Kathmandu. Nepal Rastra Bank has recognized Hydroelectricity Investment and Development Company Limited (HIDCL) as a bank and financial institution. According to the Department of Banks and Financial Institutions Regulation of the Central Bank, the meeting of the Board of Directors of the bank held on January 16 gave recognition to the financial institution.

Recognized as a financial institution as per Article 3 (d) of the Debt Recovery Act, 2058 (with amendments) of Banks and Financial Institutions. The government has set up the institute for the development and expansion of Nepal's energy sector. The company has invested in various hydropower projects and has started the process of construction of two hydropower projects in the name of Remit Hydro. The total capital of the organization is Rs. 22 billion.