Mahalaxmi Bikas Bank Partners with KB Chitrakar & Company for NFRS 09 Implementation

Mahalaxmi Bikas Bank has signed an agreement with KB Chitrakar & Company Chartered Accountants to implement the NFRS 09: Expected Credit Loss (ECL) model, in line with Nepal Financial Reporting Standards.

The bank believes this will enhance risk management and improve the accuracy and transparency of its financial reports.

The implementation is also expected to help meet financial reporting standards, strengthen operations, and comply with regulatory requirements.

Additionally, the bank, which has provided quality financial services for 30 years, recently passed a resolution at its 22nd annual general meeting to bring in foreign banks or financial institutions as strategic partners.