Agreement between Garima Bikas Bank and Federation of Electrical Entrepreneurs of Nepal

KATHMANDU:Garima Bikas Bank Limited has reached an agreement with the Federation of Electrical Entrepreneurs of Nepal (FEEN), an umbrella organization for electrical equipment businesses. On Wednesday, November 13th, the Development Bank's Deputy Chief Executive Officer Anil Regmi and the Federation's President Resham Prasad Devkota inked an agreement.

Following the agreement, it is stated that the Federation of Electrical Entrepreneurs of Nepal (FEEN) will assist electrical equipment entrepreneurs affiliated with the FEEN in establishing business relationships with Garima Bikas Bank and conducting banking transactions. Garima Bikas Bank will provide commercial overdraft loans at 8.48 percent and small and medium business loans at a premium rate of 0.75 percent to FEEN-affiliated entrepreneurs under the Public Attractive Interest Rate Scheme for the time being.

Further, the bank has indicated that they will be able to obtain facilities such as home loans, vehicle loans, share loans, gold and silver collateral loans, credit cards, and others in a simple and straightforward manner, subject to applicable rules and regulations. The bank will also establish and operate a separate loan desk.

Garima Bikas Bank, with its headquarters in Lazimpat, Kathmandu, serves customers through 123 branch offices, one extension counter, and 51 ATMs across the country, including 22 in the Kathmandu Valley.