Rastriya Banijya Bank (RBB) Signs Agreement With Federation of Home and Small Industries
September 30, 2020 | Investopaper
Rastriya Banijya Bank Limited (RBB) and Federation of Nepalese Small and Household Industries have reached an agreement on cooperation in concessional loans. The bank’s chief executive officer Kiran Kumar Shrestha and acting president of the Federation of Nepalese Small and Household Industries Umesh Prasad Singh signed the agreement.
As per the agreement, the Federation will provide necessary training on entrepreneurship to the entrepreneurs affiliated to the Federation of Nepalese Small and Household Industries.The federation will recommend the trained person to the bank for loan and the bank will provide concessional loan to the entrepreneur as per the rules.
Chief Executive Officer of the Bank, Shrestha, said that the development of entrepreneurship in the country would help in the implementation of the government’s policies and programs as well as create employment.
He informed that the bank will float the loan from 241 branch offices of the bank in 77 districts of 7 states. Umesh Prasad Singh, acting president of the Federation of Home and Small Industries, said that the cooperation with the bank would further help in the financial access of home and small entrepreneurs.
As the federation currently has 35,000 entrepreneurial members and the loan invested as per the recommendation of the federation will also have institutional collateral, the federation will also have a moral obligation to recover the loan.
