Mega Bank, iDE ink pact on digital banking for farmers

By TRN Online, Kathmandu, May 12: Mega Bank Nepal Ltd has forged an agreement with the iDE Nepal to promote small farmers' agribusiness by providing financial assistance through digital banking.

 iDE Country Director Corey O'Hara and Acting Chief Executive Officer of Mega Bank Nepal Raveena Deshraj Shrestha signed the agreement paper during a programme at the Mega Bank Corporate Office, Kamaladi. 

The programme was also attended by the office bearers of the Mega Bank, iDE Nepal, CIMMYT, and R & D innovative solutions.

Now, with the agreement, the Bank will extend loans for the worker who have returned from foreign employment and small and medium-size farmers to expand their existing businesses or start new businesses on the recommendation of iDE Nepal. 

The agreement has clearly mentioned that the loan will be extended based on the directive of the Nepal Rastra Bank (NRB) provision of interest concessional loan and under the provision of concessional interest loan provided under the bank's act.

After the signing of the agreement, acting CEO Shrestha said that the loan will be provided for the promotion of business for a cottage, household, and small and medium entrepreneurs 

She made commitments that the concessional loan will be provided through the various branches of the bank situated in seven districts such as Kanchanpur, Kailali, Surkhet, Bardia, Banke, Dang and Kapilvastu.  

Chief of iDE Nepal Corey O'Hara and CEO of R & D Innovative Solution Sunita Nhemaphuki said that they reached the agreement as Mega Bank has already been prioritizing loans to small farmers, women, and poor communities in addition to its policy to provide small loans and concessional interest loan.

According to the agreement of the Mega Bank and iDE Nepal, the main objective is to provide digital banking equipment " Mega Kishan Card" to 2500 farmers.