Press Release

Launch Of Everest Ghar – Dailo Banking Sewa By Everest Bank Ltd.

Modern banking going to every village with telephone connection – for financial inclusion of large number of villagers who have no approach to modern banking.

For the first time in the history of the country Everest Bank Ltd. (EBL) is launching a scheme of branchless banking namely “Everest Ghar – Dailo Banking Sewa” with the help of the latest technology that has been developed and has been successfully tried in many countries including India by Punjab National Bank and other important banks.
It is neither practical nor cost effective for the Banks to open branches in remote villages. However, with the extension of telephone lines on the one hand and development of modern technology and equipments on the other, it is now possible to extend the modern banking services practically to every village where there is a telephone line.
EBL is launching this service in the area connected with its branches at Baglung on 17th June 2009 followed by Bhaktapur in the valley and Nepalgunj in the Terai. With the experience gained, EBL would be extending the services to all its branches.

EBL has 31 branches at the present time and four new branches (namely Lagankhel, Maitidevi and Thamel in Kathmandu Valley and Tulsipur in Dang Dist.) are in the pipeline, which would be operative in the next two months.
EBL would be appointing an Authorized Representative called “Business Correspondent” in the selected villages. After training, such Authorized Representative with the operation of a specialized machine (POT – Point of Transaction Machine) which will be located at his place and which is connected by telephone line with the branch of EBL, will carry out banking transactions like accepting deposits, allowing withdrawals etc.
Each villager with an Account is issued a Smart Card through the help of which the account can be activated in the machine. Since many villagers may not be literate, the machine recognizes any of the ten finger prints in addition to the photograph of the account holder which is in the Card. The Villager – Account Holder can deposit money as well as withdraw money through this Machine.

Thus the money that may be lying with the villagers in their house will now be fully secured since the money will be with the Bank. Further the money will earn interest.
The more interesting feature of this Machine is that if a family member of the account holder wants to remit money to the account holder, this can be done directly by giving reference to the account number/card number.
The villagers will be welcomed to apply for loan for improvement of agriculture, house building, education etc. through the nearest branch of EBL. Once the loan is approved, the disbursement of the loan can take place with the help of the same machine and he can also start repayment the installment and interest of the loan through the machine.

Another important factor is that the normal banking hours does not suit the villagers. Most of them leave home for work early in the morning and come back only in the evening. Since the Authorized Representative of EBL lives in the village, he would be available when the villagers come back home after their work.
The development of a country has direct relationship with the number of citizens having access to the banking. With this almost revolutionary step being taken by EBL the development of villages in the country is expected to take a leap forward.