Banks proliferate in Rasuwa with the rise in economic activities

RASUWA, March 10:

bank_moneyBanks and financial institutions (BFIs) are expanding their presence in Rasuwa, thanks to rise in economic activities in the district.

There already are about a dozen BFIs in the district headquarter Dhunche as well as other rural parts of the district.

The BFIs started opening their branches in the district following opening of the Glachhi-Trishuli-Syafrubeshi-Rasuwagadhi transit route which is regarded as the shortest land route linking India with China. This has given a boost to economic activities in the district.

Private banks are entering the district eyeing the new market where more than a dozen hydro power projects are being developed.
Until seven years ago, only Nepal Bank Limited had its branch in Dhunche. Today, there are more than dozen banks and financial institution in the district.

“It was very hard to get banking service seven years ago as we only had only one bank at the district headquarters. We are now relieved form the hassles of searching a bank as banking services are available at Syafrubesi itself,” Bikash Tamang, a local of Goljung, told Republica.

Most of the banks in Rasuwa have extended loans in sectors like hydropower, agriculture and animal husbandry, among others. They have also introduced various facilities like free ATM card, zero-balance saving account for students, and accident insurance scheme for depositors.

As soon as Janata Bank established its branch office in Dhunche, it started extending loans to the locals for buying the primary shares of Chilime Hydropower. The bank´s initiative not only helped the cash-strapped locals to buy the shares but also attracted people toward banking service.

Man Bahadur Tamang, chairman of Nepal China Kerung Trade Association, said most of the banks started opening their branches in the district with the operation the Rasuwagadhi Customs Point along Nepal-China border. “We are sparing no effort to begin full-fledged operation of the customs point which will further give a boost to banking business here,” he added.

At present, branches of Nepal Bangladesh Bank, Mega Bank, Janata Bank, Himalayan Bank, Prime Commercial Bank, Nepal Bank Limited, Agricultural Development Bank, NMB Bank, NDEP Development Bank and ICFC Finance are in operation in the district.

Karma Tamang, a resident of Haaku, said it has become easier for locals to get banking services after various banks started opening their branches in the district. “Gone are the days when people had to go to the city searching for banks. Now banks are coming to our doorsteps,” he added.

Source : Republica