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National CSI Development Bank stops disbursing new loans

August 4, 2023
in Business, Economy, Other Stories
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The National CSI Development Bank in Paro has decided to cease the disbursement of new loans. The bank attributes this decision to a high number of Non-Performing Loans (NPL), attrition rate and the impending merger with the Bhutan Development Bank. According to the bank, these challenges have prompted the bank to halt loan sanctions. The bank was established in February 2020.

According to records maintained with the bank, there are more than 8,500 loan account holders.

From that over 3,000 account holders were from the erstwhile Business Opportunity and Information Centre or BOIC and Rural Enterprise Development Corporation or REDCL.

And the bank has disbursed loans amounting to more than Nu 2.1bn since the establishment of BOIC.

According to the bank, the loans disbursed for agriculture and livestock sectors are doing fairly well but those who availed themselves of loans in construction, manufacturing, and processing sectors could not perform as expected.

Therefore, there are more than 1800 account holders under NPL. Non-performing loans are loans with payments that are overdue by 91 days or more.

Today, the bank’s NPL stands at 34 per cent amounting to more than Nu 780 M.

Moreover, when it comes to human resources, the officials from the bank said on average four people are resigning every month.

Today, the bank has 41 officials excluding the Community Center Operators in the gewogs which function under the National CSI Development Bank.

From January to June, 24 officials left their jobs.

Officials said the recruitment or substitution of staff could not be carried out due to the plans to merge the bank with the Bhutan Development Bank.

According to bank officials, the merger is likely to take place after a few months.

The National CSI Development Bank was established to upscale the country’s GDP through Cottage and Small Industry development.

Namgay Wangchuk, Paro

Edited by Tshering Zam

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