Recently, NRB allowed Nepalis commercial banks to borrow from Indian banks and financial institutions in Indian currency.
However, speaking in the press conference organized by the bank on Monday, Bhatnagar added that Indian BFIs charges an interest rate of above 10.5 percent on lending while loan on 9 percent interest rate can be easily fetched in Nepal. "Thus, borrowing fund from India is more costly to Nepal," he said.
In the program, Nepal SBI Bank shared its annual progress of the last FY. As per the bank, the net interest income grew from Rs 2.99 billion to Rs 4.14 billion in the last FY. Similarly, its operating profit increased by 24.41 percent and net profit by 29.32 percent.
In the last FY, the bank mobilized total deposit of Rs 84.22 billion and extended loan and advance of Rs 75.23 billion.
