PRESDENT PRAYS AT BHAGAWATI TEMPLES

PRESIDENT PRAYS AT BHAGAWATI TEMPLES

Kathmandu, 4 Oct.: On the occasion of Mahaastami, the eighth day of the ten-day Bada Dashain festival, today [Tuesday], President Dr. Ram Baran Yadav went to different Shankipeeths or goddess temples in the capital and offered prayers there. The President offered prayers in his capacity as the Head of the State, RSS reports.

In this connection, President Dr. Yadav visited the Naxal Bhagawati Temple, the Guhehwari Temple, the Maitidevi Temple, the Bhadrakali Temple, the Shankata Temple and the Shova Bhagawati Temple this morning, paid homage to the goddesses and received Tika and Prasad from the priests at the temples.
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MEDIA GOOGLE

“We will initiate the work unilaterally, if the opposition parties do not come to terms. This will pressurize them on preparing a common ground for the peace process. The peace process will take momentum even without the support of the UML.”

(TMLP leader Hridesh Tripathi, The Kathmandu Post, 4 Oct.)
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Rs 150 BILLION IN DEPOSITS INSURED
Kathmandu, 4 Oct.: Deposits worth Rs 150 billion in A, B and C class banks and financial institutions (BFIs) will be protected by insurance coverage with commercial banks also starting to insure deposits worth up to Rs 200,000, The Kathmandu Post reports.
According to Nepal Rastra Bank (NRB), deposits worth Rs 90-100 billion in commercial banks and Rs 60 billion in development banks and finance companies will be insured. As the government has directed BFIs to get individual deposits of up to Rs 500,000 insured, the amount of insured deposits will rise further.
NRB spokesperson Bhaskarmani Gnawali said that they are yet to calculate the number of total depositors who will benefit from deposit insurance. “However, 1.6 million depositors in B and C class financial institutions will benefit from the deposit insurance policy,” he said.
Most B and C class financial institutions have already got their deposits up to Rs 200,000 insured with Deposit and Credit Guarantee Corporation (DCGC), the government-owned deposit insuring company.
According to DCGC, a total of 77 development banks, 69 finance companies and one D class micro finance institution have got their deposits insured with it. Among commercial banks, only Mega Bank has got its deposits insured.
With the budget for the current fiscal year applying the deposit insurance policy to commercial banks too, Mega signed an agreement with DCGC to get its deposits insured. According to Mega, deposits worth Rs 3 billion of 28,000 individual depositors have been insured.
“About half a dozen other commercial banks have already initiated the process of getting their deposits insured,” said Gnawali, who is also chairman of DCGC. “If there had been no interruption by the Dashain festival, they would have signed agreements with DCGC.”
Bankers have expressed concern over the premium for insuring deposits. They said that the premium was too high and that it would increase their costs significantly.
DCGC has fixed the annual premium at Rs 0.20 per Rs 100. As per the Deposit Insurance Bylaw 2010, the premium will not be refunded to member BFIs. BFIs failing to maintain their capital adequacy ratio will have to pay an additional premium of Rs 0.10 on a half-yearly basis. However, Gnawali said that they first need to get their deposits insured. “NRB will discuss the premium later,” he said.
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