Mahakali Bikas Bank
Update: The bank was acquired by Kumari Bank Limited in 2017.
First Local development bank in the financial sector of the Mahakali Zone, Mahakali Bikas Bank is promoted by a team of professionals representing banking, insurance, health, transportation and trade sectors. The bank that believes in the highest standards of corporate governance has successfully embarked on a multi-pronged strategy of consolidation, administrative streamlining, human resource up-skilling, strategic cost management, focused non-performing assets management and up-to-date balance sheet riding along with strengthening the credit culture in the remote areas of Nepal.
Manakali Bikas Bank has developed its corresponding agency relationship with various banks in Nepal as well as abroad for facilitating its customers to remit their money through its branch offices and correspondent banks. The bank was registered in 14 Baishak, 2064 BS under the Company Act 2063 and its office is situated at Bhimdatta Municipality in Mahendranagar in Kanchanpur. However, it started its financial transactions from Bhadra 1, 2064 BS with Sudarshan Joshi as its first Chairman, Surendra Kumar Joshi, Ramesh Chandra Sharma, Satya Prakash Ojha and Tek Raj Bharati as its first Board of Directors.
The bank established with the Authorized Capital of NRs 100 million, Issued Capital of NRs 40 million and Paid-up Capital of NRs 40 million considers providing quality and reliable service, helping increase capacity and productivity of economically viable productive business, helping on establishment, development and promotion of employment generated business by appropriate utilization of available skills, labor and capital in rural and urban area and providing service of financial mediator as its major objectives.
The bank, in order to fulfill its objectives and address the demands of its customers, has come up with various deposit and loan schemes such as Savings, Special Savings, Grihini Bachat, Mahakali Bal Bachat, Mahakali Dhamaka Bachat, Mahakali Aawakash Khata and General Savings under its saving schemes, Mahakali Super Saving (Social Institutional Saving) and for senior citizens, single woman and disable people and Fixed Deposit under deposit schemes and Hire Purchase Loan, Housing Loan, Trading Loan, Personal Loan, Industrial Loan, Service Loan, Deprived Sector Loan, Agricultural Loan, Miscellaneous Loan, Educational Loan, Foreign Employment Loan and Loan Against Fixed Deposit under its loan schemes. The bank, apart from its central office at Bhimdatta Municipality in Kanchanpur district, also has two other branch offices at Jhalari and Dodhara Chandani in the same district.
The bank was acquired by Kumari Bank Limited in 2017.