CIT (Citizen Investment Fund) 33rd anniversary has completed

Mar Sat 2023 01:42:52

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CIT (Citizen Investment Fund)  33rd anniversary has completed

Kathmandu- The 33rd anniversary of Citizen Investment Fund has been completed. The fund celebrated its anniversary by organizing a ceremony at the fund's office.

Revenue Secretary of the Ministry of Finance at the anniversary ceremony. Ram Prasad Ghimire said that on the day of the anniversary, the fund should be promised to a higher level. He said that the fund should take it as an opportunity to save and invest and move forward. He said that after switching to the online system, the service has increased, but it cannot be said that everything is good.

The fund, which was established in 2048 with the aim of increasing investment by encouraging savings, conducting retirement fund and social security programs and bringing dynamics to the capital market, has so far invested more than two billion rupees.

According to the fund, two billion five billion 69 million rupees have been invested by the end of January of the current financial year. During the same period, the fund's net fund balance is two billion six billion 19 million rupees. So far, the fund has invested 1 trillion six billion 26 million rupees in fixed deposits, 28 billion 26 million 13 million rupees in securities, 45 billion 92 million 15 million rupees in property and housing loans to the participants of the fund and 22 billion 69 million 80 million rupees in contemporary loans. By the end of January, the authorized capital and issued capital equal to eight billion rupees, the paid-up capital of the fund is four billion 25 million 10 million rupees.

The government owns 23.34 percent shares in Citizen Investment Fund. Similarly, National Insurance Institute owns 31.55 percent, Nepal Stock Exchange owns 10 percent, other banks and financial institutions own 15.11 percent and general public owns 20 percent. The investment fund is implementing programs such as employee savings increase retirement fund, insurance fund, gratuity and pension fund, investor account plan, citizen unit plan, citizen pension plan, investment management, bridge gap loan, participant loan, project loan, securities investment.