Pokhara Has New Dev. Bank

City Development bank which has a paid up capital of Rs. 50 million has commenced its operation in Pokhara as a regional development bank. The bank has been authorized to do its business in neighbouring districts of Lamjung and Tanahun as well. According to L.B. Baniya, a professor of management and the chairperson of the board of directors, with the opening of this bank, the residents of this scenic city of pokhara will have easy access to every day banking service including the evening service and ATM service which hitherto was unavailable to them.
The head office of the bank is located at Chipledhunga of Pokhara. The bank has 45 promoters who hold 70 percent of the stake in the company and plans to raise 30 percent of its paid up capital from the general public within one year of operation. Among the directors of the Bank’s Board are Ganesh Bahadur Gurung (social activist), Rajendra Bataju (businessman), Krishna Bahadur Thapa (former employee of Nepal Rastra Bank) and Pritamman Buddhacharya (business person). According to Baniya, since his bank has small paid up capital, it would focus on providing better service to the customers instead of competing on interest rate. At the same time the bank would focus on relationship marketing and cater primarily to the needs of small industries, says Baniya.
Upon inauguration, the bank announced setting up of a special fund for environmental protection in Pokhara city as a corporate social responsibility (CSR) initiative.