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BFIs need to increase investments in productive sectors: NRB Official

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BFIs need to increase investments in productive sectors: NRB Official
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July 11: Chief Administrator of Nepal Rastra Bank, Bhairahawa, Revati Prasad Nepal, has suggested banks and financial institutions to expand their services to increase financial accessibility of Nepalis. He stated that 20 percent of people in Nepal are still deprived from banks and financial institutions (BFIs) services. Mentioning that BFIs have been investing on a very low level in the productive sectors, he urged BFIs to increase their investment in the productive sectors to increase the mobilization of youth manpower in the country.

He was speaking at the program organized in the occasion of 18th anniversary of Synergy Finance. In the program, he suggested BFIs to perform exemplary work in the financial sector.

Butwal-based Synergy Finance, from Saturday, completed its 18th year and entered to the 19th year. The company organised employee recognition ceremony celebrating its anniversary at Butwal. Synergy finance is a ‘C’ class license holder institution and formed from the merger of Synergy Butwal, Alpic, Everest and CMB Finance.

Speaking at the event, Chairman of the Finance, Jhapat Bahadur Bohora said that the preparation to upgrade Synergy Finance to national level is underway. He said that if increase in paid up capital does not work, then the merger policy would be adopted. Meanwhile, Chief Executive Officer Bitin Madi Upadhaya of the company committed to strengthen the company by mid-July. The paid of capital of the finance is Rs 480 million and its corporate office is located at Kathmandu.

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