Kathmandu. A meeting of the Board of Directors of Jyoti Development Bank held on July 9, 2008 has appointed Shrichandra Bhatt as the Chief Executive Officer.

The newly-appointed Chief Executive Officer Bhatta will assume his four-year term from Wednesday, August 22 next year.

Bhatt, who entered the banking sector from Nepal Investment Bank, has more than two decades of experience in the financial sector, including banking, insurance and remittances.

Newly appointed Chief Executive Officer Bhatta was the Assistant General Manager at Nepal Investment Bank, Deputy Chief Executive Officer at Megha Bank and Chief Executive Officer at IME Life Insurance Company. Bhatt has a high level of experience in various fields.

At present, Jyoti Development Bank is providing services through 105 branch offices, one extension counter and 58 ATMs. So far, the bank has withdrawn about Rs. 35 billion in deposits to more than 20,000 borrowers. It has managed to invest Rs 30 billion.