NRB Refutes Deadline Extension Reports

Nepal Rastra Bank (NRB) has clarified that it has not extended the deadline to meet the minimum required capital (paid-up capital) for banking and financial institutions (BFIs). NRB has ruled out extension of the deadline following a news report claiming that it had extended the deadline to meet the minimum required capital.  “We have provisioned that the proposed bonus share distribution on Fiscal Year 2013-14 if approved by the NRB could be counted on the paid-up capital,” NRB spokesperson Bhaskarmani Gyawali said. Through the monetary policy, the NRB had directed those bank and financial institutions, who are yet to meet the minimum paid-up capital, to do so by the end of FY 2013-14. 

 

Tinau’s Dividend Approved

Tinau Development Bank Ltd, headquartered at Butwal, got an approval from Nepal Rastra Bank to distribute a 12.69 per cent dividend including 12 per cent as bonus shares. The bank has collected Rs 1.53 billion deposit and extended a total of Rs 1.12 billion as loan during the last Fiscal Year. It has earned a Rs 23.3 million as profit and has issued capital of Rs 200 million and paid up capital of 115 million with eight branches in operation.

 

Everest Announces Book Closure Date

Everest Bank has announced the book closure for share trading from September 18 to October 10 for the upcoming Annual General Meeting (AGM). Releasing a communiqué last Wednesday, the bank stated that the 237th meeting of the Board of Directors (BoD) held on September 6 made such a decision. The details of the upcoming AGM will be made public laterby publishing a separate notice, the communiqué added.

 

Siddhartha Development’s ‘SDBL Auto Loan’

Siddhartha Development Bank Ltd has announced ‘SDBL Auto Loan’ scheme for the coming Dashain festival. According to the scheme, the loans will be on 11.99 per cent per annum interest rate to purchase new and reconditioned vehicles with 60 per cent discount on service charge. The other features of the scheme include loans up to 80 per cent of the vehicle cost, seven years of moratorium period and a fixed interest rate for a year.

 

Garima’s 25pc Dividend

Garima Development Bank Ltd will propose a 25 per cent dividend distribution at its Annual General Meeting (AGM).  According to the bank, it is going to propose 20 per cent bonus shares and 5 per cent cash dividend. The bank has collected a total amount of Rs 3 billion deposit and floated Rs 2.43 billion as a loan until the end of Fiscal Year 2012-13. Chief Executive Officer Govinda Prashad Dhakal informed that the bank earned an operating profit of Rs 96.1 million in the FY2012-13. He further said that the bank is planning to issue rights shares next month. The bank says that its paid-up capital will reach 374 million after issuing rights share and distributing the dividends.

 

Kaski Finance’s 13pc Cash Dividend

Pokhara based Kaski Finance Ltd will distribute 13 per cent cash dividend to its shareholders.  The dividend will be distributed after approval from the Annual General Meeting of the Company, said Chief Executive Officer (CEO) Toya Raj Adhikari.