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Shankar Man Shrestha Microfinance Award 2023 Awarded to Chhimek Laghubitta Bittiya Sanstha Ltd.

Shankar Man Shrestha Microfinance Award is provided to any individual or institution that adheres to the norms, principles and values of microfinance and acts as a role model in carrying out activities for its sustainable growth and development as well as in brining socio-economic progress to its members.

The first award was presented to Chhimek Laghubitta Bittiya Sanstha Ltd. Chimmek and cash prize of Rs. 2 lakh was awarded for its contributing in following the norms, principles and values of microfinance based on Grameen Model for its sustainable growth and brining socio-economic development among its members.

The award was handed over on the occasion of 32nd Anniversary of CSD by the Chief Guest, Mr. Maha Prasad Adhikari, Governor of Nepal Rastra Bank to Mr. Ram Chandra Joshi, Chairman of Chhimek Laghubitta Bittiya Sanstha Ltd.

As per the request of Ms. Shanti Shrestha from Mhepi, Kathmandu the last 28th  AGM of CSD passed a resolution to enact “Shankar Man Shrestha Microfinance  Award” in honor of Mr. S.M. Shrestha for his persistent contribution towards the microfinance sector. She has contributed Rs. 1,000,000 to establish a fund to provide an award of Rs. 200,000 to an individual or institution that makes outstanding contribution for the upliftment of socio-economic condition of the poor or the disadvantaged community. The 28th AGM of CSD also decided to contribute additional Rs. 1,000,000 to the fund.  Similarly, Ms. Lumin Kumar Shrestha, founder member of CSD, made a contribution of Rs. 500,000 on behalf of “Manchuka Smriti Kosh” established in memory of his late mother Ms. Madan Manchuka Shrestha. The founding member of the CSD Dr. Sumitra Manandhar Gurung had also contributed Rs. 3,00,000 on the award fund.

Sahara SACCOS Rs. 300000 and staff members of Sahara SACCOS contributed Rs. Rs. 1,00,000 respectively to the fund. In the meantime, Unique Nepal Laghubitta Bittiya Sanstha Ltd, Kisan Bahuudeshiya Sahakari Sanstha Ltd and Grameen Mahila Utthan Kendra contributed Rs.1,00,000, Rs. 1,55,000 and Rs. 1,00,111 respectively.

The award for this fiscal year was provided to Chhimek Laghubitta Bittiya Sanstha Ltd based on quality of financial and non-financial services, socio-economic impact, accountability to the members, staff and overall society with an overall 16 indicators developed and evaluated by three member prize evaluation committee.

To better serve its members in a more organized manner with focus on microfinance, the Neighborhood Society Service Centre (NSSC) received license from Central Bank in January 2002 to promote a separate entity under the Development Bank Act of 2052. As a ‘D’ class microfinance institution, it has now become one of the largest and model MFI in the country providing financial access to the poor and marginalized women members. At the time of establishment the paid-up capital was Rs 10,000,000 which has expanded to Rs 2,835,000,000 now. Chhimek has been providing its microfinance service in 197 branches through its 1275 staff covering 69 districts and currently serving 420,000 members.  The total loan outstanding for the year 2023/24 was Rs. 33,470,000,000. Chhimek has also been providing non-financial services to its members such as Commercial Exemplary Village Development Program, vaccination program for livestock for the eradication of diseases, disaster fund program, members grievance handling mechanism and suggestion box, members’ friendly plan/program/activities based on feedback collected from area members meeting and suggestion and felicitation program for members who have been in the branch for more than 10 years. It has also been implementing Chhimek Saving Program to encourage members to save, inspire income generation activities and provide social security services to its members.

Through the initiatives, it strives to promote savings culture, encourage income generation, support micro-enterprise development and provide social security services to its members. Chhimek seeks to enable its members to contribute towards creating a self-reliant rural society through self-employment and social awareness.  Chimmek is one of the pioneers MFI in Nepal to have been accredited by “Smart Campaign, Client Protection Certification”.

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