December 5: Nabil Bank has acquired membership of the Trade Assistance Programme (TAP) of Export Import (Exim) Bank of India. Nabil Bank has claimed that it is the first bank of Nepal to acquire such membership.
It has been learnt that the Exim Bank of India approved the membership of Nabil Bank under the Trade Assistance Program after rigorous risk review.
According to media reports, the Exim Bank of India expects this partnership with Nabil Bank to open up opportunities to facilitate incremental trade between Nepal and India and strengthen the growing economic engagement between the two countries.
As per the understanding between the two banks, Exim Bank will issue payment guarantee to the Letter of Credit (LC) of Nabil Bank as a support for payment obligation. This is expected to enhance the capacity of commercial banks/financial institutions in India to support cross-border trade transactions.