would come to Nepal, find a Nepali citizen and set up a factory as citizenship was mandatory to register a company. They would take care of everything else: investment, machines, technology, labour, orders, and shipments. He was lured into RMG by a friend and his relatives showing these possibilities. They promised him a joint venture. When the plan was ready for execution and he was expecting the business to start, they ditched him. The betrayal hurt Saakha very badly. And the best way he could answer them, he thought, was to start an apparel business on his own. <br />
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			This is how the foundations of what is today known as Prasuna Fashion were laid. Saakha started small, setting up his factory with just 50 sewing machines. He was a novice in the apparel industry, without much knowledge and experience. So at the beginning, he hardly got any orders as he had no major contacts abroad. <br />
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			Shipping was a major problem back then. The failure to complete the orders on time meant the products had to be sent by air instead of on a ship. This in turn meant not only giving away almost all the profit but also incurring a huge loss. Soon there was a tough competition with the mushrooming of many units. The companies grew greedier and greedier, trying to get as many orders as possible by overstating their production capacity. But most of them couldn't deliver the orders on time, leading to either the cancellation of the orders or the selling of the products for peanuts. This greed and overtrading, he believes, is the reason why many garment firms collapsed. But Saakha's strategy was different. <br />
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			<strong>PERSONAL SIDE</strong>
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							<strong>Loves music, watches MTV a lot </strong></li>
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							<strong>Loves long drives </strong></li>
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							<strong>Is scared of flights in small planes </strong></li>
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							<strong>Is religious but not superstitious </strong></li>
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							<strong>Loves to cook </strong></li>
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							<strong>Avoids nancial transactions with friends </strong></li>
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							<strong>Scared of atheist people</strong></li>
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						In the first place, he never tried to bite more than he could chew. He was also committed and honest, never exaggerating his production capacity to grab more business than he could handle. He discloses his success formula: At a time when most companies were overtrading, as a rule I always accepted orders slightly less than I could actually produce. Thus I was always able to make the deliveries on time by a ship, and never had to resort to delivery by air. And my clients were always happy This is a formula he has always adhered and it has always worked for him. </p>
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			Having spent more than two decades in the RMG business, Saakha certainly knows most of the tricks of the trade. Saakha has a very sound advice</div>
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			<img alt="" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/Kiran-P-Saakha--2.jpg" style="margin: 0pt; padding: 0pt;" /><br />
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			for those who are tempted to go for a quick, abnormal profit. An abnormal profit always hides a trap. If anyone tries to lure you with a huge abnormal profit, you have to be extra careful, says Saakha.<br />
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			Being on the safe side and avoiding risks is his philosophy, both in personal and professional lives. Clearly a safe player, he is never enticed by gains that involve risks. In all his undertakings, he moves ahead only after analyzing the worst case scenario. <br />
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			He has already held respectful positions in the Garment Association of Nepal as the treasurer, joint secretary, vice president and finally the president.<br />
			<br />
			No matter how busy he is, he always finds time to be with his family. If you don't give importance to your family, then you're finished. Having a rolling business and all the riches is of no use if you don't share a good bond with your family. The proud father of a son and a daughter, he is blessed with a very understanding wife, Kusum Saakha, an LLM from the Harvard Law School. The couple have been happily married for 32 years now. We are very much compatible with each other. Our marriage was an arranged one but I already knew her as we both were in the same college,recalls Saakha. Kusum is involved with several NGOs and also teaches in colleges. <br />
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			Saakha considers his bad temper a major drawback of his personality. As he can rarely control it, he doesn't go for inspection rounds in his factory. I know in advance that the carelessness of the workers will trigger my bad temper. He is occupied mostly by desk work and maintaining public relations. I don't get on well with many peple. I can handle everyone but cannot have a close relationship with everyone, so I have very few close friends. I only make friends with those who are on my wavelength, he reveals. Whenever he is free, he likes to spend his time with close friends and family at his own residence. Many would envy the fit body of Saakha, a man in his late fifties. He goes to the health club at Hotel Radisson every day and works out for about an hour. Paying for the health clubs is much cheaper than going to the doctors and paying for the medications. It is because of my regular workout that I have never been bed-ridden for the last 20 years, says Saakha proudly. <br />
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			He is not that brand conscious. As a student of economics, he looks for the value for money and utility in whatever he buys. I go for brands provided that I get them at a reasonable price, says Saakha. However, he accept that he always wears readymade suits from Menz. I have been wearing them for the last 20 years, says Saakha. He doesn't believe in showing off the brands. He just needs to feel comfortable in whatever he wears. But when it comes to watches and glasses, he always chooses the best brands. I am very fascinated by watches of different brands. I think of them as a status symbol. He loves Omega, Rolex and other top brands. <br />
			<br />
			Saakha, who currently drives a Toyota, doesn't allow anyone to drive his car, not even his family. The busy businessman doesn't go for holidays much. My holidays and business trips are tied up together, he says. Whenever it's possible, he goes with his family to Pokhara and Sauraha for holidays. He doesn't like to spend much on foreign tours but prefers going to Goa as it combines economy with utility. He prefers Vietnam, Cambodia, Bangkok and other Asian destinations to Europe and the USA as the Asian destinations are far more economic and equally entertaining. I like to keep a balance of what's coming in and what's going out in every aspect of life. <br />
			<br />
			The MD of the Saakha Group doesn't have any immediate plans for new investments. The time is not right for expansions. I think it is better to take care of and hold on to what you already have, he says. At present, his company is providing employment to around 400 people. From his long experience, he suggests that aspiring entrepreneurs should not overtrade. Although it can help you make quick money, if it backfires, then you're done. Believe in honesty and commitment as you cannot sustain without them, he concludes with a quote from his late grandfather.<br />
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			'description' => 'You may get on top, but you can't stay there for long without persistence, honesty and commitment, says Kiran P Saakha, the director of Saakha Group.',
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					<img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/sabhu.jpg" style="margin: 0px 5px 0px 0pt; padding: 0pt; float: left;" width="112" /><img alt="" height="161" src="http://www.newbusinessage.com/ckfinder/userfiles/Images/subash.jpg" style="margin: 0pt 0pt 0px 5px; padding: 0pt; float: right;" width="112" /><strong>Sambhu Guragain </strong>has joined New Business Age Pvt. Ltd. as General Manager (Sales &amp; Marketing). Guragain brings 14 years of experience of working in Himal Media Pvt. Ltd. Similarly, <strong>Subas Das</strong> who worked with Himal Media for 12 years has joined New Business Age as Marketing Manager.</div>
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			'description' => 'Sambhu Guragain has joined New Business Age Pvt. Ltd. as General Manager (Sales & Marketing).',
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					NIC Bank became the fi rst among private banks to open a branch office in Malangawa of Sarlahi. The bank is intending to invest in the avenues of micro and small industries along with commercial banking, said the bank.</div>
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					Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj. The branch will provide services like remittance, inter-branch banking, depositing and ATM. The head offi ce of the company is at Battisputali of Kathmandu.</div>
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			'description' => 'Capital Merchant Banking and Finance has opened its 7th branch at Dhamboji of Nepalgunj.',
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					National Banking Training Institute (NBTI) has organised training on Risk Management. The training was conducted with the cooperation of State Bank of India (SBI). Forty one senior offi cers from 19 commercial banks participated in the training.</div>
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			'description' => 'National Banking Training Institute (NBTI) has organised training on Risk Management.',
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			'user_id' => '0'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '183',
			'article_category_id' => '44',
			'title' => 'International Development Bank Has Opened Its 12th Branch',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay. The bank is planning to open seven new branches within the current fi scal year and aims towards opening 50 branches within the next fi ve years.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'International Development Bank has opened its 12th branch in Chautara of Sindhupalchok. The branch was inaugurated by Chief District Officer Hari Krishna Upadhyay.',
			'sortorder' => '131',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '182',
			'article_category_id' => '44',
			'title' => 'Silver Palace',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products. CEO Basudev Bhetwal says the outlet will help in the conservation of traditional Nepali silver craft by giving priority to the handmade products.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Silver Palace has started business at New Road of Kathmandu. It will deal in handmade silver ornaments and other silver products.',
			'sortorder' => '130',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '181',
			'article_category_id' => '44',
			'title' => 'NDP Development Bank And Shangri-la Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation. The former bank has its head offi ce at Kamaladi, Kathmandu whereas the latter has its head office at New Road, Pokhara. Services of both the banks can be received from any branches of these banks.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '2010-12-31',
			'keywords' => '',
			'description' => 'NDP Development Bank and Shangri-la Development Bank Ltd have joined hands for the business cooperation.',
			'sortorder' => '129',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '180',
			'article_category_id' => '44',
			'title' => 'Nepal’s First Bank',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre. It is the bank’s 110th branch. On the occasion, the bank organised a talk programme entitled ‘opportunities and challenges of Nepal Bank on the changed context’. Similarly, it also organised different programmes for the children of the bank‘s employees. The bank has 110 branches in 52 districts. The bank will adopt computerized system in all its branches in the running fi scal year, says the bank.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Nepal’s first bank, Nepal Bank Limited in its 74th anniversary re-established its branch in Paachkhal, Kavre.',
			'sortorder' => '128',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '179',
			'article_category_id' => '44',
			'title' => 'Agriculture Development Bank (ADB)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight. The total number of ADB’s branch is 242 now. Similarly the bank opened its 122 second branch at Charikot, Dolakha.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Agriculture Development Bank (ADB) has opened its branch at Kohalpur, Banke. With this, the number of banks in Banke has reached eight.',
			'sortorder' => '127',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '178',
			'article_category_id' => '44',
			'title' => 'Kasthamandap Development Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu. The bank has been providing ATM service in its Gongbu, Kalimati and Pokhara branches. It is also establishing ATM counters at Swayambhu, New Baneshwor, and Pulchowk in future. The bank has been offering remittance services along with overall banking services. Currently, it has started SMS banking service as well.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Kasthamandap Development Bank Ltd set up its 16th and 17th branch at Golfutar and Urlabari respectively. Its head offi ce is located at New Road of Kathmandu.',
			'sortorder' => '126',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '177',
			'article_category_id' => '44',
			'title' => 'Sewa Bikas Bank Ltd',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Sewa Bikas Bank Ltd is on a process of installing ATMs at Butwal and Bhairawa as well as Parasi and Kawasoti.',
			'sortorder' => '125',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '176',
			'article_category_id' => '44',
			'title' => 'Swastik Oil Industries Pvt.',
			'sub_title' => '',
			'summary' => null,
			'content' => '<div style="width: 595px; margin-bottom: 15px;">
	<div justify="" style="width: 595px;">
		<div>
			<div style="border: 1px solid rgb(204, 204, 204); padding: 5px;">
				<div align="justify">
					Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang. The company claims to be the fi rst edible oil factory in Nepal to have HACCP.</div>
			</div>
		</div>
	</div>
</div>',
			'published' => true,
			'created' => '2010-12-29',
			'modified' => '0000-00-00',
			'keywords' => '',
			'description' => 'Swastik Oil Industries Pvt. Ltd has received Hazard Analysis Critical Control Point (HACCP) certification for its factory at Hattimuda of Morang.',
			'sortorder' => '124',
			'image' => null,
			'article_date' => '0000-00-00 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => false,
			'in_scroller' => false,
			'user_id' => '0'
		)
	)
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/index.ctp, line 157
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117