Lekhnath, June 2 :

Financial institutions operating in Lekhnath municipality are getting popularity in recent days, although government and some private banks — which were displaced during the Maoist insurgency — failed to re-establish their branches here even after the end of insurgency.

Private banks have been extending their branch offices here since some years.

“Gandaki Development Bank (GDB), which started its operations in Lekhnath municipality last July/August, has already invested Rs 40 million in the Lekhnath area only,” said Dambar Raj Baral, branch manager of GDB adding that the bank is providing loans to the customers mainly for business, education, housing and hire-purchases.

“The bank has been able to collect Rs 35 million deposit till date,” he further informed.

Similarly, AP Financial Institution Ltd — established by some local businessmen — has also started its services recently.

“The financial institution has collected Rs 10.25 million deposit from the customers within a month of its establishment,” Dhruba Raj Tiwari, managing director of AP Financial Institution said, adding that the institution has already invested over eight million rupees.

Similarly, some traders here are planning to establish Kamana Development Bank (KDB). Everest Bank Ltd (EBL) is also preparing to set-up its branch office in Lekhnath, shortly.

“Essential preparation is underway to establish our branch office in Lekhnath. We will start services within two months,” said Harish Acharya, assistant manager at Pokhara branch of Everest Bank Ltd.

The branches of Agricultural Development Bank -Nepal (ADB-N), Rastriya Banijya Bank (RBB), SBI Bank and Standard Chartered Bank — that were displaced four years ago due to Maoist insurgency — are yet to re-establish their branches.

Locals had hard times when the ADB-N branch was displaced. They had no other option than to go to Pokhara branch.

However, post-insurgency a lots of private banks are eyeing the places like Lekhnath municipality to expand their business operations.