Chandragiri Municipality and NIC Asia Bank Launch Initiative for Newborns' Financial Security

An agreement has been reached between Chandragiri Municipality and NIC Asia Bank to establish an 18-year term account for newborns born within the municipality. The agreement was signed by Mr. Arjun Raj Khaniya, Assistant Chief Executive Officer of NIC Asia Bank, and Mr. Ghanshyam Giri, Mayor of Chandragiri Municipality.

Under the municipality's Private Enterprise Promotion, Financial Assistance, and Program Subsidy Operation Procedure (2078 with amendments in 2080), children born in Chandragiri Municipality from Shrawan 1, 2080 onwards will benefit.

Upon reaching 18 years of age, eligible children, including those of permanent residents, can avail of this scheme, contingent upon birth registration.

Chandragiri Municipality will establish an 18-year term deposit account for each newborn, initially funding it with NPR 5,000. Parents can add additional funds to these accounts, and they will accrue interest. The funds are intended to support the child's higher education or entrepreneurial endeavors upon reaching adulthood. Both the municipality and the bank anticipate that this initiative will enhance economic and social security throughout Chandragiri Municipality.