| NIBL awarded Nepal's "Bank of the Year 2005"
Nepal Investment Bank Limited (NIBL) has been awarded the prestigious “Bank of the Year 2005” by the London-based Financial Times Group’s The Banker. NIBL has thus become the first Nepali Bank to win the award two times counting the “Bank of the Year 2003” award. It received the first award soon after Nepalis took over its ownership and management.
This award is given on the basis of the growth and performance in terms of capital, assets, return on equity and management quality, states a press release issued by NIBL.
NIBL’s net assets have increased to Rs. 13 billion from Rs. 5 billion after the Nepali-management took over in July 2002. During the last fiscal year (2003-04), NIBL boosted its net profit by about 32 percent and achieved the return on equity of 21 percent. The Bank’s non-performing assets (NPA) of 1.64 percent is one of the lowest (the national average is over 25 percent) in the banking industry in Nepal and well within the internationally acceptable standards.
NIBL was the first bank to introduce Visa Electron Debit Card in Nepal and the first non-government bank to grant loans against gold and silver. The bank has issued over 25,000 cards making it the leader in the industry and it has deployed 600 Point of Sales machines, which the bank claims to be the largest across the Nepali banks. Recently, the bank launched the “Premier Banking Cell” to cater to its high net worth clients to whom it renders consultancy services in taxation, legal, insurance and travel and tours. The bank plans to strengthen its position in such products as remittance and plastic money, states the release.
Another innovation that NIBL management frequently cites is the concept of “15 Minute Banking” under which the customers entering any of its 12 branches can carry out their entire banking transaction within 15 minutes. A survey shows that eight to 10 minutes as the average transaction time per customer, states the release further.
Nepali IT Player Gets ISO 9001:2000
Data Analysis and Software (P) Ltd. (DASS), has received ISO 9001:2000 certification from the Swiss certification body, SWISO, making it the first software company of Nepal to get it.
Started in 2003, this company serves the international clients with its diversified IT operations that include software engineering solutions, customised software development, software verification and validation, offshore back office processing, business process outsourcing (BPO), and the like.
Deepak Thapaliya, President of DASS, said that acquiring this certificate is the first step to a sustained process of quality management for the company that aims to emerge as a key player of international standing in the Nepali ICT scenario.
Strategic Plan on Herbs
Nepal Herbs and Herbal Products Association (NEHHPA) recently announced its strategic plan to promote herbs and herbal products in Nepal.
NEHHPA was established three years ago with an aim to become a professional herbal business association in Nepal.
The plan was to strengthen the institution, establish MIS (Management Information System), ensure the quality of herbs and herbal products, enhance marketing and strengthen advocacy procedures.
In its strategic plan, NEHHPA aims to establish its branches in 25 districts by the end of 2005 and also establish an award system to recognise at least five best performing entrepreneurs annually by 2006. For quality control, it is to set up national quality standards for seven herbs and seven herbal products by 2010.
The association will also establish quality testing labs in each development region by 2010. In its marketing strategy, NEHHPA will focus on being affiliated to at least five similar national and international organisations by 2007. Further, it will host one national trade show a year and an international trade show every two years.
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