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One of Nepal’s biggest banks in terms of both capital and business, NIC Asia, has been found involved in unlawful practices to maximize profits.

The bank, which has earned a reputation for trying to unethically attract fixed deposits by offering sky-high interest rates, has even defied directives from the central bank.

The bank, which had hiked its interest rate on fixed deposits to 11.1 percent per annum last week, was forced to reduce it to under 10 percent following a directive from the Nepal Rastra Bank. However, it is found to have issued FDs at 11.1 percent by backdating the receipts for fixed deposits it received.

Following the ‘interest rate war’ between commercial banks, the central bank this week said that banks can only increase the interest rates on fixed deposits by up to 10 percent every month. The central bank also directed banks that had already published the new rates to make public new rates by complying with the directive.

Also read: Strange silence on Sanima’s governance flaws

NIC Asia’s increase in FD rates to above 10 percent has increased its cost of funds and put its borrowers in the line of fire. The bank has been calling up its borrowers to increase interest rates on their loans despite offering them stable interest rates for the entire duration of their loan period. 

Economists believe that the decline in workers’ remittances, and rapid expansion of credit and regulatory changes in the new fiscal year have led to a liquidity problem in the market.

According to Bizmandu, NIC Asia offered loans with 18-year tenures at just eight percent per annum rate assuring borrowers that the interest rate would remain stable for the entire period. However, these days, the bank is shamelessly calling up such borrowers to pressure them to agree to higher rates. If they don't, the bank is asking the borrowers to pay up the entire loan amount.

Despite these malpractices, the NRB is yet to act against the bank.

H.E. Nicola Pollitt, Ambassador of UK to Nepal

What was your first impression of Nepal when you landed here as the British ambassador? 

I first visited Nepal in 1999. One of my most vivid memories from that time was the mass of rickshaws on Kathmandu’s roads. “No rickshaws?” I asked myself, as I walked out of the airport to a mass of cars, taxis and buses. I arrived in 2019 with my two small children so watching their reactions to the peaks of the Himalayas as we landed in the warm sunshine from the UK’s cold grey November was fun too. 

What are the similarities between Nepal and the UK? 

The age and strength of our relationship means we naturally have a lot in common despite our different histories and geographies. The Gurkhas are the most obvious symbol of this, but so too the British love of mountains, and our vibrant charity sectors. I see that desire to help and support others everywhere I go in Nepal and I know there are also many Brits who have made Nepal their home, helping it in a variety of ways. Our rich history and love of culture and the arts also runs deep through both nations.

What are the three milestones you feel you have achieved as the UK’s ambassador to Nepal? 

More ‘work in progress’ than milestones at this stage, but before I leave I hope to have inspired some young Nepali women to take on leadership roles. I’ve just launched a mentoring scheme, with other female Ambassadors and Heads of Agency. Please encourage young women to apply! 

In the run up to COP26 in the UK, I’ve been keen to get Nepal talking about climate change and to contribute to that conversation. It was good to see widespread coverage in the Nepali media last week. I’ve also just launched a series of podcasts (links on our social media sites). Do have a listen! 

How are the people-to-people relations between Nepal and your country and how can the relationship be further enhanced? 

People to people relations are deep and long-lasting, and always will be. There are hundreds of thousands of Nepalis in the UK and they make a big contribution to life there. I am looking forward to seeing British tourists return to Nepal, as Covid stabilizes, and taking home tales of beautiful mountains and rare wildlife. Many Nepali students choose to study at the UK’s world class universities, building lasting relationships and memories of the UK. Our Chevening Scholarships support these ties. 

What do you like the most about Nepal? 

Too tough to choose! Can I have a top three? They would be: the people, the mountains and the variety of Nepali culture and history. 

Where do you think Nepal as a country should improve? 

Climate Change is top of my mind at the moment and Nepal has huge potential in this area. It’s a win-win for Nepal with the opportunities for jobs, investment and leadership in green energy and green growth. 

Is there anything you have planned but are yet to achieve in Nepal? 

So many things I have yet to achieve. Much has been impossible over the 18 months due to covid and it’s great to see things opening up again. I want to travel to every province (one to go). I want to climb a 6,000m peak and I want to know and understand so much more about Nepal than I do.

Personal Message

It’s a great privilege to be the British Ambassador to Nepal. UK-Nepal relations date from 1816 so I’m the 48th UK Representative here and the first woman, which makes it particularly exciting. My time here has of course been colored by Covid, and like many others, the past two years have involved separation from my family and periods away from my job or shut at home. But I’m pleased we’ve been able to offer support to Nepal through Covid, pivoting most of our programming to support communities to tackle the virus, and now with the second wave past, it’s good to see the suffering declining and life resuming. Here’s to an even closer partnership over the next two years.

Quick Questions

Favorite Nepali food: Momos
Favorite place in Nepal: Impossible to choose and not seen enough! 
Favorite Nepali song: I’m still trying to learn the Nepali national anthem… 
Favorite trek in Nepal: So far, Khumbu region up to Tengboche. More to try. 
Favorite season in Nepal: Autumn 
Favorite Nepali festival: Dashain

H.E. Elisabeth von Capeller, Ambassador of Switzerland to Nepal

What was your first impression when you landed here as the Swiss ambassador? 

As it is my second posting, I was happy to be back in Kathmandu as an Ambassador. When I landed, I immediately felt at home. 

What are the similarities between Nepal and Switzerland? 

Nepal and Switzerland have much in common yet are unique in their individual experience that connects us. The most obvious similarity is the mountains, nature, and that we are landlocked countries. 

The mountainous landscape is also similar, but Switzerland is domesticated with access to cable cars, etc whereas in Nepal it is still pure nature. The political reality is also similar as we are both federal countries and not to forget the diversity both countries have, which adds richness. 

What are the three milestones you feel you have achieved as Switzerland’s Ambassador to Nepal?

- Supporting Small and Medium Enterprises to survive and sustain during the COVID-19 pandemic through our programs.

 - During the pandemic, we could support the people of Nepal quickly with ventilators, oxygen concentrators, testing kits, and now we are doing so with the vaccines through the COVAX facility. 

- Promoting young people and dynamic people in the organization has also been quite a milestone.

How are the people-to-people relations between Nepal and Switzerland and how can they be further enhanced? 

Switzerland and Nepal share a very strong relationship. Many Swiss citizens have come to Nepal to travel and there was huge Swiss solidarity shown during the 2015 earthquake, which was also seen during the pandemic. 

It was not only the Swiss government who supported but private people also showed their support. I hope more people from Switzerland visit Nepal as tourists in the future. 

We would like to have more Swiss business engagement in Nepal to bring jobs, innovation, and expertise, developing closer business relations and exchanges together in the future. 

What do you like the most about Nepal? 

The people, as I feel connected with the people here in Nepal. 

Where do you think Nepal as a country should improve?

- Implementation of the constitution, which will allow diversity and help reduce poverty as well as economic development. 

- Nepal should have a sustainable tourism strategy. 

- Nepal should have more organized town planning given the rapid development that is taking place. 

- To be sensitive towards their cultural heritage such as houses and preserve them. 

Is there anything you have planned but yet to achieve? 

- Trekking in Upper Dolpa 

- To support the young people returning to Nepal through certain initiatives such as by may be supporting them to build their enterprises, etc. 

Personal Message

2021 has been a challenging year for all of us. The COVID-19 pandemic has taken a heavy toll on Nepal and the global community, throwing us all in an extraordinary situation. In difficult times like these, we yet again learn how important solidarity and cooperation is, to know that we are together and can help each other overcome the crisis. 

With 62 years of close and cordial relationship between Switzerland and Nepal, we are proud to have stood in solidarity with the people of Nepal during these trying times. I would like to take this opportunity to express my sincere gratitude to you all who have been supporting our work and following Swiss diplomatic efforts. 

Let me also extend to you and your family a Happy Tihar and Chaat to all who are celebrating! 

Quick Questions

Favorite Nepali food: Newari food and Maithali food.
Favorite place in Nepal: Patan.
Favorite Nepali song: I like all kinds of Nepali melodies, I cannot decide as I like many.
Favorite trek in Nepal: I have enjoyed all the treks I have done in Nepal so far. The ones I have strong memories of are: Mundum Trail, Lo Manthang, and Tsum Valley. 
Favorite season in Nepal: All seasons are my favorite besides winter.
Favorite Nepali festival: Nepal is extremely rich in festivals and I like the diversity which makes this country so special.

H.E. Hanan Goder Goldberger, Ambassador of Israel to Nepal

What was your first impression of Nepal when you landed here as the Israeli Ambassador?

This is my second term of office as Ambassador in Nepal. My first impression was that Nepal is a very beautiful country, which is blessed by amazing nature and friendly people. 

What are the similarities between Nepal and Israel? 

Our two countries are small in size but have housed highest point on Earth “Sagarmatha” and lowest point “the Dead Sea” and have many beautiful touristic destinations. 

What are the three milestones you feel you have achieved as the Israeli Ambassador to Nepal? 

1. Human capacity building, 2.Transfer of technology through “Learn and Earn” agriculture training in Israel for Nepali marginalized farmers, and 3.Opening of Israel’s sky for Nepali migrant workers in the caregiving sector. 

How are the people-to-people relations between Nepal and Israel and how can the relationship be further enhanced? 

The people to people relations are excellent. There aren’t any Israeli families in Israel whose at least one member has not visited Nepal once in their lifetime. However, Nepal and Israel can work on multilateral levels to further deepen our good relationship. 

What do you like the most about Nepal? 

The beautiful mountains and the smiling people. 

Where do you think Nepal as a country should improve? 

Nepal should retain its youths in the country to engage them in development works and harness its water resources and tourism for further development. 

Is there anything you have planned but are yet to achieve in Nepal? 

I wish Nepal-Israel relations to be further consolidated at multilateral relations too.

Personal Message

Nepal and Israel are enjoying cordial relations since 1960. Israel will always remember the courageous and wise decision of the first democratically elected Prime Minister of Nepal BP Koirala to establish diplomatic relations with Israel. Israel is supporting Nepal in human capacity building through various training programs. “Learn and Earn” program has helped in promoting modern farming systems in Nepal. Similarly, Nepali caregivers are very much liked by Israeli families to look after their elderly and differently abled family members. Nepal is one of the most famous touristic destinations for young Israelis for hiking. Nepal and Israel can work together in many fields from agriculture to education to space technology for the benefit of our two countries.

Quick Questions

Favorite Nepali food: Bhaktapur Juju dhou and Various Momo plates 
Favorite place in Nepal: Mustang, Langtang, Chitlang, Manang, Namche Bazar and many more 
Favorite Nepali song: Yo man ta mero Nepali Ho–Adrian Pradhan 
Favorite trek in Nepal: Langtang 
Favorite season in Nepal: Autumn and Spring 
Favorite Nepali festival: Tihar—festival of light 

H.E. Syed Haider Shah, Ambassador of Pakistan to Nepal

What was your first impression when you landed here as the Pakistani ambassador?

The first impression was very positive. I found the capital city peaceful and people-friendly. The settling down process was also very smooth. The host government extended every possible assistance in the process. It was a very welcoming and accommodating setting for myself and my family. The feeling of familiarity and being welcomed took the edges off any residual sentiment of being in a new place.

What are the similarities between Nepal and Pakistan? 

Nepal and Pakistan are from the same South Asian region. The hilly areas of Pakistan in the north are not much different from those in Nepal. In fact, we usually compare Kathmandu with our hill stations due to the similarity of climate and living conditions. We are both developing nations in different stages of economic development. Our two countries are also bound together by historical links when our ancestors traversed these regions unhindered for meditation, livelihood or travel. The people of the two countries are hard-working and industrious. We both have a significant diaspora living and working abroad and helping their families back home. And most striking, there is natural affinity and warmth among the people of the two countries for each other.

What are the three milestones you feel you have achieved as Pakistan’s Ambassador to Nepal?

Diplomacy by its very nature is a work in progress. It is a constant process of engagement, interaction, dialogue and understanding, articulation, and communication. Although I have been here for a relatively very short time, thanks to the stellar contribution of our embassy team and our Nepalese friends and colleagues, we have managed to reach out and contribute to deepening the Nepal-Pakistan friendship in whatever way we could. We organized a T-20 Cricket tournament earlier this spring. We have sponsored the launch of a book on the Buddhist heritage of Pakistan with the help of a Nepalese scholar, Mr. Om Charan Amatya, and we have extended medical assistance including for Covid-19. scholarships, and other assistance to those in need. There has been an exchange of mountaineering teams - Nepalese teams set up a world record in January this year by scaling K-2 for the first time in winters, and Pakistan’s youngest mountaineer climbed Mount Everest a few months later. Our defense cooperation has also been going on well.

How are the people-to-people relations between Nepal and Pakistan and how can they be further enhanced? 

The people-to-people relations between the two countries are good. We are trying to deepen them further. We are in the process of enhancing the number of scholarships for Nepalese students for their studies in Pakistan. We are also working on facilitating tourists and other visitors from Nepal to visit Pakistan. We are also exploring ways to further ease connectivity between the two countries. Nonetheless, there remains a great deal of scope for further expanding contacts at the people-to-people level. We hope that once the Covid-19 situation eases a bit, it would allow further increase in two-way travel between our two countries.

What do you like the most about Nepal? 

I like the people of Nepal as well as the landscape. It seems that the peace, serenity, and beauty of the landscape have seeped into and radiated through its people. The tranquility and harmony in which life coexists with nature leave an indelible impression on the mind and soul. That perhaps explains why Nepal continues to rivet the attention of tourists from all across the globe.

Where do you think Nepal as a country should improve?

As a developing country, the challenges faced by Nepal are not dissimilar from those other countries with comparable levels of development face. Climate change and infrastructure development are issues that are, by and large, common to this region. Similarly, socio-economic development remains a priority in the South Asian region. I am sure the leadership in Nepal is up to the task ahead of them and would address the challenges faced by the country in the best possible manner. Pakistan stands ready to continue to assist our Nepalese brothers and sisters in their path to development and prosperity.

Is there anything you have planned but are yet to achieve in Nepal? 

Well, the sky is the limit as far as plans are concerned! We are working with our Nepalese hosts and friends to further deepen and expand our bilateral relations in different fields, including people-to-people contacts, socio-economic, political, and defense relations. We hope to further increase the political level exchanges between the two countries. The covid pandemic has had a slowing effect on bilateral and other contacts worldwide. We hope that as the threat of pandemic recedes further, there would be an uptick in diplomatic activity in all the fields I pointed out.

Personal Message

Nepal conjures feelings of sublimity, peace, and hospitality reinforced by the confluence of nature and civilization. Meandering through its hills, mountains, or landscape, one feels the stillness of time, transporting us to a different era. This natural beauty brimming with a soulful appeal is accentuated by the friendliness and warmth of its people. When we trek through its terrain, we relive the traditions of travelers who were pulled by its magnetic charm. I wish Nepal every success in its developmental journey towards prosperity for all, so that it continues to embrace all visitors with the same radiant and charming smile.

Quick Questions

Favorite Nepali food: Momo 
Favorite place in Nepal: Nagarkot and Pokhara 
Favorite Nepali song: Phul Butte Sari 
Favorite trek in Nepal: Shivapuri trek 
Favorite season in Nepal: Monsoon 
Favorite Nepali festival: Dashain

Badrinath Shrestha came into limelight after the third general convention of Nepal Student Union (NSU) when he was elected joint secretary of the Tribhuvan University committee.

A member of one of the most popular families of Dharan and a close relative of Ganesh Man Singh, Shrestha took part in all democratic movements of his time. Whether the 1990 people’s movement or the 2006 revolution, Shrestha was always at the frontline of the fight for democracy. He was detained several times for taking part in protests.

After 1990, Shrestha started his career in administration as member-secretary of the National Sports Council. He is widely hailed for his calm yet bold approach to decision-making. Although he was aligned with a political party, his work reflected no political bias.

When Nabin Prakash Jung Shah was appointed vice-chancellor of TU in 2001, Shrestha was called to join his advisory team. Before that, he had worked as assistant dean of the Food Technology department of Central Technical Campus, also known as Hattisar Campus. During Shrestha’s time in the VC's office, the post of exam controller of TU became vacant, and he was transferred there.

Also read: Obituary | Ramesh Maharjan: Gem of a businessman

When Shrestha entered the office of the exam controller in Jamal,  it was a total mess. Shrestha commissioned a separate building in Balkhu. Shah remembers Shrestha as a determined and passionate person. “Police apprehended both of us during the 2006 movement and detained us for 18 days,” Shah recalls.

Bipin Dhoj Karki, former exam deputy controller at Tribhuvan University, remembers Shrestha as a friendly person, both at personal and professional level. “His decisions were universally accepted as he sought advice from every staff member, no matter their position,” Karki adds.

Twelve years after retiring as exam controller, he was made the chairman of the Service Commission of Purbanchal University. As soon as his tenure ended, Shrestha traveled to Australia to visit his daughter—just before the Covid-19 pandemic. But his vacation was extended for an extra two years because of the lockdown and travel restrictions.

Soon after he returned to Nepal, he suffered from liver-related problems and was referred to a hospital in New Delhi, India. Shrestha passed away on October 16, three days before his 75th birthday. He is survived by his wife, son, and daughter.

Chief Justice Cholendra Shumsher Rana has been in a clear breach of constitutional and democratic norms. By lobbying to appoint ministers of his choice, he has made a mockery of the hallowed principle of separation of powers. The only way to restore the judiciary’s credibility is to remove Rana from office. Nothing short will do. 

With our legislature nearly defunct and the executive severely compromised, the judiciary is the last bastion of hope to keep the torch of democracy burning. Its blatant politicization is thus deeply troubling.  

Even as the civil society, the media, and the legal professionals are now collectively demanding Rana’s resignation or, failing that, his impeachment, the country’s main political actors seem either uninterested or ambivalent. The leaders of the ruling Nepali Congress and CPN (Maoist Center) have been trying to sidestep the issue of Rana’s removal. Even CPN-UML, the main opposition, is in a dilemma. 

Also read: Editorial: Devouring democracy

There is clear reluctance on the part of the ruling coalition to remove Rana, someone directly responsible for fashioning the Deuba-led government. The UML, for its part, appears more interested in vindicating KP Oli’s House dissolution than in restoring public faith in the judiciary.

As people’s representatives, they must heed the public voice. Rana’s removal as Chief Justice has also become important to send a powerful message to future occupants of the post that they dare not cross their constitutional Rubicon. It will also discourage the unnecessary hobnobbing between the executive and the judiciary. Moreover, in light of the looming three-tier elections, the ruling coalition, and particularly PM Deuba should be mindful of the negative impact of the CJ controversy on their electoral prospects.

Even though the judiciary in Nepal has repeatedly come into controversy since the restoration of democracy in 1990, perhaps this is the most egregious case of breach of democratic norms on its part after the elevation of a sitting chief justice to the post of prime minister in 2013. These actions must have consequences. Or the whole democratic apparatus will be in jeopardy. Time has also come to rethink the process of judicial appointments, in many ways the starting point for the politicization of the judiciary.  

Hankook Sarang offers a delightful experience of authentic Korean cuisine amid the rich architectural features of the place. Located in Tangal, it serves diverse, hygienic, and healthy Korean food.

The restaurant’s first outlet was opened in 2002 in Pokhara when Chij Man Gurung returned from South Korea fascinated by the hygienic and healthy food there. The outlet in Kathmandu opened in 2018.

New customers could start with Bibimbap, a mix of rice and vegetables. Floor cushion sittings, chair sittings as well as outdoor sitting are available in the beautiful Korean interiors. There9 is also sufficient parking for both two- and four-wheelers.

Hankook Sarang

Chef’s special dishes:

Smokey spicy chicken and smokey pork bulgogi
Galbi Jjim (pork ribs)
Gamjatang (hotpot - pork)
Jokbal (bonus- pig trotters)

Opening time: 10:00 AM to 10:00 PM
Location: Tangal, Kathmandu
Meal for 2 - 1000
Card pay - Yes
Phone - 01-4421711