KATHMANDU: Nirdhan Utthan Bank Limited (NUBL) has received formal recognition as a national level micro finance development bank from Nepal Rastra Bank, the central bank of Nepal and regulatory authority. The recognition came after NUBL fulfilled the minimum capital requirement of Rs 100 million as paid-up equity this November.

NUBL is the first microfinance bank of Nepal to be recognized as a national level micro finance bank. Being a national level micro finance bank, it can now expand its services all over the country by establishing its branch network in all 75 districts of Nepal.

The arduous journey of NUBL started with the inception of “Nirdhan” as an NGO in 1993 with the establishment of a project office in Siktohan VDC of Rupandehi district in the Tarai region of Nepal.

Later, NUBL evolved as a limited company to operate micro finance activities under the Development Bank Act of Nepal . Now, operating under Bank and Financial Institution Act, Nirdhan Utthan Bank Limited operates in 24 districts with a 75-branch network.