KATHMANDU: Nepal Credit and Commerce Bank (NCC Bank) is starting e-remittance service in collaboration with Doha Bank of Qatar. NCC Bank chief executive officer Ratna Raj Bajracharya and his Doha Bank counterpart R Sitaraman last week signed an agreement for the service.

Qatar is one of the major destination countries for Nepali migrant workers since 15 years. Over 3,00,000 Nepalis are working in construction, manufacturing and other sectors in this Gulf country. “The bank will expand its service to other Gulf countries also,” said Bajracharya.

According to the agreement, Nepali workers can open accounts in any of the 40 branches of Doha Bank without any introductory cost. This account can be used to send money to Nepal 24 hours a day through online network. “The families of migrant workers can collect the remittance through 17 branches of NCC Bank in Nepal,” he added.

Likewise, the Doha Bank account can also be used to deposit salaries of migrant workers. Both banks have started motivation campaign targeting labourers and employers in this regard.

The banks will exchange employees’ accounts to simplify transactions. “We have requested the employing companies to open account in any of the 40 branches of Doha Bank and deposit the salary directly in the account,” Bajracharya said adding that Doha Bank will also provide Nepalis, who have opened accounts, with financial assistance up to 200 Riyals. “It will help workers manage their life before joining the company,” he added. “Nepali migrant workers can get this facility after showing employment letter at any branch of Doha Bank.”

NCC Bank’s profit Rs 570m

KATHMANDU: NCC Bank has posted a net profit Rs 570.4 million (before tax and bonus) in the fiscal year 2008-09, according to unaudited accounts of the bank. It also collected Rs 9.13 billion deposit and invested Rs 7.18 billion during the period. The bank reduced its Non Performing Assets (NPA) to 2.74 per cent from last fiscal year’s 16.42 per cent. — HNS