Kathmandu: Nabil Bank has marked its one year in sustainable banking practice.
It was Launched on Paddy Day, 15 Asar 2078 (June 29, 2021), to ensure financial literacy to those with limited financial access in rural areas, commercialize the agricultural sector, promote entrepreneurship and support the United Nations Sustainable Development Goals adopted by the Government of Nepal, “Nabil Sustainable Banking. ”The bank states, “During last one year , Sustainable Banking Practice of Nabil bank is seen as an innovative initiation not just in Bank but in the entire banking sector.”
Nabil Bank, since its inception, has been practicing sustainable banking by investing in hydropower, providing concessional loans and working in social and environmental accountability, the bank said in a press release.
As per the bank, it had had some commendable achievements in various sectors in different parts of the country. The Bank has recently introduced two types of innovative loans targeting those with limited financial access via its “Nabil Sustainable Banking”: “Nabil Entrepreneurial Loan”, and “Nabil Kishan Karja”.
Starting from its 17 rural branches, it has provided approximately 41crore loans by mid-June 2022 to 571 farmers and budding entrepreneurs including 60 female entrepreneurs.
Similarly, concern and promotion of the environmental and Societal accountability are highly prioritized objectives of “Nabil Sustainable Banking”, the bank states. Hence, while offering the loans to business units around the country, the bank said it has the protocol of providing only its ESRM guidelines (Environment Social Risk Management). Since 2018, the Bank has been conducting “Environment and Social Risk due Diligence” on the clients for loan facilities over Rs 10 million that receive the accommodation and fall into the categories like commercial leasing, term finance, or project finance.
Noting the growing concern of climate change in the world, the bank has become a member of PCAF in 2021 and has become a part of PCAF to measure and report its greenhouse gas emissions related to its loan portfolio and investment.
The bank has also launched an environmental friendly awareness campaign by replacing the prayer flag at Bouddhanath Stupa with a biodegradable prayer flag on the occasion of Earth Hour, celebrated on March 26, 2022. Also, it has established the Nabil School of Social Entrepreneurship on December 20, 2008, to develop, encourage and promote social entrepreneurship in the country and help to develop and nurture entrepreneurs, solve their social problems such as inequality and deprivation and build sustainable social companies.