Things to know about Janautthan Samudayic Laghubitta Bittiya Sanstha Ltd | IPO KHABAR | IPO REAULT

 Things to know about Janautthan Samudayic Laghubitta Bittiya Sanstha Ltd 

Introduction

Financial Institutions are established in Nepal with the motive to help uplift the economic situation of the downtrodden Nepali people. However, most of the finance institutions are established and concentrated in urban areas and run in conventional way. So the rural poor have no access to the financial services. Many of the development agencies have attempted to create groups and run micro-finance programs but after the completion of their projects such groups are left unnoticed with no further idea and help. According to the World Bank study still around 50% of the total population has no access in financial services.

 

        The Jana Utthan Pratisthan undertook the research outcome (Social Inclusion in Microfinance by Dr Man Bahadur Bk, 2010) to promote community banking for building inclusive financial system and took initiative to establish Jana Utthan Samudayic Bank Ltd. with some new ideas and techniques such as ‘credit first individual intervention’. Even though it is registered under the microfinance development bank it has been designed as the community banking initiatives. The main aim of this bank is to promote financial inclusion in community level so as to enhance economic situation of the rural poor. Its motto is "Building Inclusive Financial System Extending Service to the poorest of the poor" It also aims to promote the indigenous knowledge and traditional skill to bring it up to the commercial scale. The bank has been designed in such a way to reach the most unreached clients of the community with some specific model and products.

 

         The Bank has been registered in April 10, 2010 under Company Act. 2006 and started banking operation from  November 14, 2010 under the Bank and Financial Institution related Act,2006. Since its establishment the bank has been involved in the Global Microcredit Summit Campaign and received certificate of appreciation for its contribution to bring the poor families out of poverty. Likewise it is also involved with the Smart Campaign for Client Protection. Moreover, the community banking has been recognized as the third generation microfinance (Nepal Zone of Peace: A Revised Concept by Isabelle Duquesne published in 2011).

Vision

The vision of the bank is to uplift the socio-economic condition of the rural poor especially focusing to the marginalized and deprived groups/communities through community owned microfinance services within its working areas.

Mission

The mission of Janautthan Samudayic laghubitta Bittiya Sanstha Ltd. is to generate self-employment by providing micro-credit and mobilizing savings to the rural poor at their door steps to reduce poverty and contribute to build the independent national economy.

Goal 

The goal is to work as a self-sustained community bank and serve a maximum number of the rural poor and the deprived groups through community compatible innovative products at the different communities.

Objectives

To provide banking services to the rural people focusing to the marginalized and deprived groups/communities who are financially ‘unreached' and support them for self- reliant economic development activities in the communities

To provide credits to create income and employment opportunities for the poor and help to reduce poverty level among the rural population in general and women of the target group in particular.

To develop an institutional mechanism to link /graduate various informal communities groups, Co-operatives and CBOs into the formal banking institution and enhance their capacity for community banking through business development services, business counseling ,entrepreneurial consulation, financial/banking literacy etc.

To promote self-employment by exploring the areas of investment in indigenous knowledge and traditional skills.

To help in rehabilitation and social reintegration of under-privileged ,landless, war victim, freed kamaiyas and haliyas and displaced people through financial services and other social intermediations.

To promote community project such as rural tourism, micro-hydropower, greenery initiatives, renewable energy and community farming/business.

Organization Structure

Janautthan Samudayic Laghubitta Bittiya Sanstha 10th AGM

On Thursday, 2078/01/30, Janutthan Community Microfinance Financial Institution Ltd. The 10th Annual General Meeting of the Board of Directors was chaired by Mr. Baburam Bishwakarma. At the Hotel New Era in Kalikapath, the second variant of the corona virus (Covid-19), which has spread as a global pandemic, has been issued with the objective of controlling the infection risk. Also, the general meeting has been held with the participation of shareholder dignitaries through virtual media. The program was conducted by Shri Ram Pokhrel, Chief Executive Officer / Company Secretary of the organization and the welcome address was given by Shri Rewant Bahadur Bishwakarma, Member of the Board of Directors of the organization.

With the formal inauguration of the annual general meeting, the visionary and founding president of the organization, Dr. Congratulations to Man Bahadur BK for holding the general meeting using the technology of corona virus even in this difficult situation and participating in the general meeting using virtual means. He even gave suggestions.

Former President of the organization Shri Yam Bahadur BK, former Director Dr. Meg Bahadur Vishwakarma, Founder Shri Shankar Prasad Poudel, Shri Hari Kafle, Shri Yagya Vikram Shahi, Shri Bhim Kunwar, Shri Nar Bahadur Vishwakarma (George Everest), Shri Binod Khati, on behalf of the general shareholders, Dr. Anjani Kumar Gupta Jew Lagaet had his congratulatory remarks.

At the annual general meeting, the annual report presented by the chairman on behalf of the board of directors was presented. Passing the schedules including balance sheet, profit and loss account and cash flow statement of 2076/07 and as per the proposal of the Board of Directors. From the profits of 2076/07, the existing paid up capital of Rs. 7,92,00,000 (literally Rs. 792,000 only) amounts to 2.60 percent of the amount of Rs. 20,59,200. To distribute cash dividend for tax purposes only Rs. 49.40 per cent of the paid up capital of Rs. 7,92,00,000 (Ax. Issuance of bonus shares equal to one lakh twenty four thousand eight hundred), the authorized capital of the organization has been increased from Rs. 15,00,000,000 (Rs. 100 million) to Rs. Important decisions including extending the scope of the organization from 19 districts to national level with the approval of Nepal Rastra Bank have been passed unanimously.

Concluding the meeting, Mr. Baburam Bishwakarma, Chairman of the Board of Directors, expressed his commitment to move the organization forward by adopting health vigilance, preparing and implementing short-term and long-term strategies of the organization and thanked all the shareholders and dignitaries present at the meeting.

At present, the organization is providing financial services to about 45,000 group members through 39 branch offices in 19 districts including 11 districts of Terai from Parsa in the east to Kanchanpur in the west and 8 districts in the hills adjoining the same districts.

Janautthan Samudayic Laghubitta Bittiya Sanstha Contact Details:

Janautthan Samudayic Laghubitta Bittiya Sanstha Ltd.

Butwal -12, Kalikachowk, Rupandehi

Contact No : 071-438171, Fax no : 071-438169

Email: info@jucbank.com.np