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VYCCU SACCOS initiates missed call banking

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KATHMANDU— VYCCU Savings and Credit Cooperative Limited – the four time winner of prestigious ACCESS branding has initiated missed call banking as its another innovation.

ACCESS stands for “A1 Competitive Choice for Excellence in Service and Soundness” and its branding is presented by Asian Confederation of Credit Unions (ACCU).

The cooperative organization based in Gaindakot Municiplaity-8 of Nawalparasi district has launched this service on the occasion of its 29th annual general meeting.

With this, a member of the cooperative can check his/her balanced amount while ringing up 9802915550 and recharge balance in the mobile phone with Rs 100 while giving missed call to 9802915551.

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Inaugurating the annual general meeting of the organization in Gaindakot, Nepali Congress general secretary and Member of Parliament Prof Dr Sasanka Koriala lauded the VYCCU’s exemplary role in economic transformation of the people of the area.

“The leading cooperative organization has been performing in a way that contributes to the State to cherish its dream”, he said.

Cardiac specialist and social activist Dr Bhagawan Koirala, who was the key note speaker of the programme, stressed on the need to do routine physical exercise to maintain good health.

On the occasion, VYCUU has honoured ex-President of both National Federation of Savings and Credit Cooperatives of Nepal (NEFSCUN) and Asian Confederation of Credit Unions (ACCU) Rishi Raj Ghimire with VYCCU National Cooperative Award.

VYCCU presents this award to a national personality in every two year acknowledging his remarkable contributions to the enrichment of cooperative movement of Nepal, said VYCCU President Keshab Prasad Sapkota.

The cooperative organization with the member base of over 45,000 has generated an operational income of Rs 123 millions in the current fiscal year, shared manager Madhav Prasad Poudel.

Earlier, the VYCCU SACCOS has launched member medical insurance scheme, tablet banking, ATM services and different packages of financial and non-financial services.

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Economy

Business community demands slash in interest rate

Pratigya Waiju

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BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.

They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.

At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.

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Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.

Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

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