CHANDRA PRASAD DHAKAL Leading Banker

Starting from a small financial institution limiting its activities in the remittance, chairman of Global IME Bank Chandra Prasad Dhakal, a former employee of a public sector commercial bank, establish himself as the number 1 banker in Nepal in a matter of just three decades. In his long journey, senior vice president of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) Dhakal, a humble and soft-spoken person from Baglung district, has diversified his investment focusing on banking, the recreation industry with cable cars. Dhakal will assume the post of president in the Federation of Nepalese Chamber of Commerce and Industry, the oldest and largest business body following its general assembly slated for April reaching the top of Nepal's overall business sector. Despite all these achievements, nothing has changed in his humility, reconciliatory and humble behavior

Jan. 11, 2023, 7:58 a.m. Published in Magazine Issue: VOL. 16, No. 10, Jan.13, 2023 (Poush 29. 2079) Publisher and Editor: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

Great mountaineer Edmund Hillary said, "You don't have to be a fantastic hero to do certain things — to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals."

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Edmund Hillary's words are certainly inspiring and remind us that we don't have to be extraordinary or exceptional in order to achieve great things. It's important to have motivation and determination, and to be willing to work hard and persevere through challenges. It's also important to remember that we all have our own unique strengths and abilities, and that it's possible to achieve success by focusing on our own goals and working to improve ourselves. It's possible for anyone, no matter what their background or circumstances, to achieve great things if they have the right mindset and are willing to put in the effort to reach their goals.

Chairman of IME Group Chandra Prasad Dhakal proves that a simple and humble person sufficiently motivated to reach challenging goals can do it. Born in the remote village of Baglung District in a middle-class Brahmin family, Dhakal is now a leading businessman in the country.

Following the merger of Global IME Bank and Bank of Kathmandu, Dhakal becomes the chairman of the biggest commercial bank in the banking sector of Nepal. How a coincidence, he is going to be president of FNCCI from April 2023.

It's certainly true that qualities like patience, courage, and humility can be beneficial in helping a person achieve their goals. These traits can help a person persevere through challenges and setbacks, make difficult decisions with confidence, and remain open to learning and growing.

Chandra Prasad Dhakal has exemplified these qualities in his career and has been able to achieve success as a result. It's important to remember that achieving success often requires hard work, dedication, and a willingness to take risks and learn from mistakes.

Once he takes a charge of president in April, Dhakal is also going to be a leader of Nepal's industrial and business community. This will be another feather in his hat.

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A great Chinese philosopher Confucius said small always wins the race and nothing no one can pull and push a person with humility. Establishing himself as an entrepreneur in the large-scale cable car industry, Dhakal has shown an example of how to make success in the recreation industry. Along with Chandragiri, Dhakal is also opening two cable car and recreation centers in Maulakali and Butwal soon.

Supported and backed by his brother Hem Raj Dhakal, who has recently been elected as a President of Chandragiri Hills Limited, support from the family has helped Dhakal to chart the course in other activities.

Entered the business through a small business, Dhakal has still retained his humility and politeness in the business which is one of the factors behind winning the heart of business communities from all over Nepal in an institution controlled by traditional business families of Nepal.

Bank Merger

In a program attended by Prime Minister Pushpa Kamal Dahal as a chief guest and many other highly important dignitaries from the central bank, civil service, business communities and other people, Dhakal addressed the gathering of the joint operation program with his soft and sober words.

"After the merger of Global IME Bank and Bank of Kathmandu, we become the first commercial bank of the country, "said Global IME Bank Chairman Dhakal. " Despite the growing size, our motto and quality remain the same to provide modern, efficient banking service in the country."

He said that the policy of the Nepal government and Nepal Rastra Bank to have few but effective modern banking systems is a good vision. "With the merger, we are implementing the merger policy and this will also inspire you to join the merger," said Dhakal.

Dhakal also pointed out the risk involved as a big bank. "Being a big bank, there are risks and managerial challenges. Because of the experience of merging many times, we will address the challenges easily."

Started banking business bringing remittances back home, Dhakal still gives high priority to remittance service. "We will give priority to bringing back money earned by the Nepalese in the Gulf and other countries and deliver their income at homes," said Dhakal/

With the beginning of the unified transaction with the Bank of Kathmandu, the Global IME Bank has the total capital fund of Rs 57 billion, the total deposit of Rs 410 billion, the total loans of Rs 400 billion, total assets of Rs 500 billion and 1,100 branches. The Bank stated that it also has three foreign contact offices, besides its branches in all the districts within the country.

Following the merger and joint operation, the bank has become the largest bank in Nepal in terms of total capital, paid-up capital and business size. The Board of Directors of the new bank will consist of 5 directors including Chairman Chandra Prasad Dhakal on behalf of Global IME Bank and 2 directors on behalf of Bank of Kathmandu.

Ratnaraj Bajracharya, the CEO of Global IME Bank, will be the Chief Executive Officer of the bank in the same manner as the bank's total capital, paid-up capital and business size.

With a total of 365 branch offices, 367 ATMs, 286 branchless banking services, 61 extended branch offices, and 3 contact offices located abroad, Global IME Bank has more than 4 million customers.

At the formal ceremony of the merger, Dhaka claimed that Global IME will be a bank that will bring great changes not only in numbers and size but also in the economy and financial sector.

Inauguration Program

Prime Minister Pushpa Kamal Dahal 'Prachanda' has said that banks and financial institutions' role is vital to establish financial inclusion in Nepal.

During a launching ceremony of the integrated transactions of the Global IME and the Bank of Kathmandu today, the Prime Minister said the foundation for financial inclusion could be prepared and consolidated by ensuring easy access of entire communities to banking services.

The Prime Minister on the occasion stated the firm for results-oriented delivery to address existing is used in the economy.

"The very first meeting of the Council of Ministers of the incumbent government decided to make efforts for balanced implementation of the financial and monetary policies to make the economy vibrant and to cooperate and collaborate with the private sector to seek solutions to the current economic issues collectively," the Prime Minister said. the believed opinion that it may be easier for banks and financial institutions to manage resources for big projects and to enhance organizational efficiency with the enforcement of a merger. "More the merger would contribute to discouraging unhealthy competition in the relevant sector. But our concern should be for ensuring unhindered access of people to quality services," he asserted.

Stating that the banking sector had a significant role to making remittance transactions reliable and safe, the Prime Minister echoed the need of exploring ways for financial innovations, of promoting people's financial accessible, and literacy and increase self-employment opportunities for them.

Chief Secretary Shanker Das Bairagi said the government was serious and would take effective steps in increasing their morale. "There have been positive indications in the country's economy. There is no point wherein the private sector should be in fear. The government prioritizes them."

Chief secretary Bairagi expressed the hope that the merger between the two largest commercial banks will achieve a more diverse and dynamic banking system for the country. He said that this will be able to meet the needs of citizens and businesses alike. He also said that mergers will make it easier to raise resources for large projects, increase efficiency

The Governor of Nepal Rastra Bank, Maha Prasad Adhikari has said that banks should be self-regulated and enter the productive sector. He expressed the view that the merger will make the institutions stronger.

He said that banks should reduce single-customer limits and target small loans. He requested that when the bank is big, the single loan limit will be large and they should set the limit themselves and issue small loans.

To get out of this complex and challenging situation, the government has to do some urgent work and some structural reforms.

Even in the minimum common program of the government, sustainable economic development and empowerment of the economy have been put forward as major agendas. Programs include good governance, effective service delivery, changes in policies, laws and structures that hinder the prosperity drive, and effective arrangements for inter-agency coordination and monitoring.

Our financial system will be more secure when banks and financial institutions merge, which is what the system and economy are looking for. Organizations will become more healthy. Will be stronger. This policy has been brought with the expectation that the contribution of individual banks in the banking system will also increase in the economy.

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'Shekhar Gaelchha, the president of the Federation of Nepal Chamber of Commerce and Industry, said that the economy will be strong only if the banks are strong.

On the occasion of the launch of the integrated business of Global IME Bank and Bank of Kathmandu, he opined that the challenges will also increase as the bank becomes bigger after the merger.

"Being older, the responsibility has increased. 4 million customers should be looked at. The challenge is to give reasonable interest to the depositors and subsidized interest to the borrowers. Be successful in doing that.

According to him, a positive impact on the economy will not be seen unless the government ramped up the development expenditure. Stating that banks and financial institutions are the backbones of the economy, Golchha said the profit of banks should also be seen by linking it with their investments.

Confederation of Nepalese Industries (CNI) president Bishnu Kumar Agrawal said the private sector's present expectation from the government and the Nepal Rastra Bank is a decrease in the interest rate and ease of liquidity.

The CNI president added that it would contribute to national capital formation and the government's achieving the targeted revenue when the BFIs increase investment in the productive sectors.

Dhakal's Leadership

As he is going to lead the largest commercial bank and FNCCI, senior Dhakal has also started to hand over responsibility to his brother. In a recent annual meeting, Hemraj Dhakal has been elected as the Chairman of Chandragiri Hills Limited. Dhakal has been elected unopposed as the President of Chandragiri Hills.

A successful business leader always grooms a successful replacement. This is what Chandra Dhakal is also doing in his business empire.

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Chandragiri Hills was previously held by Chandra Dhakal. He envisioned Chandragiri Hills as an integrated tourism infrastructure since 2009.

The company has developed Chandragiri hill as an integrated tourist destination by building infrastructure such as Bhaleshwar Mahadev Temple, Sattal, View Tower, Children's Park, Seminar Hall, Adventure Games and five-star luxury resort in Chandragiri hill which has historical, cultural and natural importance.

At a time when the country's economic status is not that healthy with a liquidity crisis, high bank interest rates, decreasing demand and external sector pressure, the experiences of Dhakal will be an asset for the country. Dhakal's commitment during the inauguration that he has always stood for the promotion of the private sector and the prosperity of the people is remarkable. As Chinese philosopher, Confucius said crisis comes with opportunities as well because they are brother twins. Dhakal has already shown this.

Chandra Prasad Dhakal has had a successful career and is highly respected in the business community in Nepal. It's impressive that he has been able to establish himself as a leader in the banking industry and diversify his investments to include the recreation industry. It's also notable that he has maintained a humble and reconciliatory demeanor despite his achievements. It's important for leaders in any field to remember to stay humble and open to learning and improving, as this can help them continue to grow and succeed.

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