KATHMANDU; First Microfinance Development Bank Ltd (FMDB) started its financial service yesterday targeting poor sections of society like haliya, kamaiya, farmers

and unemployed youths. Kist Bank, Global Bank, NDIP Bank, ICFC Finance and others are the promoters of this new bank.

FMDB has authorized and paid up capital of Rs 100 million and promoters are occupying 70 per cent of the stake. FMDB aims to raise the socio-economic status of the poor through capital mobilization in deprived sectors. The bank will work together with government and non-government agencies for abolition of poverty, an FMDB statement read.

Bal Kumar Pandey of Kist Bank is the chairman of the bank while Surendra Raj Regmi (Global Bank), Sunil Pant (ICFC Finance) Raj Kumar Rai and PR Paudyal are on the board of directors. Num Nath Paudyal, a chartered accountant, is officiating as chief executive officer of the bank.