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Does anyone have any idea – WHAT IN GODS name Development Banks are doing ?

Published by Octron on January 24, 2009

As if Nepal dont have enough of banks and finance companies, there is huge number of development banks popping up every now and then. Commercial banks are busy selling dreams to normal people who cannot afford – cars, bunglows, home theaters with EMI plans.

Finance companies, still busy plotting lands and providing loans instantly to buy the same plots at higher interest rates – which neither can be housed nor fertile enough for agro. And who on the earth cares about agriculture these days atleast in capital.
Plus recent money transfer institutions who are rapidly upgrading themselves into finance companies.

Now what is the purose of these development banks ?
What is their significance at consumers level ?

CLEAN ENGERY, NEPAL DEVELOPMENT AND EMPLOYMENT PROMOTION BANK, PASHUPATI DEVELOPMENT BANK, etc…

Does their NAME signify their objective….

Will clean energy invest ONLY in CLEAN ENERGY projects like solar or wind….
NDEPB – will it just promote employment … does anyone know HOW ?
and Pashupati … what will it be doing ERECT new pashupati temple in Banepa ?

Why did people ran after those IPOs like horny guys towards scantly dressed Angelina Joile, just becuase you can never lose below IPO price ?
How can you be sure it won’t be another NECON AIR, HARISIDDHI, etc ?

Did anyone ever read their financial statements or look over their inventment policies and activities ?
What are their future plans ?

Seriously, we had heard many cases of finance companies robbing poeples money and feeling away from country so that long arm of law cannot even touch them. So why are we so sure that instead of consumer (client of those banks) property, they will not rob shareholders ?

So, before running after these development banks shares both in primary (IPOs) and secondary markets, think properly how your money is going to be regulated. What is the OBJECTIVE of the bank. Just saying they are here to develop regional and local projects is not just enough. Get the complete picture. For me share market is not a casino as some might think. We are well educated people who act based upon our knowledge and understandings. We are not here to gamble our hard earned money.

PS: Please contribute your understandings about development banks activities. If possible list the name with their detials.

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