Nirdhan Utthan Bank Limited (NUBL) receives central bank approval to mobilize public deposits

The central bank of Nepal, Nepal Rastra Bank has provided approval to NUBL to mobilize public savings. NUBL is now allowed to mobilize public deposit to the limit of 5 times of its core capital. The bank is the first microfinance bank of Nepal to receive central bank approval for public deposit. NUBL was accepting deposits only from its members which was not sufficient to fund its loan portfolio. The borrowing was the main source of funding so far.

Paid-up equity of the bank reached to NRS 174 million after the right share allotment

The paid-up equity of the bank has reached to NRs. 174 million after the right share allotment. As per the decision of 11th Annual General Meeting, the bank had issued right share in the proportion of 2:1 to its existing shareholders. The amount received through right issue is NRs. 50.8 million. The International Finance Corporation (IFC), a World Bank Group Company holds share of NRs. 13.4 million which is 7.7% stake in the equity of Nirdhan Utthan Bank Limited.