Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]
Code Context
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		'Article' => array(
			'id' => '5897',
			'article_category_id' => '1',
			'title' => 'NRB Facilitate Online Foreign Currency Transaction Reporting',
			'sub_title' => '',
			'summary' => 'May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank,   firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then.  Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.',
			'content' => '<p style="text-align: justify;">May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank, &nbsp;&nbsp;firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then. &nbsp;Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.</p>

<p style="text-align: justify;">&ldquo;The central bank introduced the online system from mid-April,&rdquo; said Bhisma Raj Dhungana, Executive Director of Foreign Exchange Management Department, NRB. Nearly 5000 foreign currency traders including banks and financial institutions (BFIs) will be benefited by the system. Dhungana opined that the system will ease the report submission and also saves time.</p>

<p style="text-align: justify;">According to Dhungana, the registered traders required to obtain &lsquo;Username&rsquo; and &lsquo;Password&rsquo; from Foreign Exchange Management Department, NRB to enter in the system. NRB has made the online reporting mandatory for the foreign exchange traders. &ldquo;The online service has been launched to make the foreign exchange transaction easy, transparent and manageable. &nbsp;The system will facilitate easy and fast report submission to the traders,&rdquo; he added.</p>

<p style="text-align: justify;">NRB, issuing a notice on May 15, has requested all the related parties to submit their monthly transaction report from the last mid-April through online.&nbsp;</p>
',
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			'created' => '2017-05-17',
			'modified' => '2017-05-17',
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			'description' => '',
			'sortorder' => '5682',
			'image' => '20170517113634_nrb.jpg',
			'article_date' => '2017-05-17 00:00:00',
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			'id' => '5896',
			'article_category_id' => '1',
			'title' => 'Srijana Finance Starts Branch at Enaruwa',
			'sub_title' => '',
			'summary' => 'May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. “Srijana Finance, which has been',
			'content' => '<p style="text-align: justify;">May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. &ldquo;Srijana Finance, which has been serving the customers since 15 years, opened the branch to serve the locals of the area,&rdquo; said Bhawani Shanker Chapagain, CEO of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-17',
			'modified' => '2017-05-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5681',
			'image' => '20170517104921_srijana.jpg',
			'article_date' => '2017-05-17 00:00:00',
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		'Article' => array(
			'id' => '5895',
			'article_category_id' => '1',
			'title' => 'Take Debtors’ Consent First to Raise Interest Rate: NRB',
			'sub_title' => '',
			'summary' => 'May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.',
			'content' => '<p style="text-align: justify;">May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.</p>

<p style="text-align: justify;">&nbsp;The Nepal Rastra Bank (NRB), issuing a circular, barred BFIs from raising interest rates haphazardly without taking consent of the debtors.</p>

<p style="text-align: justify;">However, the BFIs can raise the interest rates on some conditions like failure to pay back interest and principals of loans, as well as if damages are made on collateral and violation of other conditions of loans by the debtors.</p>

<p style="text-align: justify;">Previously, the interest rates of BFIs on various accounts and loans were varied. Thus, the present NRB arrangement is expected to bringing good governance in BFIs and maintain suitable interest rates in loans, said Narayan Prasad Poudel, Spokesperson of NRB.</p>

<p style="text-align: justify;">According to him, the provision was made as per the direction of the Supreme Court to bar the BFIs from raising interest rates haphazardly.</p>

<p style="text-align: justify;">As per the new arrangement, the BFIs can add only a certain percentage on the base interest rate as premium when the debtors apply for new or additional loan.</p>

<p style="text-align: justify;">For the old loans with unmentioned premiums, the difference between interest rate mentioned in the offer letter and the base rate maintained during the release of loan will be the ultimate premium rate. However, if the banks renew the agreement with the debtors, then they can settle a new premium rate.</p>

<p style="text-align: justify;">The NRB has fixed 5 percent as the spread rate of interest to the BFIs. &nbsp;Now the NRB has made arrangements for the BFIs not to maintain more than five percent the average difference of interest rate charged on loans and the interest rates provided on deposits.</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5680',
			'image' => '20170516050840_nrb.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '5894',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank to Issue 10:3 Right Shares',
			'sub_title' => '',
			'summary' => 'May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.',
			'content' => '<p style="text-align: justify;">May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.</p>

<p style="text-align: justify;">According to the bank, shareholders registered in the book by May 14 can apply for the right share.&nbsp; The bank has appointed Prabhu Capital Ltd as its issue manager. The interested shareholders can apply for the right share through Pabhu Capital as well as all the branches of Sunrise Bank.</p>

<p style="text-align: justify;">After the issuance of right shares, the paid-up capital of the bank will reach Rs 7.08 billion. The bank earned Rs 865.2 million net profit by the last mid-April.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5679',
			'image' => '20170516020444_sunrise.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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		'Article' => array(
			'id' => '5893',
			'article_category_id' => '1',
			'title' => 'Dugar Launches 3 Products under ‘Gyan’',
			'sub_title' => '',
			'summary' => 'May 16: KL Dugar Group has brought three new products under ‘Gyan’ brand.  The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. ',
			'content' => '<p style="text-align: justify;">May 16: KL Dugar Group has brought three new products under &lsquo;Gyan&rsquo; brand. &nbsp;The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. &nbsp;</p>

<p style="text-align: justify;">According to the company, Gyan Maize Atta which is manufactured by yellow and white maize contains fibers and proteins. Similarly, Gyan Maize Grit is low in fat, sodium, gluten free and contains rich dietary fiber.</p>

<p style="text-align: justify;">Likewise, Gyan Premim Lito that is manufactured by the mixture of wheat, rice and soya contains milk powder, sugar, corn oil and fortified with 16 vitamins and micronutrients. The Gyan Premium Lito is suitable for the infants above six months, said the company in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5678',
			'image' => '20170516010307_gyan.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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		'Article' => array(
			'id' => '5892',
			'article_category_id' => '1',
			'title' => 'Sanima Bank to Provide ASBA and Demat Services Thru Online',
			'sub_title' => '',
			'summary' => 'May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement. ',
			'content' => '<p style="text-align: justify;">May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5677',
			'image' => '20170516115845_sanima.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '5891',
			'article_category_id' => '1',
			'title' => 'Machhapuchchhre Chairman Takes Oath in front of Governor',
			'sub_title' => '',
			'summary' => 'May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.',
			'content' => '<p style="text-align: justify;">May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.</p>

<p style="text-align: justify;">KC was elected as chairman of the bank during the board of directors&rsquo; meeting on April 27.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5676',
			'image' => '20170516113511_macha.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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		'Article' => array(
			'id' => '5890',
			'article_category_id' => '1',
			'title' => '2 Companies Submit Proposal to Lay Optical Fiber in Province 6 & 7',
			'sub_title' => '',
			'summary' => 'May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.',
			'content' => '<p style="text-align: justify;">May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.</p>

<p style="text-align: justify;">The first call was terminated by NEA citing unfulfillment of standard by the companies. The second call of proposal had a deadline till May 12. &ldquo;During the period, Smart and WorldLink submitted quotation of laying optical fiber in Rs 3.94 billion and Rs 3.34 billion respectively,&rdquo; said Achyutananda Mishra, Assistant Spokesperson of NEA.</p>

<p style="text-align: justify;">NEA gave cap of Rs 3.70 billion to the companies for the submission of the quotation. The company which quoted the lowest price and have the technical expertise will obtain the project.</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5675',
			'image' => '20170515011750_optical.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 8 => array(
		'Article' => array(
			'id' => '5889',
			'article_category_id' => '1',
			'title' => 'Double Digit Economic Growth is Near: Governor Nepal',
			'sub_title' => '',
			'summary' => 'May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said “The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.”',
			'content' => '<p style="text-align: justify;">May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said &ldquo;The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.&rdquo;</p>

<p style="text-align: justify;">&ldquo;In order to achieve the economic growth, modification in the traditional societal norms should be encouraged and the immense opportunities within the country should be exploited,&rdquo; he added. &ldquo;Even in a backdrop of 57 percent labour force between 18-60 years of age being out of country, Nepal has been able to achieve 7 percent economic growth. In order to achieve the double digit economic growth, youths should be encouraged to start their own businesses by taking finances from banks and financial institutions (BFIs),&rdquo; Nepal voiced.</p>

<p style="text-align: justify;">Moreover, Governor Nepal said that the government still holds balance of Rs 500 million allocated for agricultural entrepreneurs in order to provide subsidy on interest rate. He further said that only 42 percent of Nepalis youth are engaged in entrepreneurships by taking loans with BFIs and 58 percent youths are still in banking inaccessibility. &nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5674',
			'image' => '20170515114130_governor.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 9 => array(
		'Article' => array(
			'id' => '5888',
			'article_category_id' => '1',
			'title' => 'Kabeli Bikas Bank and Mount Makalu Devt Bank to Merge',
			'sub_title' => '',
			'summary' => 'May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.',
			'content' => '<p style="text-align: justify;">May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.</p>

<p style="text-align: justify;">The banks merged with each other in order to meet the minimum paid-up capital requirement of Rs 500 million as per the directive of Nepal Rastra Bank by the end of the current FY. According to the agreement, the merged entity to be known as Kabeli Bikas Bank will be headquartered in Dhankuta and will be lead by the chairman of the current Kabeli Bikas Bank.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5673',
			'image' => '20170515103809_kabeli.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	(int) 10 => array(
		'Article' => array(
			'id' => '5887',
			'article_category_id' => '1',
			'title' => 'Oppo R9S Became Most Popular Handset',
			'sub_title' => '',
			'summary' => 'May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.',
			'content' => '<p style="text-align: justify;">May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.</p>

<p style="text-align: justify;">Meanwhile, &nbsp;Apple&rsquo;s iPhone 7 was the most sold smartphone in the previous quarter with 201.5 million units in the global market as per the report. Similarly, the second spot was claimed by iPhone 7 plus with selling 107.4 million units. Likewise, Oppo R9S grabbed third spot in the review period whereas Samsung&rsquo;s mid-range handset Galaxy J3 and Galaxy J5 had 3.1 million unit and 5 million units sold respectively.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5672',
			'image' => '20170512011154_oppo.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
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	(int) 11 => array(
		'Article' => array(
			'id' => '5886',
			'article_category_id' => '1',
			'title' => 'NMB to Issue FPO through Citizens Investment Trust',
			'sub_title' => '',
			'summary' => 'May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.',
			'content' => '<p style="text-align: justify;">May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.</p>

<p style="text-align: justify;">Ram Krishna Pokharel, executive director of CIT and Sunil KC, CEO of NMB Bank signed the agreement amid a program on May 11. According to the agreement, the FPO will be issued with a face value of Rs 100 at premium.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5671',
			'image' => '20170512124514_nmb.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '5885',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank Supports Students ',
			'sub_title' => '',
			'summary' => 'May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation.  The bank is providing the supporting to the students of Tribhuwan University (TU).',
			'content' => '<p style="text-align:justify">May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation. &nbsp;The bank is providing the supporting to the students of Tribhuwan University (TU).</p>

<p style="text-align:justify">The bank and the administration department of TU signed a memorandum of understanding regarding the matter on May 11. Ratna Raj Bajracharya, CEO of the bank and Prof Dr Bhoj Raj Aryal, Chief of TU administration department signed the agreement paper amid a program. Under the agreement, the bank will provided financial support to five thesis doers of TU.</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5670',
			'image' => '20170512122606_SUNRISE.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 13 => array(
		'Article' => array(
			'id' => '5884',
			'article_category_id' => '1',
			'title' => 'Vibor Society Devt Bank to Rename as Lumbini Bikas Bank',
			'sub_title' => '',
			'summary' => 'May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9th annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as ‘Lumbini Bikas Bank’.',
			'content' => '<p style="text-align: justify;">May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9<sup>th</sup> annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as &lsquo;Lumbini Bikas Bank&rsquo;.</p>

<p style="text-align: justify;">In the meeting, the bank informed that the merged entity will have paid-up capital of Rs 2.37 billion. The AGM also approved a proposal of issuing 10 percent right shares of the paid-up capital maintained after the merger. Presently, the bank has deposit collection of Rs 15.6 billion and loan extension of Rs 13.56 billion, informed the bank on the occasion. The bank earned Rs 220 million net profit by the third quarter of the current FY. The merged entity will be lead by Sushil Raj Parajuli as Chairman. Moreover, Jhalak Prasad Khanal will be the CEO of the merged entity.</p>

<p style="text-align: justify;"><img alt="" src="/userfiles/images/lumbini%284%29.jpg" style="height:294px; width:650px" /></p>

<p style="text-align: justify;">Meanwhile, the special general meeting of Lumbini Finance and Leasing Company has approved the merger proposal with Vibor Society Development Bank. The SGM was conducted under the chairmanship of Chinta Mani Bhattarai, BOD Chairman of the bank. Moreover, the meeting also endorsed a proposal regarding changing share structure ratio of promoter and general shareholders to 51:49.&nbsp;</p>
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			'id' => '5883',
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			'title' => 'Growth Rebounded Strongly in FY2017, but Risks Are Mounting: The World Bank',
			'sub_title' => '',
			'summary' => 'May 12: According to the World Bank’s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in re',
			'content' => '<p style="text-align:justify">May 12: According to the World Bank&rsquo;s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in recent years, increased availability of electricity, and greater investment as the earthquake reconstruction gathered speed, said the bank .&nbsp;</p>

<p style="text-align:justify">According to the Nepal update, this cyclical rebound follows two challenging years where real GDP growth fell to 3.3 percent in FY2015 due to the devastating earthquake and declined even further to a 14-year low of 0.4 percent in FY2016 due to a complete disruption in cross-border trade with India.</p>

<p style="text-align:justify">Rice production in FY2017 is estimated to have hit a record high of 5.2 million tons, up from 4.2 million tons a year ago, says the update. About half a million households, eligible to receive housing reconstruction grants, have received the first of three tranches.&nbsp; Second tranche payments have started and are expected to pick up by the end of FY2017.&nbsp;And a series of management reforms has eliminated power cuts in several major cities across Nepal.&nbsp; Meanwhile, more than 100 megawatts of new hydropower capacity, delayed by the earthquakes and the trade disruptions, have come on-stream.</p>

<p style="text-align:justify">Moreover, transport has revived while wholesale and retail trade has normalized, according to the update. Tourism is also recovering, with arrivals reaching pre-crisis levels during the September-December 2016 tourist season.&nbsp;Inflation has decelerated primarily due to the normalization of imports and moderating inflation in India as a result of demonetization.&nbsp;</p>

<p style="text-align:justify">However, while imports have rebounded, exports remain slow due to sluggish India-bound exports and continued appreciation of the effective exchange rate. As a result, the trade deficit continues to increase. While remittances continue to grow, albeit at a slower pace, external sector pressures are building up.&nbsp;</p>

<p style="text-align:justify">&ldquo;Government revenue and spending have performed well,&rdquo; said&nbsp;Takuya Kamata, the World Bank&rsquo;s Country Manager for Nepal. &ldquo;Revenue has exceeded the six months&rsquo; target and spending, including on capital goods, has also significantly picked up compared to previous years and is on par with revenue.&rdquo; Nonetheless, very ambitious expenditures envisioned in the budget have not materialized, leaving previously accumulated government deposits (10 percent of GDP) intact.</p>

<p style="text-align:justify">Credit grew rapidly over the past year, reaching the highest growth rate since 2012, but deposits growth slowed down. Consequently, banks are running up against prudential limits on lending.&nbsp; Additionally, the government&rsquo;s large cash balances have had the effect of a monetary tightening at a time when banks are trying to increase their capital base to meet the increased regulatory requirements for paid-up capital.</p>

<p style="text-align:justify">Looking ahead, the economic growth will remain strong, but it is expected to moderate in line with country&rsquo;s potential, averaging 5 percent over the next two fiscal years. Inflation will remain below the Central Bank&rsquo;s target of 7.5 percent in FY2017, but will likely pick up in FY2018 as the effects of the demonetization taper off in India.</p>

<p style="text-align:justify">However, there are an increasing number of downside risks to this forecast with domestic risks predominating. &ldquo;Nepal&rsquo;s growth performance could moderate due to the fluid political environment and transitional challenges that can affect capital spending and uninterrupted service delivery; increased vulnerabilities in the financial sector; continued underperformance of exports; and a risk of a sharper slowdown in remittances,&rdquo; notes the Update.</p>

<p style="text-align:justify">&ldquo;With the increases in government spending as a result of new federal structures and earthquake reconstruction, the fiscal balance is expected to be negative in FY2018,&rdquo; says&nbsp;Sudyumna Dahal, World Bank Economist&nbsp;and principal author of the Update. &ldquo;Meanwhile, the current account, which had remained in surplus over the past several years, is expected to narrow and turn into a deficit as import growth is expected persists while growth of exports and remittances is expected to remain sluggish.&rdquo;</p>

<p style="text-align:justify">As in previous years, significant underspending of the budget will continue. Post-earthquake reconstruction in sectors other than housing e.g., cultural heritage, public schools, etc. remains delayed; banks are running up against regulatory limits for lending and may face additional pressure if the deposit mobilization does not improve; and persistent contraction in migrant departures present a possible sharper slowdown in remittances.</p>

<p style="text-align:justify">&nbsp;</p>
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		'Article' => array(
			'id' => '5897',
			'article_category_id' => '1',
			'title' => 'NRB Facilitate Online Foreign Currency Transaction Reporting',
			'sub_title' => '',
			'summary' => 'May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank,   firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then.  Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.',
			'content' => '<p style="text-align: justify;">May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank, &nbsp;&nbsp;firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then. &nbsp;Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.</p>

<p style="text-align: justify;">&ldquo;The central bank introduced the online system from mid-April,&rdquo; said Bhisma Raj Dhungana, Executive Director of Foreign Exchange Management Department, NRB. Nearly 5000 foreign currency traders including banks and financial institutions (BFIs) will be benefited by the system. Dhungana opined that the system will ease the report submission and also saves time.</p>

<p style="text-align: justify;">According to Dhungana, the registered traders required to obtain &lsquo;Username&rsquo; and &lsquo;Password&rsquo; from Foreign Exchange Management Department, NRB to enter in the system. NRB has made the online reporting mandatory for the foreign exchange traders. &ldquo;The online service has been launched to make the foreign exchange transaction easy, transparent and manageable. &nbsp;The system will facilitate easy and fast report submission to the traders,&rdquo; he added.</p>

<p style="text-align: justify;">NRB, issuing a notice on May 15, has requested all the related parties to submit their monthly transaction report from the last mid-April through online.&nbsp;</p>
',
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			'created' => '2017-05-17',
			'modified' => '2017-05-17',
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			'description' => '',
			'sortorder' => '5682',
			'image' => '20170517113634_nrb.jpg',
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			'id' => '5896',
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			'title' => 'Srijana Finance Starts Branch at Enaruwa',
			'sub_title' => '',
			'summary' => 'May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. “Srijana Finance, which has been',
			'content' => '<p style="text-align: justify;">May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. &ldquo;Srijana Finance, which has been serving the customers since 15 years, opened the branch to serve the locals of the area,&rdquo; said Bhawani Shanker Chapagain, CEO of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-17',
			'modified' => '2017-05-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5681',
			'image' => '20170517104921_srijana.jpg',
			'article_date' => '2017-05-17 00:00:00',
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		'Article' => array(
			'id' => '5895',
			'article_category_id' => '1',
			'title' => 'Take Debtors’ Consent First to Raise Interest Rate: NRB',
			'sub_title' => '',
			'summary' => 'May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.',
			'content' => '<p style="text-align: justify;">May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.</p>

<p style="text-align: justify;">&nbsp;The Nepal Rastra Bank (NRB), issuing a circular, barred BFIs from raising interest rates haphazardly without taking consent of the debtors.</p>

<p style="text-align: justify;">However, the BFIs can raise the interest rates on some conditions like failure to pay back interest and principals of loans, as well as if damages are made on collateral and violation of other conditions of loans by the debtors.</p>

<p style="text-align: justify;">Previously, the interest rates of BFIs on various accounts and loans were varied. Thus, the present NRB arrangement is expected to bringing good governance in BFIs and maintain suitable interest rates in loans, said Narayan Prasad Poudel, Spokesperson of NRB.</p>

<p style="text-align: justify;">According to him, the provision was made as per the direction of the Supreme Court to bar the BFIs from raising interest rates haphazardly.</p>

<p style="text-align: justify;">As per the new arrangement, the BFIs can add only a certain percentage on the base interest rate as premium when the debtors apply for new or additional loan.</p>

<p style="text-align: justify;">For the old loans with unmentioned premiums, the difference between interest rate mentioned in the offer letter and the base rate maintained during the release of loan will be the ultimate premium rate. However, if the banks renew the agreement with the debtors, then they can settle a new premium rate.</p>

<p style="text-align: justify;">The NRB has fixed 5 percent as the spread rate of interest to the BFIs. &nbsp;Now the NRB has made arrangements for the BFIs not to maintain more than five percent the average difference of interest rate charged on loans and the interest rates provided on deposits.</p>
',
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			'created' => '2017-05-16',
			'modified' => '2017-05-16',
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			'description' => '',
			'sortorder' => '5680',
			'image' => '20170516050840_nrb.jpg',
			'article_date' => '2017-05-16 00:00:00',
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			'id' => '5894',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank to Issue 10:3 Right Shares',
			'sub_title' => '',
			'summary' => 'May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.',
			'content' => '<p style="text-align: justify;">May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.</p>

<p style="text-align: justify;">According to the bank, shareholders registered in the book by May 14 can apply for the right share.&nbsp; The bank has appointed Prabhu Capital Ltd as its issue manager. The interested shareholders can apply for the right share through Pabhu Capital as well as all the branches of Sunrise Bank.</p>

<p style="text-align: justify;">After the issuance of right shares, the paid-up capital of the bank will reach Rs 7.08 billion. The bank earned Rs 865.2 million net profit by the last mid-April.&nbsp;</p>
',
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			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5679',
			'image' => '20170516020444_sunrise.jpg',
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		'Article' => array(
			'id' => '5893',
			'article_category_id' => '1',
			'title' => 'Dugar Launches 3 Products under ‘Gyan’',
			'sub_title' => '',
			'summary' => 'May 16: KL Dugar Group has brought three new products under ‘Gyan’ brand.  The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. ',
			'content' => '<p style="text-align: justify;">May 16: KL Dugar Group has brought three new products under &lsquo;Gyan&rsquo; brand. &nbsp;The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. &nbsp;</p>

<p style="text-align: justify;">According to the company, Gyan Maize Atta which is manufactured by yellow and white maize contains fibers and proteins. Similarly, Gyan Maize Grit is low in fat, sodium, gluten free and contains rich dietary fiber.</p>

<p style="text-align: justify;">Likewise, Gyan Premim Lito that is manufactured by the mixture of wheat, rice and soya contains milk powder, sugar, corn oil and fortified with 16 vitamins and micronutrients. The Gyan Premium Lito is suitable for the infants above six months, said the company in a press statement.&nbsp;</p>
',
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			'created' => '2017-05-16',
			'modified' => '2017-05-16',
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			'description' => '',
			'sortorder' => '5678',
			'image' => '20170516010307_gyan.jpg',
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			'id' => '5892',
			'article_category_id' => '1',
			'title' => 'Sanima Bank to Provide ASBA and Demat Services Thru Online',
			'sub_title' => '',
			'summary' => 'May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement. ',
			'content' => '<p style="text-align: justify;">May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5677',
			'image' => '20170516115845_sanima.jpg',
			'article_date' => '2017-05-16 00:00:00',
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		'Article' => array(
			'id' => '5891',
			'article_category_id' => '1',
			'title' => 'Machhapuchchhre Chairman Takes Oath in front of Governor',
			'sub_title' => '',
			'summary' => 'May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.',
			'content' => '<p style="text-align: justify;">May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.</p>

<p style="text-align: justify;">KC was elected as chairman of the bank during the board of directors&rsquo; meeting on April 27.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5676',
			'image' => '20170516113511_macha.jpg',
			'article_date' => '2017-05-16 00:00:00',
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		'Article' => array(
			'id' => '5890',
			'article_category_id' => '1',
			'title' => '2 Companies Submit Proposal to Lay Optical Fiber in Province 6 & 7',
			'sub_title' => '',
			'summary' => 'May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.',
			'content' => '<p style="text-align: justify;">May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.</p>

<p style="text-align: justify;">The first call was terminated by NEA citing unfulfillment of standard by the companies. The second call of proposal had a deadline till May 12. &ldquo;During the period, Smart and WorldLink submitted quotation of laying optical fiber in Rs 3.94 billion and Rs 3.34 billion respectively,&rdquo; said Achyutananda Mishra, Assistant Spokesperson of NEA.</p>

<p style="text-align: justify;">NEA gave cap of Rs 3.70 billion to the companies for the submission of the quotation. The company which quoted the lowest price and have the technical expertise will obtain the project.</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5675',
			'image' => '20170515011750_optical.jpg',
			'article_date' => '2017-05-15 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '5889',
			'article_category_id' => '1',
			'title' => 'Double Digit Economic Growth is Near: Governor Nepal',
			'sub_title' => '',
			'summary' => 'May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said “The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.”',
			'content' => '<p style="text-align: justify;">May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said &ldquo;The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.&rdquo;</p>

<p style="text-align: justify;">&ldquo;In order to achieve the economic growth, modification in the traditional societal norms should be encouraged and the immense opportunities within the country should be exploited,&rdquo; he added. &ldquo;Even in a backdrop of 57 percent labour force between 18-60 years of age being out of country, Nepal has been able to achieve 7 percent economic growth. In order to achieve the double digit economic growth, youths should be encouraged to start their own businesses by taking finances from banks and financial institutions (BFIs),&rdquo; Nepal voiced.</p>

<p style="text-align: justify;">Moreover, Governor Nepal said that the government still holds balance of Rs 500 million allocated for agricultural entrepreneurs in order to provide subsidy on interest rate. He further said that only 42 percent of Nepalis youth are engaged in entrepreneurships by taking loans with BFIs and 58 percent youths are still in banking inaccessibility. &nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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		'Article' => array(
			'id' => '5888',
			'article_category_id' => '1',
			'title' => 'Kabeli Bikas Bank and Mount Makalu Devt Bank to Merge',
			'sub_title' => '',
			'summary' => 'May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.',
			'content' => '<p style="text-align: justify;">May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.</p>

<p style="text-align: justify;">The banks merged with each other in order to meet the minimum paid-up capital requirement of Rs 500 million as per the directive of Nepal Rastra Bank by the end of the current FY. According to the agreement, the merged entity to be known as Kabeli Bikas Bank will be headquartered in Dhankuta and will be lead by the chairman of the current Kabeli Bikas Bank.&nbsp;</p>
',
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			'created' => '2017-05-15',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5673',
			'image' => '20170515103809_kabeli.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '5887',
			'article_category_id' => '1',
			'title' => 'Oppo R9S Became Most Popular Handset',
			'sub_title' => '',
			'summary' => 'May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.',
			'content' => '<p style="text-align: justify;">May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.</p>

<p style="text-align: justify;">Meanwhile, &nbsp;Apple&rsquo;s iPhone 7 was the most sold smartphone in the previous quarter with 201.5 million units in the global market as per the report. Similarly, the second spot was claimed by iPhone 7 plus with selling 107.4 million units. Likewise, Oppo R9S grabbed third spot in the review period whereas Samsung&rsquo;s mid-range handset Galaxy J3 and Galaxy J5 had 3.1 million unit and 5 million units sold respectively.&nbsp;</p>
',
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			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5672',
			'image' => '20170512011154_oppo.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
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	(int) 11 => array(
		'Article' => array(
			'id' => '5886',
			'article_category_id' => '1',
			'title' => 'NMB to Issue FPO through Citizens Investment Trust',
			'sub_title' => '',
			'summary' => 'May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.',
			'content' => '<p style="text-align: justify;">May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.</p>

<p style="text-align: justify;">Ram Krishna Pokharel, executive director of CIT and Sunil KC, CEO of NMB Bank signed the agreement amid a program on May 11. According to the agreement, the FPO will be issued with a face value of Rs 100 at premium.&nbsp;</p>
',
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			'created' => '2017-05-12',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '5671',
			'image' => '20170512124514_nmb.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 12 => array(
		'Article' => array(
			'id' => '5885',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank Supports Students ',
			'sub_title' => '',
			'summary' => 'May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation.  The bank is providing the supporting to the students of Tribhuwan University (TU).',
			'content' => '<p style="text-align:justify">May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation. &nbsp;The bank is providing the supporting to the students of Tribhuwan University (TU).</p>

<p style="text-align:justify">The bank and the administration department of TU signed a memorandum of understanding regarding the matter on May 11. Ratna Raj Bajracharya, CEO of the bank and Prof Dr Bhoj Raj Aryal, Chief of TU administration department signed the agreement paper amid a program. Under the agreement, the bank will provided financial support to five thesis doers of TU.</p>
',
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			'created' => '2017-05-12',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5670',
			'image' => '20170512122606_SUNRISE.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
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	(int) 13 => array(
		'Article' => array(
			'id' => '5884',
			'article_category_id' => '1',
			'title' => 'Vibor Society Devt Bank to Rename as Lumbini Bikas Bank',
			'sub_title' => '',
			'summary' => 'May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9th annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as ‘Lumbini Bikas Bank’.',
			'content' => '<p style="text-align: justify;">May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9<sup>th</sup> annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as &lsquo;Lumbini Bikas Bank&rsquo;.</p>

<p style="text-align: justify;">In the meeting, the bank informed that the merged entity will have paid-up capital of Rs 2.37 billion. The AGM also approved a proposal of issuing 10 percent right shares of the paid-up capital maintained after the merger. Presently, the bank has deposit collection of Rs 15.6 billion and loan extension of Rs 13.56 billion, informed the bank on the occasion. The bank earned Rs 220 million net profit by the third quarter of the current FY. The merged entity will be lead by Sushil Raj Parajuli as Chairman. Moreover, Jhalak Prasad Khanal will be the CEO of the merged entity.</p>

<p style="text-align: justify;"><img alt="" src="/userfiles/images/lumbini%284%29.jpg" style="height:294px; width:650px" /></p>

<p style="text-align: justify;">Meanwhile, the special general meeting of Lumbini Finance and Leasing Company has approved the merger proposal with Vibor Society Development Bank. The SGM was conducted under the chairmanship of Chinta Mani Bhattarai, BOD Chairman of the bank. Moreover, the meeting also endorsed a proposal regarding changing share structure ratio of promoter and general shareholders to 51:49.&nbsp;</p>
',
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			'sortorder' => '5669',
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	(int) 14 => array(
		'Article' => array(
			'id' => '5883',
			'article_category_id' => '1',
			'title' => 'Growth Rebounded Strongly in FY2017, but Risks Are Mounting: The World Bank',
			'sub_title' => '',
			'summary' => 'May 12: According to the World Bank’s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in re',
			'content' => '<p style="text-align:justify">May 12: According to the World Bank&rsquo;s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in recent years, increased availability of electricity, and greater investment as the earthquake reconstruction gathered speed, said the bank .&nbsp;</p>

<p style="text-align:justify">According to the Nepal update, this cyclical rebound follows two challenging years where real GDP growth fell to 3.3 percent in FY2015 due to the devastating earthquake and declined even further to a 14-year low of 0.4 percent in FY2016 due to a complete disruption in cross-border trade with India.</p>

<p style="text-align:justify">Rice production in FY2017 is estimated to have hit a record high of 5.2 million tons, up from 4.2 million tons a year ago, says the update. About half a million households, eligible to receive housing reconstruction grants, have received the first of three tranches.&nbsp; Second tranche payments have started and are expected to pick up by the end of FY2017.&nbsp;And a series of management reforms has eliminated power cuts in several major cities across Nepal.&nbsp; Meanwhile, more than 100 megawatts of new hydropower capacity, delayed by the earthquakes and the trade disruptions, have come on-stream.</p>

<p style="text-align:justify">Moreover, transport has revived while wholesale and retail trade has normalized, according to the update. Tourism is also recovering, with arrivals reaching pre-crisis levels during the September-December 2016 tourist season.&nbsp;Inflation has decelerated primarily due to the normalization of imports and moderating inflation in India as a result of demonetization.&nbsp;</p>

<p style="text-align:justify">However, while imports have rebounded, exports remain slow due to sluggish India-bound exports and continued appreciation of the effective exchange rate. As a result, the trade deficit continues to increase. While remittances continue to grow, albeit at a slower pace, external sector pressures are building up.&nbsp;</p>

<p style="text-align:justify">&ldquo;Government revenue and spending have performed well,&rdquo; said&nbsp;Takuya Kamata, the World Bank&rsquo;s Country Manager for Nepal. &ldquo;Revenue has exceeded the six months&rsquo; target and spending, including on capital goods, has also significantly picked up compared to previous years and is on par with revenue.&rdquo; Nonetheless, very ambitious expenditures envisioned in the budget have not materialized, leaving previously accumulated government deposits (10 percent of GDP) intact.</p>

<p style="text-align:justify">Credit grew rapidly over the past year, reaching the highest growth rate since 2012, but deposits growth slowed down. Consequently, banks are running up against prudential limits on lending.&nbsp; Additionally, the government&rsquo;s large cash balances have had the effect of a monetary tightening at a time when banks are trying to increase their capital base to meet the increased regulatory requirements for paid-up capital.</p>

<p style="text-align:justify">Looking ahead, the economic growth will remain strong, but it is expected to moderate in line with country&rsquo;s potential, averaging 5 percent over the next two fiscal years. Inflation will remain below the Central Bank&rsquo;s target of 7.5 percent in FY2017, but will likely pick up in FY2018 as the effects of the demonetization taper off in India.</p>

<p style="text-align:justify">However, there are an increasing number of downside risks to this forecast with domestic risks predominating. &ldquo;Nepal&rsquo;s growth performance could moderate due to the fluid political environment and transitional challenges that can affect capital spending and uninterrupted service delivery; increased vulnerabilities in the financial sector; continued underperformance of exports; and a risk of a sharper slowdown in remittances,&rdquo; notes the Update.</p>

<p style="text-align:justify">&ldquo;With the increases in government spending as a result of new federal structures and earthquake reconstruction, the fiscal balance is expected to be negative in FY2018,&rdquo; says&nbsp;Sudyumna Dahal, World Bank Economist&nbsp;and principal author of the Update. &ldquo;Meanwhile, the current account, which had remained in surplus over the past several years, is expected to narrow and turn into a deficit as import growth is expected persists while growth of exports and remittances is expected to remain sluggish.&rdquo;</p>

<p style="text-align:justify">As in previous years, significant underspending of the budget will continue. Post-earthquake reconstruction in sectors other than housing e.g., cultural heritage, public schools, etc. remains delayed; banks are running up against regulatory limits for lending and may face additional pressure if the deposit mobilization does not improve; and persistent contraction in migrant departures present a possible sharper slowdown in remittances.</p>

<p style="text-align:justify">&nbsp;</p>
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		'Article' => array(
			'id' => '5897',
			'article_category_id' => '1',
			'title' => 'NRB Facilitate Online Foreign Currency Transaction Reporting',
			'sub_title' => '',
			'summary' => 'May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank,   firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then.  Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.',
			'content' => '<p style="text-align: justify;">May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank, &nbsp;&nbsp;firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then. &nbsp;Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.</p>

<p style="text-align: justify;">&ldquo;The central bank introduced the online system from mid-April,&rdquo; said Bhisma Raj Dhungana, Executive Director of Foreign Exchange Management Department, NRB. Nearly 5000 foreign currency traders including banks and financial institutions (BFIs) will be benefited by the system. Dhungana opined that the system will ease the report submission and also saves time.</p>

<p style="text-align: justify;">According to Dhungana, the registered traders required to obtain &lsquo;Username&rsquo; and &lsquo;Password&rsquo; from Foreign Exchange Management Department, NRB to enter in the system. NRB has made the online reporting mandatory for the foreign exchange traders. &ldquo;The online service has been launched to make the foreign exchange transaction easy, transparent and manageable. &nbsp;The system will facilitate easy and fast report submission to the traders,&rdquo; he added.</p>

<p style="text-align: justify;">NRB, issuing a notice on May 15, has requested all the related parties to submit their monthly transaction report from the last mid-April through online.&nbsp;</p>
',
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			'title' => 'Srijana Finance Starts Branch at Enaruwa',
			'sub_title' => '',
			'summary' => 'May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. “Srijana Finance, which has been',
			'content' => '<p style="text-align: justify;">May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. &ldquo;Srijana Finance, which has been serving the customers since 15 years, opened the branch to serve the locals of the area,&rdquo; said Bhawani Shanker Chapagain, CEO of the company.&nbsp;</p>
',
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			'created' => '2017-05-17',
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			'sortorder' => '5681',
			'image' => '20170517104921_srijana.jpg',
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			'id' => '5895',
			'article_category_id' => '1',
			'title' => 'Take Debtors’ Consent First to Raise Interest Rate: NRB',
			'sub_title' => '',
			'summary' => 'May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.',
			'content' => '<p style="text-align: justify;">May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.</p>

<p style="text-align: justify;">&nbsp;The Nepal Rastra Bank (NRB), issuing a circular, barred BFIs from raising interest rates haphazardly without taking consent of the debtors.</p>

<p style="text-align: justify;">However, the BFIs can raise the interest rates on some conditions like failure to pay back interest and principals of loans, as well as if damages are made on collateral and violation of other conditions of loans by the debtors.</p>

<p style="text-align: justify;">Previously, the interest rates of BFIs on various accounts and loans were varied. Thus, the present NRB arrangement is expected to bringing good governance in BFIs and maintain suitable interest rates in loans, said Narayan Prasad Poudel, Spokesperson of NRB.</p>

<p style="text-align: justify;">According to him, the provision was made as per the direction of the Supreme Court to bar the BFIs from raising interest rates haphazardly.</p>

<p style="text-align: justify;">As per the new arrangement, the BFIs can add only a certain percentage on the base interest rate as premium when the debtors apply for new or additional loan.</p>

<p style="text-align: justify;">For the old loans with unmentioned premiums, the difference between interest rate mentioned in the offer letter and the base rate maintained during the release of loan will be the ultimate premium rate. However, if the banks renew the agreement with the debtors, then they can settle a new premium rate.</p>

<p style="text-align: justify;">The NRB has fixed 5 percent as the spread rate of interest to the BFIs. &nbsp;Now the NRB has made arrangements for the BFIs not to maintain more than five percent the average difference of interest rate charged on loans and the interest rates provided on deposits.</p>
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			'title' => 'Sunrise Bank to Issue 10:3 Right Shares',
			'sub_title' => '',
			'summary' => 'May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.',
			'content' => '<p style="text-align: justify;">May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.</p>

<p style="text-align: justify;">According to the bank, shareholders registered in the book by May 14 can apply for the right share.&nbsp; The bank has appointed Prabhu Capital Ltd as its issue manager. The interested shareholders can apply for the right share through Pabhu Capital as well as all the branches of Sunrise Bank.</p>

<p style="text-align: justify;">After the issuance of right shares, the paid-up capital of the bank will reach Rs 7.08 billion. The bank earned Rs 865.2 million net profit by the last mid-April.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5679',
			'image' => '20170516020444_sunrise.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '5893',
			'article_category_id' => '1',
			'title' => 'Dugar Launches 3 Products under ‘Gyan’',
			'sub_title' => '',
			'summary' => 'May 16: KL Dugar Group has brought three new products under ‘Gyan’ brand.  The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. ',
			'content' => '<p style="text-align: justify;">May 16: KL Dugar Group has brought three new products under &lsquo;Gyan&rsquo; brand. &nbsp;The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. &nbsp;</p>

<p style="text-align: justify;">According to the company, Gyan Maize Atta which is manufactured by yellow and white maize contains fibers and proteins. Similarly, Gyan Maize Grit is low in fat, sodium, gluten free and contains rich dietary fiber.</p>

<p style="text-align: justify;">Likewise, Gyan Premim Lito that is manufactured by the mixture of wheat, rice and soya contains milk powder, sugar, corn oil and fortified with 16 vitamins and micronutrients. The Gyan Premium Lito is suitable for the infants above six months, said the company in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5678',
			'image' => '20170516010307_gyan.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	),
	(int) 5 => array(
		'Article' => array(
			'id' => '5892',
			'article_category_id' => '1',
			'title' => 'Sanima Bank to Provide ASBA and Demat Services Thru Online',
			'sub_title' => '',
			'summary' => 'May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement. ',
			'content' => '<p style="text-align: justify;">May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5677',
			'image' => '20170516115845_sanima.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '5891',
			'article_category_id' => '1',
			'title' => 'Machhapuchchhre Chairman Takes Oath in front of Governor',
			'sub_title' => '',
			'summary' => 'May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.',
			'content' => '<p style="text-align: justify;">May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.</p>

<p style="text-align: justify;">KC was elected as chairman of the bank during the board of directors&rsquo; meeting on April 27.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5676',
			'image' => '20170516113511_macha.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '5890',
			'article_category_id' => '1',
			'title' => '2 Companies Submit Proposal to Lay Optical Fiber in Province 6 & 7',
			'sub_title' => '',
			'summary' => 'May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.',
			'content' => '<p style="text-align: justify;">May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.</p>

<p style="text-align: justify;">The first call was terminated by NEA citing unfulfillment of standard by the companies. The second call of proposal had a deadline till May 12. &ldquo;During the period, Smart and WorldLink submitted quotation of laying optical fiber in Rs 3.94 billion and Rs 3.34 billion respectively,&rdquo; said Achyutananda Mishra, Assistant Spokesperson of NEA.</p>

<p style="text-align: justify;">NEA gave cap of Rs 3.70 billion to the companies for the submission of the quotation. The company which quoted the lowest price and have the technical expertise will obtain the project.</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5675',
			'image' => '20170515011750_optical.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 8 => array(
		'Article' => array(
			'id' => '5889',
			'article_category_id' => '1',
			'title' => 'Double Digit Economic Growth is Near: Governor Nepal',
			'sub_title' => '',
			'summary' => 'May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said “The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.”',
			'content' => '<p style="text-align: justify;">May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said &ldquo;The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.&rdquo;</p>

<p style="text-align: justify;">&ldquo;In order to achieve the economic growth, modification in the traditional societal norms should be encouraged and the immense opportunities within the country should be exploited,&rdquo; he added. &ldquo;Even in a backdrop of 57 percent labour force between 18-60 years of age being out of country, Nepal has been able to achieve 7 percent economic growth. In order to achieve the double digit economic growth, youths should be encouraged to start their own businesses by taking finances from banks and financial institutions (BFIs),&rdquo; Nepal voiced.</p>

<p style="text-align: justify;">Moreover, Governor Nepal said that the government still holds balance of Rs 500 million allocated for agricultural entrepreneurs in order to provide subsidy on interest rate. He further said that only 42 percent of Nepalis youth are engaged in entrepreneurships by taking loans with BFIs and 58 percent youths are still in banking inaccessibility. &nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5674',
			'image' => '20170515114130_governor.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
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	(int) 9 => array(
		'Article' => array(
			'id' => '5888',
			'article_category_id' => '1',
			'title' => 'Kabeli Bikas Bank and Mount Makalu Devt Bank to Merge',
			'sub_title' => '',
			'summary' => 'May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.',
			'content' => '<p style="text-align: justify;">May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.</p>

<p style="text-align: justify;">The banks merged with each other in order to meet the minimum paid-up capital requirement of Rs 500 million as per the directive of Nepal Rastra Bank by the end of the current FY. According to the agreement, the merged entity to be known as Kabeli Bikas Bank will be headquartered in Dhankuta and will be lead by the chairman of the current Kabeli Bikas Bank.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5673',
			'image' => '20170515103809_kabeli.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '5887',
			'article_category_id' => '1',
			'title' => 'Oppo R9S Became Most Popular Handset',
			'sub_title' => '',
			'summary' => 'May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.',
			'content' => '<p style="text-align: justify;">May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.</p>

<p style="text-align: justify;">Meanwhile, &nbsp;Apple&rsquo;s iPhone 7 was the most sold smartphone in the previous quarter with 201.5 million units in the global market as per the report. Similarly, the second spot was claimed by iPhone 7 plus with selling 107.4 million units. Likewise, Oppo R9S grabbed third spot in the review period whereas Samsung&rsquo;s mid-range handset Galaxy J3 and Galaxy J5 had 3.1 million unit and 5 million units sold respectively.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5672',
			'image' => '20170512011154_oppo.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '5886',
			'article_category_id' => '1',
			'title' => 'NMB to Issue FPO through Citizens Investment Trust',
			'sub_title' => '',
			'summary' => 'May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.',
			'content' => '<p style="text-align: justify;">May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.</p>

<p style="text-align: justify;">Ram Krishna Pokharel, executive director of CIT and Sunil KC, CEO of NMB Bank signed the agreement amid a program on May 11. According to the agreement, the FPO will be issued with a face value of Rs 100 at premium.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5671',
			'image' => '20170512124514_nmb.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '5885',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank Supports Students ',
			'sub_title' => '',
			'summary' => 'May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation.  The bank is providing the supporting to the students of Tribhuwan University (TU).',
			'content' => '<p style="text-align:justify">May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation. &nbsp;The bank is providing the supporting to the students of Tribhuwan University (TU).</p>

<p style="text-align:justify">The bank and the administration department of TU signed a memorandum of understanding regarding the matter on May 11. Ratna Raj Bajracharya, CEO of the bank and Prof Dr Bhoj Raj Aryal, Chief of TU administration department signed the agreement paper amid a program. Under the agreement, the bank will provided financial support to five thesis doers of TU.</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5670',
			'image' => '20170512122606_SUNRISE.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '5884',
			'article_category_id' => '1',
			'title' => 'Vibor Society Devt Bank to Rename as Lumbini Bikas Bank',
			'sub_title' => '',
			'summary' => 'May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9th annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as ‘Lumbini Bikas Bank’.',
			'content' => '<p style="text-align: justify;">May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9<sup>th</sup> annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as &lsquo;Lumbini Bikas Bank&rsquo;.</p>

<p style="text-align: justify;">In the meeting, the bank informed that the merged entity will have paid-up capital of Rs 2.37 billion. The AGM also approved a proposal of issuing 10 percent right shares of the paid-up capital maintained after the merger. Presently, the bank has deposit collection of Rs 15.6 billion and loan extension of Rs 13.56 billion, informed the bank on the occasion. The bank earned Rs 220 million net profit by the third quarter of the current FY. The merged entity will be lead by Sushil Raj Parajuli as Chairman. Moreover, Jhalak Prasad Khanal will be the CEO of the merged entity.</p>

<p style="text-align: justify;"><img alt="" src="/userfiles/images/lumbini%284%29.jpg" style="height:294px; width:650px" /></p>

<p style="text-align: justify;">Meanwhile, the special general meeting of Lumbini Finance and Leasing Company has approved the merger proposal with Vibor Society Development Bank. The SGM was conducted under the chairmanship of Chinta Mani Bhattarai, BOD Chairman of the bank. Moreover, the meeting also endorsed a proposal regarding changing share structure ratio of promoter and general shareholders to 51:49.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5669',
			'image' => '20170512113716_vibior.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '5883',
			'article_category_id' => '1',
			'title' => 'Growth Rebounded Strongly in FY2017, but Risks Are Mounting: The World Bank',
			'sub_title' => '',
			'summary' => 'May 12: According to the World Bank’s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in re',
			'content' => '<p style="text-align:justify">May 12: According to the World Bank&rsquo;s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in recent years, increased availability of electricity, and greater investment as the earthquake reconstruction gathered speed, said the bank .&nbsp;</p>

<p style="text-align:justify">According to the Nepal update, this cyclical rebound follows two challenging years where real GDP growth fell to 3.3 percent in FY2015 due to the devastating earthquake and declined even further to a 14-year low of 0.4 percent in FY2016 due to a complete disruption in cross-border trade with India.</p>

<p style="text-align:justify">Rice production in FY2017 is estimated to have hit a record high of 5.2 million tons, up from 4.2 million tons a year ago, says the update. About half a million households, eligible to receive housing reconstruction grants, have received the first of three tranches.&nbsp; Second tranche payments have started and are expected to pick up by the end of FY2017.&nbsp;And a series of management reforms has eliminated power cuts in several major cities across Nepal.&nbsp; Meanwhile, more than 100 megawatts of new hydropower capacity, delayed by the earthquakes and the trade disruptions, have come on-stream.</p>

<p style="text-align:justify">Moreover, transport has revived while wholesale and retail trade has normalized, according to the update. Tourism is also recovering, with arrivals reaching pre-crisis levels during the September-December 2016 tourist season.&nbsp;Inflation has decelerated primarily due to the normalization of imports and moderating inflation in India as a result of demonetization.&nbsp;</p>

<p style="text-align:justify">However, while imports have rebounded, exports remain slow due to sluggish India-bound exports and continued appreciation of the effective exchange rate. As a result, the trade deficit continues to increase. While remittances continue to grow, albeit at a slower pace, external sector pressures are building up.&nbsp;</p>

<p style="text-align:justify">&ldquo;Government revenue and spending have performed well,&rdquo; said&nbsp;Takuya Kamata, the World Bank&rsquo;s Country Manager for Nepal. &ldquo;Revenue has exceeded the six months&rsquo; target and spending, including on capital goods, has also significantly picked up compared to previous years and is on par with revenue.&rdquo; Nonetheless, very ambitious expenditures envisioned in the budget have not materialized, leaving previously accumulated government deposits (10 percent of GDP) intact.</p>

<p style="text-align:justify">Credit grew rapidly over the past year, reaching the highest growth rate since 2012, but deposits growth slowed down. Consequently, banks are running up against prudential limits on lending.&nbsp; Additionally, the government&rsquo;s large cash balances have had the effect of a monetary tightening at a time when banks are trying to increase their capital base to meet the increased regulatory requirements for paid-up capital.</p>

<p style="text-align:justify">Looking ahead, the economic growth will remain strong, but it is expected to moderate in line with country&rsquo;s potential, averaging 5 percent over the next two fiscal years. Inflation will remain below the Central Bank&rsquo;s target of 7.5 percent in FY2017, but will likely pick up in FY2018 as the effects of the demonetization taper off in India.</p>

<p style="text-align:justify">However, there are an increasing number of downside risks to this forecast with domestic risks predominating. &ldquo;Nepal&rsquo;s growth performance could moderate due to the fluid political environment and transitional challenges that can affect capital spending and uninterrupted service delivery; increased vulnerabilities in the financial sector; continued underperformance of exports; and a risk of a sharper slowdown in remittances,&rdquo; notes the Update.</p>

<p style="text-align:justify">&ldquo;With the increases in government spending as a result of new federal structures and earthquake reconstruction, the fiscal balance is expected to be negative in FY2018,&rdquo; says&nbsp;Sudyumna Dahal, World Bank Economist&nbsp;and principal author of the Update. &ldquo;Meanwhile, the current account, which had remained in surplus over the past several years, is expected to narrow and turn into a deficit as import growth is expected persists while growth of exports and remittances is expected to remain sluggish.&rdquo;</p>

<p style="text-align:justify">As in previous years, significant underspending of the budget will continue. Post-earthquake reconstruction in sectors other than housing e.g., cultural heritage, public schools, etc. remains delayed; banks are running up against regulatory limits for lending and may face additional pressure if the deposit mobilization does not improve; and persistent contraction in migrant departures present a possible sharper slowdown in remittances.</p>

<p style="text-align:justify">&nbsp;</p>
',
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			'image' => '20170512104957_WORLD BANK.jpg',
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View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
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Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
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Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 133]
Code Context
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '5897',
			'article_category_id' => '1',
			'title' => 'NRB Facilitate Online Foreign Currency Transaction Reporting',
			'sub_title' => '',
			'summary' => 'May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank,   firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then.  Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.',
			'content' => '<p style="text-align: justify;">May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank, &nbsp;&nbsp;firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then. &nbsp;Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.</p>

<p style="text-align: justify;">&ldquo;The central bank introduced the online system from mid-April,&rdquo; said Bhisma Raj Dhungana, Executive Director of Foreign Exchange Management Department, NRB. Nearly 5000 foreign currency traders including banks and financial institutions (BFIs) will be benefited by the system. Dhungana opined that the system will ease the report submission and also saves time.</p>

<p style="text-align: justify;">According to Dhungana, the registered traders required to obtain &lsquo;Username&rsquo; and &lsquo;Password&rsquo; from Foreign Exchange Management Department, NRB to enter in the system. NRB has made the online reporting mandatory for the foreign exchange traders. &ldquo;The online service has been launched to make the foreign exchange transaction easy, transparent and manageable. &nbsp;The system will facilitate easy and fast report submission to the traders,&rdquo; he added.</p>

<p style="text-align: justify;">NRB, issuing a notice on May 15, has requested all the related parties to submit their monthly transaction report from the last mid-April through online.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-17',
			'modified' => '2017-05-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5682',
			'image' => '20170517113634_nrb.jpg',
			'article_date' => '2017-05-17 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 1 => array(
		'Article' => array(
			'id' => '5896',
			'article_category_id' => '1',
			'title' => 'Srijana Finance Starts Branch at Enaruwa',
			'sub_title' => '',
			'summary' => 'May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. “Srijana Finance, which has been',
			'content' => '<p style="text-align: justify;">May 17: Srijana Fainance has started a branch at Enaruwa, Sunsari. Panch Dev Mehta, President of Enaruwa Chamber of Commerce and Industries and Nanda Kishor Rathi, Member of Chamber of Industries, Morang and Director of Srijana Finance jointly inaugurated the branch amid a program on May 15. &ldquo;Srijana Finance, which has been serving the customers since 15 years, opened the branch to serve the locals of the area,&rdquo; said Bhawani Shanker Chapagain, CEO of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-17',
			'modified' => '2017-05-17',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5681',
			'image' => '20170517104921_srijana.jpg',
			'article_date' => '2017-05-17 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '5895',
			'article_category_id' => '1',
			'title' => 'Take Debtors’ Consent First to Raise Interest Rate: NRB',
			'sub_title' => '',
			'summary' => 'May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.',
			'content' => '<p style="text-align: justify;">May 16: Now, the banks and financial institutions (BFIs) are required to receive consent from the debtors if they are to raise interest rates on loans.</p>

<p style="text-align: justify;">&nbsp;The Nepal Rastra Bank (NRB), issuing a circular, barred BFIs from raising interest rates haphazardly without taking consent of the debtors.</p>

<p style="text-align: justify;">However, the BFIs can raise the interest rates on some conditions like failure to pay back interest and principals of loans, as well as if damages are made on collateral and violation of other conditions of loans by the debtors.</p>

<p style="text-align: justify;">Previously, the interest rates of BFIs on various accounts and loans were varied. Thus, the present NRB arrangement is expected to bringing good governance in BFIs and maintain suitable interest rates in loans, said Narayan Prasad Poudel, Spokesperson of NRB.</p>

<p style="text-align: justify;">According to him, the provision was made as per the direction of the Supreme Court to bar the BFIs from raising interest rates haphazardly.</p>

<p style="text-align: justify;">As per the new arrangement, the BFIs can add only a certain percentage on the base interest rate as premium when the debtors apply for new or additional loan.</p>

<p style="text-align: justify;">For the old loans with unmentioned premiums, the difference between interest rate mentioned in the offer letter and the base rate maintained during the release of loan will be the ultimate premium rate. However, if the banks renew the agreement with the debtors, then they can settle a new premium rate.</p>

<p style="text-align: justify;">The NRB has fixed 5 percent as the spread rate of interest to the BFIs. &nbsp;Now the NRB has made arrangements for the BFIs not to maintain more than five percent the average difference of interest rate charged on loans and the interest rates provided on deposits.</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5680',
			'image' => '20170516050840_nrb.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '5894',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank to Issue 10:3 Right Shares',
			'sub_title' => '',
			'summary' => 'May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.',
			'content' => '<p style="text-align: justify;">May 16: Sunrise Bank is issuing 10:3 right shares from May 30 to July 3. The bank is issuing 16,359,636 units of right shares with a face value of Rs 100 to its existing shareholders.</p>

<p style="text-align: justify;">According to the bank, shareholders registered in the book by May 14 can apply for the right share.&nbsp; The bank has appointed Prabhu Capital Ltd as its issue manager. The interested shareholders can apply for the right share through Pabhu Capital as well as all the branches of Sunrise Bank.</p>

<p style="text-align: justify;">After the issuance of right shares, the paid-up capital of the bank will reach Rs 7.08 billion. The bank earned Rs 865.2 million net profit by the last mid-April.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5679',
			'image' => '20170516020444_sunrise.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '5893',
			'article_category_id' => '1',
			'title' => 'Dugar Launches 3 Products under ‘Gyan’',
			'sub_title' => '',
			'summary' => 'May 16: KL Dugar Group has brought three new products under ‘Gyan’ brand.  The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. ',
			'content' => '<p style="text-align: justify;">May 16: KL Dugar Group has brought three new products under &lsquo;Gyan&rsquo; brand. &nbsp;The company launched Gyan Maize Atta, Gyan Maize Grit and Gyan Premium Lito (baby food) in the market. Issuing a press statement, the company said that the products are available in 5kg and 2kg packages in nationwide major departmental store and retailers. &nbsp;</p>

<p style="text-align: justify;">According to the company, Gyan Maize Atta which is manufactured by yellow and white maize contains fibers and proteins. Similarly, Gyan Maize Grit is low in fat, sodium, gluten free and contains rich dietary fiber.</p>

<p style="text-align: justify;">Likewise, Gyan Premim Lito that is manufactured by the mixture of wheat, rice and soya contains milk powder, sugar, corn oil and fortified with 16 vitamins and micronutrients. The Gyan Premium Lito is suitable for the infants above six months, said the company in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5678',
			'image' => '20170516010307_gyan.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '5892',
			'article_category_id' => '1',
			'title' => 'Sanima Bank to Provide ASBA and Demat Services Thru Online',
			'sub_title' => '',
			'summary' => 'May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement. ',
			'content' => '<p style="text-align: justify;">May 16: Sanima Bank has introduced online ASBA and Demat services. In a bid to provide convenient ASBA and Demat services to the customers, the bank started the online services from May 15. The customers can receive the services by taking internet banking services from the bank, said the bank in a press statement.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5677',
			'image' => '20170516115845_sanima.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '5891',
			'article_category_id' => '1',
			'title' => 'Machhapuchchhre Chairman Takes Oath in front of Governor',
			'sub_title' => '',
			'summary' => 'May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.',
			'content' => '<p style="text-align: justify;">May 16: Roshan KC, the newly appointed chairman of Machhapuchchhre Bank has taken oath in front of Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank. KC took oath as per the provision of banks and financial institutions Act 2073.</p>

<p style="text-align: justify;">KC was elected as chairman of the bank during the board of directors&rsquo; meeting on April 27.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-16',
			'modified' => '2017-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5676',
			'image' => '20170516113511_macha.jpg',
			'article_date' => '2017-05-16 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '5890',
			'article_category_id' => '1',
			'title' => '2 Companies Submit Proposal to Lay Optical Fiber in Province 6 & 7',
			'sub_title' => '',
			'summary' => 'May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.',
			'content' => '<p style="text-align: justify;">May 15: Two companies have proposed to lay optical fiber in province no six and seven under mid-hill highway. The two companies submitted quotation on the call of proposal by Nepal Telecommunication Authority (NEA) for the second time.</p>

<p style="text-align: justify;">The first call was terminated by NEA citing unfulfillment of standard by the companies. The second call of proposal had a deadline till May 12. &ldquo;During the period, Smart and WorldLink submitted quotation of laying optical fiber in Rs 3.94 billion and Rs 3.34 billion respectively,&rdquo; said Achyutananda Mishra, Assistant Spokesperson of NEA.</p>

<p style="text-align: justify;">NEA gave cap of Rs 3.70 billion to the companies for the submission of the quotation. The company which quoted the lowest price and have the technical expertise will obtain the project.</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5675',
			'image' => '20170515011750_optical.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '5889',
			'article_category_id' => '1',
			'title' => 'Double Digit Economic Growth is Near: Governor Nepal',
			'sub_title' => '',
			'summary' => 'May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said “The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.”',
			'content' => '<p style="text-align: justify;">May 15: Dr Chiranjibi Nepal, Governor of Nepal Rastra Bank (NRB) has said that achievement of double digit economic growth is near. Dr Nepal uttered the statement in an inauguration program organized by Rotary Club, Hetauda to mark its silver jubilee. He said &ldquo;The economic growth of the country grew to 7 percent due to regular power supply supported by unconstrained industrial production. If only we could insert little hard work, the economy will be able to achieve double digit growth.&rdquo;</p>

<p style="text-align: justify;">&ldquo;In order to achieve the economic growth, modification in the traditional societal norms should be encouraged and the immense opportunities within the country should be exploited,&rdquo; he added. &ldquo;Even in a backdrop of 57 percent labour force between 18-60 years of age being out of country, Nepal has been able to achieve 7 percent economic growth. In order to achieve the double digit economic growth, youths should be encouraged to start their own businesses by taking finances from banks and financial institutions (BFIs),&rdquo; Nepal voiced.</p>

<p style="text-align: justify;">Moreover, Governor Nepal said that the government still holds balance of Rs 500 million allocated for agricultural entrepreneurs in order to provide subsidy on interest rate. He further said that only 42 percent of Nepalis youth are engaged in entrepreneurships by taking loans with BFIs and 58 percent youths are still in banking inaccessibility. &nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5674',
			'image' => '20170515114130_governor.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '5888',
			'article_category_id' => '1',
			'title' => 'Kabeli Bikas Bank and Mount Makalu Devt Bank to Merge',
			'sub_title' => '',
			'summary' => 'May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.',
			'content' => '<p style="text-align: justify;">May 15: Kabeli Bikas Bank, headquartered at Dhankuta and Mount Makalu Development Bank, headquartered at Tehrathum are set to merge with each other. A memorandum of understanding regarding the matter was signed by Gopal Prasad Kafle, Chairman of Kabeli Bikas Bank and Hari Krishna Niraula, Chairman of Makalu Bank.</p>

<p style="text-align: justify;">The banks merged with each other in order to meet the minimum paid-up capital requirement of Rs 500 million as per the directive of Nepal Rastra Bank by the end of the current FY. According to the agreement, the merged entity to be known as Kabeli Bikas Bank will be headquartered in Dhankuta and will be lead by the chairman of the current Kabeli Bikas Bank.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-15',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5673',
			'image' => '20170515103809_kabeli.jpg',
			'article_date' => '2017-05-15 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '5887',
			'article_category_id' => '1',
			'title' => 'Oppo R9S Became Most Popular Handset',
			'sub_title' => '',
			'summary' => 'May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.',
			'content' => '<p style="text-align: justify;">May 12: Oppo R9S has become the most selling smartphone in first quarter of 2017 as per the report of Research from Strategy Analytics. According to the report, 8.9 million units of Oppo R9S have been sold in the review period.</p>

<p style="text-align: justify;">Meanwhile, &nbsp;Apple&rsquo;s iPhone 7 was the most sold smartphone in the previous quarter with 201.5 million units in the global market as per the report. Similarly, the second spot was claimed by iPhone 7 plus with selling 107.4 million units. Likewise, Oppo R9S grabbed third spot in the review period whereas Samsung&rsquo;s mid-range handset Galaxy J3 and Galaxy J5 had 3.1 million unit and 5 million units sold respectively.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5672',
			'image' => '20170512011154_oppo.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '5886',
			'article_category_id' => '1',
			'title' => 'NMB to Issue FPO through Citizens Investment Trust',
			'sub_title' => '',
			'summary' => 'May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.',
			'content' => '<p style="text-align: justify;">May 12: Citizens Investment Trust and NMB Bank have finalized an agreement regarding further public offering. The bank appointed CIT as its issue manager to manage the 14,415,163 units of FPO.</p>

<p style="text-align: justify;">Ram Krishna Pokharel, executive director of CIT and Sunil KC, CEO of NMB Bank signed the agreement amid a program on May 11. According to the agreement, the FPO will be issued with a face value of Rs 100 at premium.&nbsp;</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-12',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5671',
			'image' => '20170512124514_nmb.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '5885',
			'article_category_id' => '1',
			'title' => 'Sunrise Bank Supports Students ',
			'sub_title' => '',
			'summary' => 'May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation.  The bank is providing the supporting to the students of Tribhuwan University (TU).',
			'content' => '<p style="text-align:justify">May 12: Sunrise Bank is supporting five students of Masters in Business Studies (MBS) and Master in Business Administration (MBA) level for their thesis preparation. &nbsp;The bank is providing the supporting to the students of Tribhuwan University (TU).</p>

<p style="text-align:justify">The bank and the administration department of TU signed a memorandum of understanding regarding the matter on May 11. Ratna Raj Bajracharya, CEO of the bank and Prof Dr Bhoj Raj Aryal, Chief of TU administration department signed the agreement paper amid a program. Under the agreement, the bank will provided financial support to five thesis doers of TU.</p>
',
			'published' => true,
			'created' => '2017-05-12',
			'modified' => '2017-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '5670',
			'image' => '20170512122606_SUNRISE.jpg',
			'article_date' => '2017-05-12 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '5884',
			'article_category_id' => '1',
			'title' => 'Vibor Society Devt Bank to Rename as Lumbini Bikas Bank',
			'sub_title' => '',
			'summary' => 'May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9th annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as ‘Lumbini Bikas Bank’.',
			'content' => '<p style="text-align: justify;">May 12: Vibor Society Development Bank is set to rename as Lumbini Bikas Bank. The 9<sup>th</sup> annual general meeting (AGM) of the bank approved a proposal regarding merger of the bank with Lumbini Finance and Leasing Company. The same meeting approved the proposal of renaming the bank as &lsquo;Lumbini Bikas Bank&rsquo;.</p>

<p style="text-align: justify;">In the meeting, the bank informed that the merged entity will have paid-up capital of Rs 2.37 billion. The AGM also approved a proposal of issuing 10 percent right shares of the paid-up capital maintained after the merger. Presently, the bank has deposit collection of Rs 15.6 billion and loan extension of Rs 13.56 billion, informed the bank on the occasion. The bank earned Rs 220 million net profit by the third quarter of the current FY. The merged entity will be lead by Sushil Raj Parajuli as Chairman. Moreover, Jhalak Prasad Khanal will be the CEO of the merged entity.</p>

<p style="text-align: justify;"><img alt="" src="/userfiles/images/lumbini%284%29.jpg" style="height:294px; width:650px" /></p>

<p style="text-align: justify;">Meanwhile, the special general meeting of Lumbini Finance and Leasing Company has approved the merger proposal with Vibor Society Development Bank. The SGM was conducted under the chairmanship of Chinta Mani Bhattarai, BOD Chairman of the bank. Moreover, the meeting also endorsed a proposal regarding changing share structure ratio of promoter and general shareholders to 51:49.&nbsp;</p>
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			'title' => 'Growth Rebounded Strongly in FY2017, but Risks Are Mounting: The World Bank',
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			'summary' => 'May 12: According to the World Bank’s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in re',
			'content' => '<p style="text-align:justify">May 12: According to the World Bank&rsquo;s latest Nepal Development Update, economic growth of Nepal has rebounded strongly and has reached 7.5 percent (market prices) in FY2017. This is the highest growth rate since 1994. The growth is a result, in part, of the low growth in the previous year, one of the best monsoons in recent years, increased availability of electricity, and greater investment as the earthquake reconstruction gathered speed, said the bank .&nbsp;</p>

<p style="text-align:justify">According to the Nepal update, this cyclical rebound follows two challenging years where real GDP growth fell to 3.3 percent in FY2015 due to the devastating earthquake and declined even further to a 14-year low of 0.4 percent in FY2016 due to a complete disruption in cross-border trade with India.</p>

<p style="text-align:justify">Rice production in FY2017 is estimated to have hit a record high of 5.2 million tons, up from 4.2 million tons a year ago, says the update. About half a million households, eligible to receive housing reconstruction grants, have received the first of three tranches.&nbsp; Second tranche payments have started and are expected to pick up by the end of FY2017.&nbsp;And a series of management reforms has eliminated power cuts in several major cities across Nepal.&nbsp; Meanwhile, more than 100 megawatts of new hydropower capacity, delayed by the earthquakes and the trade disruptions, have come on-stream.</p>

<p style="text-align:justify">Moreover, transport has revived while wholesale and retail trade has normalized, according to the update. Tourism is also recovering, with arrivals reaching pre-crisis levels during the September-December 2016 tourist season.&nbsp;Inflation has decelerated primarily due to the normalization of imports and moderating inflation in India as a result of demonetization.&nbsp;</p>

<p style="text-align:justify">However, while imports have rebounded, exports remain slow due to sluggish India-bound exports and continued appreciation of the effective exchange rate. As a result, the trade deficit continues to increase. While remittances continue to grow, albeit at a slower pace, external sector pressures are building up.&nbsp;</p>

<p style="text-align:justify">&ldquo;Government revenue and spending have performed well,&rdquo; said&nbsp;Takuya Kamata, the World Bank&rsquo;s Country Manager for Nepal. &ldquo;Revenue has exceeded the six months&rsquo; target and spending, including on capital goods, has also significantly picked up compared to previous years and is on par with revenue.&rdquo; Nonetheless, very ambitious expenditures envisioned in the budget have not materialized, leaving previously accumulated government deposits (10 percent of GDP) intact.</p>

<p style="text-align:justify">Credit grew rapidly over the past year, reaching the highest growth rate since 2012, but deposits growth slowed down. Consequently, banks are running up against prudential limits on lending.&nbsp; Additionally, the government&rsquo;s large cash balances have had the effect of a monetary tightening at a time when banks are trying to increase their capital base to meet the increased regulatory requirements for paid-up capital.</p>

<p style="text-align:justify">Looking ahead, the economic growth will remain strong, but it is expected to moderate in line with country&rsquo;s potential, averaging 5 percent over the next two fiscal years. Inflation will remain below the Central Bank&rsquo;s target of 7.5 percent in FY2017, but will likely pick up in FY2018 as the effects of the demonetization taper off in India.</p>

<p style="text-align:justify">However, there are an increasing number of downside risks to this forecast with domestic risks predominating. &ldquo;Nepal&rsquo;s growth performance could moderate due to the fluid political environment and transitional challenges that can affect capital spending and uninterrupted service delivery; increased vulnerabilities in the financial sector; continued underperformance of exports; and a risk of a sharper slowdown in remittances,&rdquo; notes the Update.</p>

<p style="text-align:justify">&ldquo;With the increases in government spending as a result of new federal structures and earthquake reconstruction, the fiscal balance is expected to be negative in FY2018,&rdquo; says&nbsp;Sudyumna Dahal, World Bank Economist&nbsp;and principal author of the Update. &ldquo;Meanwhile, the current account, which had remained in surplus over the past several years, is expected to narrow and turn into a deficit as import growth is expected persists while growth of exports and remittances is expected to remain sluggish.&rdquo;</p>

<p style="text-align:justify">As in previous years, significant underspending of the budget will continue. Post-earthquake reconstruction in sectors other than housing e.g., cultural heritage, public schools, etc. remains delayed; banks are running up against regulatory limits for lending and may face additional pressure if the deposit mobilization does not improve; and persistent contraction in migrant departures present a possible sharper slowdown in remittances.</p>

<p style="text-align:justify">&nbsp;</p>
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