Money & Finance
Nabil Bank has entered a partnership with Export Import (EXIM) Bank of India, thus becoming the first Bank in Nepal to issue bank agreements under the Trade Assistance Programme (TAP).
After rigorous risk review, India's Exim Bank has approved the facility to Nabil Bank under TAP, the Bank said in a statement.
According to the Bank, the partnership has opened up opportunities to facilitate incremental trade between Nepal and India and strengthen the growing economic engagement between the two countries.
Under the arrangement, EXIM Bank shall issue a payment guarantee to the Letter of Credit (LC) accepting Bank in India in support of the payment obligation of Nabil Bank, the statement read.
"This enhances the capacity of commercial banks/financial institutions in India to support cross-border trade transactions involving markets like Nepal where trade lines are constrained."
The statement added that Nabil has strived to play a catalytic role in facilitating Nepal's international trade and investment relations with partner countries while contributing to Nepali business's international endeavors. Furthermore, the Bank believes that Nabil's partnership with EXIM Bank under TAP becomes another milestone towards globalisation of the Nepali banking sector.
Exim Bank is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports wholly owned by the Government of India. Over the years, it has played a catalytic role in facilitating India's integration with the global economy by promoting, financing and facilitating India's international trade and investment.
Nabil Bank, with a strong foundation, inexorable endeavors, effective strategies and prudent management practices, has established itself as the first-choice provider of complete financial services to all stakeholders.
The Bank serves a complete line of commercial banking products through branch banking, treasury, trade, cards, remittance and investment banking. The Bank operates through a network of 233 branch offices, 269 ATMs, numerous POS terminals, remittance agents spread across the nation and over 200 international correspondent banking relationships.
