Himalayan News Service

Kathmandu, March 23:

Everest Bank Ltd (EBL), a joint venture bank with Punjab National Bank (PNB), has launched a representative office at Kasturba Gandhi Marg, New Delhi, following the necessary approval from the Nepal Rastra Bank (NRB) and the Reserve Bank of India.

According to the pres statement issued by EBL here today, EBL is the only bank in Nepal to open its office in India. The services of a senior executive of PNB has been loaned to EBL to act as the chief representative. One of the senior officers of EBL, of the rank of a manager, has already been deputed to work as the deputy chief.

The representative office of EBL in India is already busy contacting and canvassing for transferring the savings of millions of Nepali citizens working in India through a proper banking channel, says the press statement.

Any Nepali citizen working in India will now be able to approach the designed branches of PNB in India where he/she can open an account in any of the 14 branches of the bank in Nepal.

They can then deposit their monthly savings at the same branch which will automatically be transferred to his/her account with EBL to a branch of his/her choice, said the statement.

EBL will make overdraft facility available for Nepali citizens with regular certified employment in India at economic interest rates. The representative office is being officially inaugurated by the Royal Nepalese Ambassador to India, in the presence of chairman-cum-managing director of PNB today, informed the statement.

It is expected that Delhi and its suburbs alone will provide at least 10,000 accounts. EBL has similar money transfer arrangement for Nepalis working in the Middle East. EBL plans to provide similar services to Nepalis in the United Kingdom as well, says the statement.