‘Nepal Police-Laxmi Bank Scholarship Akshaya Fund’ launched

KATHMANDU: Laxmi Bank has signed a memorandum of understanding (MoU) with Nepal Police Welfare Fund to establish the 'Nepal Police-Laxmi Bank Scholarship Akshaya Fund' worth Rs 2.5 million and pledged financial assistance of Rs 750,000 over the next five years as part of its #SupportGirlChild initiative. Dipesh Amatya, Chief of Retail Financial Services at Laxmi Bank, and Kedar Dhakal, Deputy Inspector General of Nepal Police, signed the MoU in the presence of Inspector General of Nepal Police, Basanta Kunwar and Chief Executive Officer of Laxmi Bank, Ajaya Bikram Shah. This scholarship fund aims to support deserving female students from the families of incumbent, former, and retired, martyred or disabled junior-level police personnel studying at Police Schools. Nepal Police will manage and oversee the scholarship selection process while Laxmi Bank will provide financial support. The Bank is confident that this initiative will strengthen its #SupportGirlChild campaign and empower deserving students from these schools to enhance their education. Laxmi Bank was established in 2002 as the 16th commercial bank in Nepal. Today, through its branches and a host of IT-enabled channels, the bank serves a wide range of customers. Despite a relatively short history, Laxmi Bank has emerged as a major player across all business lines - retail, midmarket, corporate, infrastructure and treasury. Laxmi Bank’s microfinance subsidiary – Laxmi Laghubitta Bittiya Sanstha, a category D financial institution licensed by Nepal Rastra Bank is in operation since 2012 and has a network of 90 branches with loans of over Rs 7.52 billion. Similarly, Laxmi Bank’s investment banking subsidiary – Laxmi Capital Market Ltd, licensed by the Securities Board of Nepal — manages three mutual fund schemes under Laxmi Mutual Fund. Laxmi Equity Fund, Laxmi Unnati Kosh, and open-ended scheme, Shubha Laxmi Kosh which are listed and traded at the Nepal Stock Exchange. The bank closed the previous financial year 2021/22 with a balance sheet size of Rs 173 billion that includes deposits and risk assets of Rs 139 billion and Rs 132 billion respectively. All key financial indicators of the bank are well within prudential and regulatory norms. READ ALSO:

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