Memorandum of Understanding between Kamana Sewa Bikas Bank and CDSC

KATHMANDU: AUGUST 10 – An agreement has been reached between Kamana Sewa Bikas Bank and CDSC regarding deposit membership.

An agreement on deposit membership has been signed between the bank and CDSC. The bank has stated that it will provide services to the general public as a depository member as soon as possible.

The agreement was jointly signed by Chief Executive Officer Pravin Basnet on behalf of the bank and Chief Executive Officer Purna Prasad Archay on behalf of the CDSC during a function at the CDSC office.

Currently, 78 institutions have received deposit membership from CDSC. The bank plans to bring the depository member activities into operation soon.

The bank has managed to earn a net profit of Rs. 702.4 million as of mid-Ashad (July) of the last fiscal year. The profit of the bank has increased by 484.90 per cent compared to the same period of the previous fiscal year. The bank had made a profit of Rs. 119.719 million in the corresponding period of the previous fiscal year.

The bank has been providing services to customers through digital media such as social media banking, internet banking, mobile banking and SMS banking through 128 branches, one extended counter and 70 ATMs.