CYC Nepal Lagubitta Bittiya sanstha Limited has claimed that the main objective of the institution is to make women financially literate. It is also claimed that the purpose of the organization is to make the members of the organization literate so that they know the amount saved and withdrawn.
CYC Nepal has been conducting programs including interaction at various times. Recently, an interaction was held at Lamjung’s Bhorletar branch office regarding the purpose of CYC financial institution, the work done and the facilities available to the members. Municipal heads, deputy heads, heads of various sectors, industrialists, journalists, security chiefs, workers of local political parties, women, social workers, intellectuals, etc. participated in the interaction on ‘Central Pramakh-Vice-Principal Seminar and Financial Literacy’.
Managing Director of CYC Nepal Laghubitta Bittiya sanstha Ltd. (pokhara), Dolindra Prasad Sharma said that the members of the organization were involved and interacted so that others would not misuse the money in their account. Sharma explained that the program was organized to shed light on the financial liquidity seen in the current market, the struggle of microfinance and the reason behind the campaign of non-payment of loans in banks and financial institutions.
The officials of the organization claim that after joining the CYC organization, they are trying to make women happy and not sad. Likewise, CYC has established an endowment fund of four crore rupees for students so that the children of women affiliated to this organization are not deprived of education.
“It is our belief that CYC should reach where the sun’s rays do not reach, where the moon does not reach,” says Sharma. Sharma says, “The aim of the organization is to end unemployment and poverty in difficult areas.”
This organization has been conducting various programs from time to time to get rid of the problems for women, who are unable to pay the loan with interest. The aim of the organization is to integrate women who are unable to pay after taking a loan and join the group. The aim of the organization is to associate women with small businesses by providing various trainings.
The organization has been urging women who are in financial crisis not to hide their pain. Its purpose is not only to provide loans and savings, its purpose is to clearly explain to women members about loans, savings, banks, banking offenses etc. before giving loans.
CYC is a ‘Gha’ category bank approved by Nepal Rastra Bank. Nepal Rastra Bank regularly monitors this bank. According to the guidelines of Nepal Rastra Bank, this institution provides loans up to 7 lakh rupees without collateral and up to 15 lakh rupees with collateral.
In addition to helping the children of women affiliated to this organization in their education, employment has also been given first priority. Likewise, if the children of golden members who have passed SEE or 12th standard are unemployed, special proirity is given for employment.
Currently, CYC has an investment loan of Rs 450 crore. Similarly, 250 million is in savings. This organization is going to expand its branches all over the country. Managing director Sharma claims that there were 110 employees when he came to work in this organization, but today there are 570 employees.
In case of death of any member, the organization also waives the loan. If the children of golden members pass with good marks, they are given respect and encouragement. This organization has allocated a budget of three million rupees to enable the golden members financially. In the place where this institution is located, the aim of making it a model village has also been taken.
For those who want to take a loan, this microfinance has set an interest rate of 12 and a half to 15 percent. It is claimed that this is an easy interest rate compared to other banks and financial institutions. Golden members are given an emergency loan of 30,000 rupees at a low interest rate of 1% without service charge at any time during financial crisis.
Managing Director Sharma also said that by giving entrepreneurial training to women, they are going to set up a ‘sales place’ to sell the goods produced by them. There are a large number of women in the CYC organization. This organization also instructs the employees not to point the finger at those who cannot repay the loan amount. The organization has also made a deep understanding of the reason for not being able to pay the money. In the case of not being able to pay the loan, the solution has also been taught.
The organization gives loans only after analyzing the capacity of the members too. This finalncial organization is equally responsible for how the children of the members affiliated to this organization can be empowered. The organization has made a commitment to tell the problem to its members and try to find a way to solve it. Sharma suggests that women should be aware of themselves in order to improve the economic situation.
Stating that this financial institution only gives and does not take money, Sharma also advised the members not to abuse by taking loans. This microfinance institution was established in Patle Khet, a small village in Baglung. Branch offices have been established in 72 districts and one lakh households are affiliated to this finalcial organization. Now one lakh women are affiliated to .
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