Kathmandu. An agreement has been reached between Sunrise Bank and Deposit and Credit Protection Fund. In an event held at the office of Deposit and Credit Protection Fund in Kathmandu, an agreement was signed between the two institutions to protect the credit of the microfinance and underprivileged sector.

The agreement was signed by Chief Executive Officer Suman Sharma on behalf of Sunrise Bank and Chief Executive Officer Ramesh Ghimire on behalf of Deposit and Credit Protection Fund Kathmandu.

According to the agreement, Sunrise Bank will provide up to 10 lakhs per person who invests in collective deposits without collateral under microfinance and underprivileged class loans, up to 7 lakhs per person who invests in educational certificate mortgages, up to 20 lakhs per person who invests in mortgage deposits, youth and Dalit communities who have returned from foreign employment after receiving skill training. Individuals who invest under collective guarantee or project guarantee up to 10 lakhs per person and with the prior consent of the fund up to 15 lakhs who invest in individual or group guarantee under women-run micro enterprise project with project mortgage will be protected by the fund.

After this agreement, Sunrise Bank said that the risk of loans invested in the business sector designated by microfinance and underprivileged class loans and funds through the Deposit and Credit Protection Fund will be reduced.