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LENDING & CREDIT | Cesar Tordesillas, India

NIDC Bank asked to raise capital

NIDC has been asked by Nepal's central bank to increase its capital so that it could invest more and facilitate growth of productive industries.

"We safeguarded NIDC over the past five decades with a sole motive to lend and facilitate the development of mega industrial projects. It must live up to this expectation," said the Governor of the Nepal Rasta Bank Dr Yuba Raj Khatiwada.

Dr Khatiwada promised all possible central bank to NIDC Bank.

Chairperson of NIDC Shanta Bahadur Shrestha expressed concerns over the institution´s bad loan. "Recovering the bad loans has become a major challenge for the bank, but it must overcome this challenge, if it is to create opportunities for itself and do better in the highly competitive banking sector," he stated.

Issuing a press release on the occasion, NIDC Bank has announced that it is aiming to earn profit of Rs 300 million in the current fiscal year.

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