The Nepal Rastra Bank, which is the nation’s central bank, recently recognized Nirdhan Utthan Bank Limited, a local microfinance bank, with the “National Level Microfinance Development Bank” designation. After Nirdhan Uttahan Bank reached minimum capital requirements of NPR 100 million (USD 1.34 million) in paid-in equity, it became the first microfinance bank in the country to be recognized with this designation. The designation means that Nirdhan Uttahan Bank has official sanction to open branches in all seventy-five districts of Nepal. Additionally, with the “development bank” designation, NUBL may obtain different sources of funding for its operations, can reach a broader swath of clients and can accept collateral for its larger loan products.
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