June 16: The merger agreement of Siddhartha Finance Ltd, Mahalaxmi Finance Ltd and Malika Development Bank has been approved by the special general meeting of Siddhartha Finance. The meeting was held on June 14 at Bhairahawa in the chairmanship of Ramesh Kumar Agrawal, Chairman of the Finance. The new entity formed after merger will be named as Mahalaxmi Development Bank.

After the merger, the paid- up capital of Mahalaxmi Development Bank will be Rs 1.15 billion. Similarly, the institution will have Rs 10.71 billion in deposits and Rs 8.67 billion in loans.