Banking News – CYC Nepal Laghubitta Bittiya Sanstha Limited has successfully concluded its 7th Annual General Meeting (AGM) at the hall of Deep Sagar Hotel Restaurant and Bar Pvt. Ltd. in New Road, Pokhara. The AGM was held on Shrawan 30, 2083.

The meeting was chaired by Prof. Dr. Tarun Paudel, a member of the institution’s Board of Directors, while Radheshyam Shrestha, Chief Executive Officer and Company Secretary, conducted the program. Director Laxman Khadka Chhetri delivered the welcome address, while Director Rajendra Regmi expressed gratitude to the participants.

Chandi Prasad Sharma, Chairman of the institution’s major promoter Char Tare Youth Club (CYC), Nepal, and a social worker, attended the AGM as the chief guest.

The AGM approved the Board of Directors’ report for fiscal year 2081/82 and the audited financial statements for the same fiscal year. The meeting also approved the appointment of the auditor, allowances and expenses of the Board of Directors and other committees, as well as the appointment of a director made by the Board.

The AGM unanimously approved general and special proposals, including authorizing the Board of Directors to carry out all necessary procedures for the merger or acquisition of suitable microfinance institutions, whether through merger, acquisition or being acquired.

CYC Nepal Laghubitta currently provides financial services through 124 branch offices across all 77 districts of Nepal. The institution has 126,282 members, including 42,235 borrowing members.

According to the institution, its outstanding loan investment stands at Rs. 6.78 billion, while total deposit mobilization has reached Rs. 2.984 billion.

During the AGM, shareholders including Kedar Kafle, Naresh K.C., Indra Raj Paudel, Nagendra Sharma, Somnath Dhungana, Sher Bahadur K.C., Dol Raj K.C., Dol Raj Dhungana, Dipen Thapa, Bidya Shrestha and Anand Raj Silwal, among others, presented their comments, suggestions and queries regarding the annual report and other contemporary issues.

In response to the questions and suggestions raised by shareholders, CEO and Company Secretary Radheshyam Shrestha, Public Director Suman Gharti Chhetri and Independent Director Dilip Paudel provided clarifications and responses.

During the meeting, the institution expressed its commitment to institutional improvement, good governance and a stronger future course of action. It also pledged to ensure that investors joining the institution through future mergers and acquisitions would not face any form of misunderstanding or conflict and that all stakeholders would be taken forward together.

CEO and Company Secretary Radheshyam Shrestha said the institution would work to make its services and overall performance more effective by addressing suggestions and grievances raised by shareholders. He also reaffirmed the institution’s commitment to implementing all directives issued by Nepal Rastra Bank in full.