Prabhu Bikas Bank is making preparations to upgrade it into a commercial bank.Only three months back it had transformed into a National level development bank, merging a few Banking and Financial Institutions.
“We are planning to transform into a commercial bank and are planning to merge a few BFIs,” bank officials informed. “We are holding talks with more than four BFIs and are aiming to land a deal within two weeks.”
The BFIs include Grand Bank, Nepal Housing and Merchant Bank, Kathmandu Finance and NDEP Development Bank.
At the end of the last fiscal year 2069/70, Prabhu Bikas Bank was formed following the merger of Prabhu Finance, Baivav Finance and Sambriddhi Bikas Bank.
Nepal Rastra Bank had reportedly advised Prabhu to work toward transforming into a commercial bank since that merger.
Notably, Prabhu has been mobilizing the highest amount of deposit and loan among the development banks in the country.
It has collected around 9 arba in deposit by last month, and its paid-up capital has reached Rs76.59 crore.
As it has more deposit and much lesser paid-up capital, it has not been able to increase its investment.
This has compelled Prabhu Bikas Bank to upgrade itself into a commercial bank, the officials added.
The development bank had registered a net profit of Rs 8 crore in the last fiscal year.
The Prabhu Group, the promoter of the development bank, also runs Prabhu Money Transfer and Prabhu Management that offer state-of-the-art mobile financial services.
It has also recently signed an agreement with Hello
Paisa to allow various businesses in the Prabhu Group network,
consisting of more than 3,500 agents and 1,500 cooperatives nationwide,
to provide end-to-end mobile financial services (MFS) offered by the
Hello Paisa Network.
-sharesansar
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