India Exim Bank onboards Nabil Bank under Trade Assistance Program
4 December, Kathmandu: Nabil Bank becomes the first and the only bank to be onboarded with Export Import (Exim) Bank of India to issuing bank agreement under Trade Assistance Programme (TAP).
After rigorous risk review, India Exim Bank has approved the facility to Nabil Bank under the Trade Assistance Program. According to the bank, this partnership with Nabil Bank opens up opportunities to facilitate incremental trade between Nepal and India and strengthen the growing economic engagement between Nepal and India.
Under the arrangement EXIM bank shall issue payment guarantee to the Letter of Credit (LC) accepting bank in India in support of payment obligation of Nabil Bank, thereby enhancing the capacity of commercial banks/financial institutions in India to support cross-border trade transactions involving markets like Nepal where trade lines are constrained.
According to the bank, Nabil has strived to play a catalytic role, as a key player, in facilitating Nepal’s international trade and investment relations with partner countries, while contributing to the internationalization endeavors of Nepalese business. Furthermore, the bank believes that Nabil partnership with EXIM Bank under TAP becomes another milestone towards globalization of Nepalese banking sector.
India Exim Bank is the principal financial institution for coordinating the working of institutions engaged in financing exports and imports fully owned by the Government of India. It has over the years, 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 strong foundations, inexorable endeavors, effective strategies and prudent management practices has rightfully established it 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.