Introduction

Siddhartha Bank at a Glance Vision Mission Core Values Code of Conduct Strategic Objectives
Financial Highlights Non Financial Highlights Milestones Awards and Accolades Chairman’s Message CEO’s Message Board of Directors
Profile of BOD Executive Management Team Management Team Organization Structure Right to Information and Grievance Handling Products and Services/Key Business Areas

Siddhartha Bank
At a Glance

We are a leading commercial bank in Nepal and have been positioning ourself as a digital first, customer centric bank, with a focus on sustainability. We listen to our customers, stakeholders and nurture long term relationship with them.

We offer multitude of banking solutions and are committed to offer highly personalized experiences and superior service to our customers. At Siddhartha Bank, our customers are at the heart of any decision we make and we are committed to serve them better and offer them with wide array of products that meets their overall banking requirements.

With an array of products offerings, customer centric digital innovation, wide network, prompt customer services and focus on continuous improvement, we have been able to gain the significant trust of the customers to become a preferred banking partner, in the country, while nurturing innumerable Relationships Forever.

We have an extensive network of branches, ATMs, and are committed to providing a one-stop financial solutions to meet the varied needs of our customers. Further, with the strength of our international banking network, we have been able to cater to the trade finance, remittance inwards and international payments businesses.

We care for the environment and the society and prioritize on the Environmental, Social and Governance (ESG) aspects of our operations and financing to create sustainable long-term value for our customers, people and the planet. We are mindful of the impact of our actions and are committed to create a sustainable future for all.

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Vision

Siddhartha Bank runs with a vision to be the digital first bank for sustainable growth.

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Mission

Siddhartha Bank focuses on customer delight by offering diverse products and services digitally for stakeholder’s prosperity and sustained growth.

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Core Values


Siddhartha Bank stands firm on its commitment to its core values.

Sustained Growth

Siddhartha Bank is focused on partnering with its stakeholders to create sustainable growth for all. The Bank commits itself to ensuring that it adopts leading banking practices combined with market leading innovation to ensure this sustainable growth. The Bank also recognizes that sustained growth has to be matched with appropriate risk management policies and commits itself towards managing operational and financial risks. The Bank also expects its employees to ensure that they develop an understanding of risks and follow the guidelines for risk management.

Siddhartha Bank also believes in providing equal opportunity of growth and learning for its employees. The Bank also expects its employees to take ownership of their progress within the bank. The Bank believes that all its processes must be geared towards providing equality in opportunity for all employees. We want to create ‘relationship forever’.

Transparency

The Bank aims to create a transparent and open work culture in the organization. The Bank endeavors to ensure that all its processes and policies are geared towards improving transparency in the organization. The Bank also encourages open communication throughout the organization, especially top-down communication, to create a participative decision making process.

Integrity

Banking is a business entrusted with fiduciary responsibilities. In view of this, the Bank expects its employees to maintain the highest standards of integrity in all their dealings within the organization. The Bank’s processes and policies shall be designed in such a way that integrity becomes a way of life for all its employees.

Innovation

Siddhartha Bank aims to encourage innovative thinking at all levels of the organization and expects employees to think of continuous improvements in their day-to-day work. In return, Siddhartha Bank also endeavors to create a supportive environment in the organization which can help breed innovation.

Customer Centricity

Siddhartha Bank expects its employees to be driven by an unwavering focus on serving the customer. Employees are expected to keep customer interests at the forefront in all the decisions they take in their work. Customers include the external and internal customers of the Bank.

Code of Conduct

Siddhartha Bank - Employee Code of Conduct is intended to maintain a standard of conduct and ethics in the Bank that is of the highest order. The Code of Conduct outlines the minimum standards of behavior expected from all employees. Further, it defines acceptable and unacceptable behaviors of employee. Employees are expected to adhere to the principles and rules laid down in this policy. The Bank expects its employees to be upholders and brand ambassadors of its culture, work ethos and standards of integrity. The Bank is proud of its heritage and expects the employees to carry the legacy forward.

  • No employee shall use confidential information about the Bank or its customers for his/her personal gain. All employees should maintain confidentiality with respect to Bank’s financial and non-financial information including information on board meeting decisions, internal reports, electronic communications on Bank’s strategy and other confidential information.

  • Any act of discrimination and sexual harassment against colleagues, customers or service providers shall not be tolerated at the Bank.

  • The employees must know and follow the requirements set forth in the Bank’s AML/CFT policies.

  • Employee shall not act in any form to harm the prestige, image and interest of the Bank.

  • Smoking, consumption of alcohol or drugs in the office premises and official vehicles are strictly prohibited.

  • Employees should refrain from any type of political activities during the service period. However, each employee is free to cast vote according to their interest and choice.

  • Employees should maintain respect, politeness and kindness to all senior as well as subordinate staff following professional manner.

  • Any employee is strictly prohibited to engage in any type of bribery and corrupt practices.

  • Employees must adhere to tenets of fairness, ethics and personal integrity in all the financial and non financial matters.

  • Proprietary rights on all work including ideas, concepts, creations, inventions or any other intellectual and/or industrial property created or produced by employee in the course or as part of official duty will be vested to the Bank.

  • Employees should avoid any activity which creates conflict of interest with the Bank.

  • Employees should furnish and disclose required property details as directed by regulatory authorities.

  • The Bank is committed to the highest standards of ethics and integrity in all its dealings between its employees, with customers, and all other stakeholders.

Strategic Objectives

  • Digital First

  • Diversification
    of Business

  • Sustainability

  • Service
    Excellence

  • Stakeholders’
    prosperity

Siddhartha Bank has a clear set of strategic objectives which it wants to collectively pursue. The Bank believes that successful strategy implementation, would enable the Bank to achieve its strategic objectives. Further, our strategy enables us to sustain and grow amidst the challenging market conditions.

digital first

Digital transformation is the integration of technology in all areas of business for fundamental changes in the process of business operations and delivering values to the customers. Keeping abreast with emerging technologies is crucial to remain competitive in the industry. Investment in new technologies such as artificial intelligence, block chain, etc. can help the Bank stay ahead of the curve. With the increment in data availability, it is also important to use data analytics to drive for efficient and effective decision-making. This will help the Bank identify trends, make predictions and timely decisions. By implementing such agile methodologies through digital transformation, the Bank can more easily adapt to technological changes and keep up with the pace of innovation. This enhances focuses on the digital first mindset of the Bank which prioritizes digital channels and technology in all aspects of the Bank’s operations.

Diversification
of business

Business diversification strategy of a bank refers to the process of expanding its range of products, services, and markets to reduce reliance on a single source of revenue and increase its potential for growth and profitability. Diversification is a critical strategy for the Bank to remain competitive and to grow the business. By expansion into new markets, introduction of new products/ services and targeting new customer segments, the Bank shall reduce its reliance on limited avenues of revenue and increase the potential for long-term.

Geographic diversification: The Bank shall expand into new geographic areas to tap into new markets and customers. This shall be achieved by opening new branches in different locations.

Product diversification: The Bank shall introduce new products and services to attract new customers and increase revenue streams.

Customer diversification: Banks can target new customer segments to diversify their customer base. This could include serving small/ medium size businesses, zennenials (Generation Z) or high net worth individuals.

A successful diversification can help to increase sales and revenue, grow market share, find new revenue streams and achieve higher margins compared to existing products. The Bank has strategic direction to diversify its current business in MSME sector, cards based business and other new avenues of investment that has scope of scalability.

Sustainability

Sustainability is the balance between the environment, equity and economy. It is the integration of environmental health, social equity and economic vitality in order to create thriving, healthy, diverse and resilient communities for this generation and generations to come. The ever-present risks from climate change make sustainability important for banks. Banks are the largest source of funding for corporations, from eco-friendly renewable energy companies to billion-dollar oil companies. Where banks decide to give their loans helps determine the direction of the economy, and to an extent, the future of our societies.

Setting sustainability commitments helps banks increase their credibility as key societal actors in an increasingly eco-conscious society. As more investors become concerned about climate risks, banks have little choice but to respond by investing in sustainability initiatives. A bank that’s seen as environmentally responsible and sustainable is likely to court more investors and get more business opportunities as it shows that it is adapting to climate risks. Many sustainable businesses seek to reduce their environmental footprint by using renewable energy or by reducing waste. The Bank may also be more sustainable by promoting diversity and fairness in their workforce, or enacting policies that benefit the local community.

The Bank shall make responsible investment i.e. invest in companies and projects that promote sustainable development. This could include investing in renewable energy, sustainable agriculture and green infrastructure.

The Bank shall engage further in corporate social responsibility initiatives that promote sustainable development. This could include supporting community development projects, promoting financial literacy and reducing own carbon footprint. The Bank implants sustainability in strategic direction and commits to ESG for green financing, financial inclusion and transparency.

Service Excellence

Service excellence refers to the ability of service providers to consistently meet and even exceed customers’ expectations. Service excellence does not necessarily mean increasing the expectations of the customer and then struggling to meet them. It merely means delivering what have been promised. Before providing any service, the problems, requirements and expectations of the customer are considered. Service excellence is of high quality. Service excellence is a wonderful quality by which the service provider can achieve fame, success, and financial profits.

Incorporating a culture of service excellence in the Bank is a journey, a continuous process, and not the final destination. Indeed, there is no alternate way or convenient solution for this.

Customer Service Excellence in banking is very important because banks are exposed to a lot of clients ranging from high to low income earners. The way and manner customers are attended to would determine whether there would be a repeat purchase. Customer Service can be provided either physically in the banking hall, or via other Customer Service channels, however, all service delivery points have the same characteristics and same service expectations.

Hence, the Bank considers service excellence as one of the core strategic directions that the Bank needs to enhance its focus on. The Bank shall provide personalized services to meet the unique needs of each customer. This includes customized financial solutions, personalized communication channels, and tailored marketing messages. Likewise, The Bank shall offer omni-channel banking services that allow customers to access their accounts and services through multiple channels, including online, mobile, telephone, and in-person. This allows customers to choose the channel that best suits their needs and preferences.

Stakeholders’ prosperity

Prosperity of stakeholder focuses on creating value for all stakeholders, including customers, employees, shareholders, and societies. The success of a bank is not only measured by its financial performance but also by its impact on society and the environment. A key stakeholder plays an important role in a company’s long-term success. Key stakeholders can help companies make strategic decisions, minimize risks and grow their business. Likewise, running a successful bank is all about trying to keep many people as happy as possible. No matter what the owner or management thinks, if the stakeholders aren’t happy, the Bank is not succeeding. In the end, everyone wants the same result: a successful and prosperous partnership with the bank.

Shareholders prosperity can be achieved by enhancing return on equity. Employees prosperity can be achieved by proper benefits and working environment. Community prosperity can be achieved by CSR initiatives. Regulators/ Government prosperity can be achieved by transparent, accountable and responsible governance and compliance in practice.

The ultimate strategic direction of the Bank is prosperity of all its stakeholders. This is the end result for which the Bank is focused on. By adopting a stakeholder prosperity strategy, banks can build trust and loyalty among their stakeholders, while also contributing to the well-being of society and the environment. This can lead to long-term success and profitability for the bank.

strategic objectives

Financial Highlights

USD conversion rate is taken as 1 USD = NPR 131.45

Growth

Balance Sheet
Loans and Advances
Deposits
Capital Adequacy Ratio

Efficiency

Cost to Income Ratio
Net Interest Margin
Profit after Tax
Rupee Earned and Rupee Spent

Resilience

NPA Ratio
Provision Coverage Ratio (PCR)

Returns

Return on Equity (Average)
Return on ../Assets (Average)
Earnings per Share
Dividend Distribution

Non-Financial Highlights

Mid July 2023
196Branches (including extension counters)
6Branch expansion during the year (including extension counters)
225ATMs
13ATM network
expansion during
the year
123Branchless Banking (BLBs)
685,560Debit Card Users
38,848Credit Card Users
832,222Mobile Banking Users
1,732POS
86,328Loan Accounts (including credit cards)
1,710,123Deposit Accounts
1,970Employees
35.65Market Capitalization (NPR in billion)
21.20CSR Spends (NPR in million)
2.99Contribution to Government Revenue (NPR in billion)

Milestones

2001
September 28

Registration under Companies Act

2001
December 20

Registration under Income Tax Act

2002
December 24

Licensed by Nepal Rastra Bank

2002
December 25

Embarked the financial journey

2012
September 28

Established Siddhartha Capital Limited (SCL)

2009
April 8

Unveiled Banks new corporate logo

2006
April 5

Established Siddhartha Insurance

2006
February 24

Listed in Nepal Stock Exchange

2015
October 30

Migrated Card Management System to Nepal Electronic Payment System (NEPS).

2016
June 21

Merger with Business Universal Development Bank Limited

2017
November 17

Established Reliance Life Insurance

2020
January 9

Introduced Bank’s new motto "Relationship Forever" focusing customer centricity

2023
April 21

Relocated its Head Office from Hattisar to its own Corporate Building located at Naxal.

2023
March 26

External Borrowing of USD 55 million from IFC for MSMEs and Climate Financing.

2022
September 2

Migrated from Flexcube 10.2 to Finacle 10.2.25

2021
July 2

Established Avasar Equity

Awards &
Accolades

Awards

Chairman’s Message

Banking for a Sustainable Future

Supply chain disruptions, inflationary pressures, geo-political tensions and higher interest rate characterized the global business environment in FY 2022-23. While the economic activities globally were picking up in the aftermath of COVID, the Ukraine War and subsequent supply chain bottleneck contributed to higher energy and food prices, mounting inflation and ultimately a tight monetary policy globally, affecting the global economic growth. The impact of higher inflation affected Nepali economy too. The economic growth of Nepal in the FY 2022-23 remained low at 1.9 percent, contributed by higher inflation, import restrictions and tightening of the monetary policy, aimed at addressing the significant widening of external imbalances.

During FY 2022-23, economic activity was subdued in the industry and the services sectors, while agricultural output remained resilient. Import restrictions, higher interest rates and higher international prices due to supply chain shocks arising from geopolitical tensions led to slowdown in credit growth to the private sector.

Despite the headwinds, Siddhartha Bank once again has been able to maintain a healthy financial performance and profitability in the FY 2022-23 attributable to its strong risk management framework, high standards of compliance and corporate governance, effective management, a team of dedicated employees and ever supportive customers and other stakeholders.

At the end of FY 2022-23, the Bank’s Paid-Up Capital amounted to NPR 14.09 billion, while the Bank generated Net Profit of NPR 3.17 billion, out of which NPR 1.46 billion has been appropriated to Debenture Redemption Reserve, which has been created for the outstanding debentures and shall be ultimately distributed to the shareholders after maturity of the debentures. The Bank was able to pay a Cash Dividend of 4.21% (including tax) to its shareholders. Despite the slowdown in economic activities and stress on the financial strength of the borrowers, the Bank was able to contain its Non-Performing ../Assets to 2.01% in the said fiscal year.

The Board is committed to
maintaining highest standards
of corporate governance and will
continually strive to improve and
strengthen these practices.

The Bank had always emphasized on productive sector investments to attain self-sustainability and believed that amidst frequent liquidity crunch in the economy, raising debt financing from International Institutions would be a good way to meet the requirement for productive sector lending. In line with the same, the Bank borrowed USD 55 million from the International Finance Corporation (IFC) for MSME (Micro Small and Medium Enterprises) and Climate Financing in FY 2022-23. This is the biggest loan amount provided by the IFC till date in Nepal. The disbursement by the IFC under clean lines, after a detailed on-site due diligence reflects the financial strength and sound corporate governance of the Bank.

The Board is committed to maintaining highest standards of corporate governance and will continually strive to improve and strengthen these practices. The Board and its Committees have been regularly assessing the Bank’s response to opportunities and challenges. The Board will continue to maintain integrity, fairness and transparency in our engagement with all our stakeholders. The Bank is committed to create value for its customers, pursuing a customer centric approach. The Bank will continue to work with Digital First strategy with a focus on enhancing its digital banking capabilities, digitization of internal business processes and offering customers seamless banking experiences digitally and physically.

The Bank will continue to focus on sustainable banking and ensure that its operations, business activities and lending are carried out taking into consideration the Environmental, Social and Governance impact. The Bank will also focus on impact investment projects aimed at combining financial profitability with a strong social and environmental impact. The Bank will also look for enhancing its impact and sustainability related capabilities through tie-up with international institutions.

Looking ahead, with the tight monetary policy stance adopted globally, the inflation is expected to decline gradually. Economic activities though slow currently, is expected to gradually increase in the coming year. Siddhartha Bank remains a strong and safe bank, and will continue to focus on enhancing its resiliency and being a customer centric bank, living up to its motto of ‘Relationship Forever’. I would like to thank all of our human capital, customers, regulators, shareholders and other stakeholders for your continued support. We are committed to be the responsible bank for a sustainable future.

Chairman

Manoj Kumar Kedia

Chairman

CEO’s Message

Supporting our Customers during Challenging Times

Geopolitical tensions and higher inflation led to higher interest rate environment globally in FY 2022-23 and Nepal was no exception to it. In FY 2022-23 the Nepali economy slowed down with higher commodity prices, higher inflation, import restrictions amidst widening external imbalances and monetary policy tightening by the central bank. With tight monetary policy measures adopted by the central bank in the starting of FY 2022-23, liquidity remained tight, interest rates were on a higher side and business sentiment dampened. The Nepali Banking industry saw an upsurge in Non-Performing ../Assets in the FY 2022-23 with the borrowers affected by higher interest rates and economic slowdown. With improved foreign exchange reserves courtesy of surge in remittance inflows and reduced imports, decline in inflation, and slowdown in economy, the policy rate was reduced in the latter part of the FY and the import restrictions were released. The central bank has been proactive in ensuring economic and price stability in the country.

Siddhartha Bank is committed to supporting its customers during these challenging times and be flexible enough to ensure that they tread through it comfortably to build a sustainable future. Amidst higher cost of living, the Bank increased interest rates on its deposit products to help customers manage their finances better, when their cash flows were taken a hit. The Bank also engaged with its borrowers in the MSME, Corporate and Retail sectors to understand their difficulties and offer them flexible solution to meet their debt obligations. During the FY 2022-23, the Bank continued to maintain a strong balance sheet, with adequate capital adequacy and ample liquidity. In FY 2022-23, the Bank strategized to attain a conservative growth in its overall portfolio while focusing on portfolio shift to Retail and MSMEs. Further, we aligned our strategy with the central bank’s monetary policy stance to reallocate credit to the productive sector rather than focus on credit growth.

In FY 2022-23, we registered a nominal total credit growth of 2.57% with total loan amounting to NPR 190.87 billion by the end of the FY. Increased remittance inflows and sluggish loan demand led to ample liquidity in the market, and the Bank’s total deposits increased by 16.33% in the said FY, amounting to NPR 228.57 billion. Amidst lack of loan demand and increased liquidity, we increased our investment books by 16.78% which helped the Bank generate competitive return on the funds.

The Bank is committed to
to create a sustainable
impact today and for
generations to come.

The Bank generated considerable income from its core banking activities in FY 2022-23, attaining 24.07% growth in its Net Interest Income vis-à-vis prior fiscal year. The Bank was able to register a Net Profit of NPR 3.17 billion in the FY 2022-23, an increment by 9.11%, despite the challenging scenario. The Bank was able to maintain its asset quality, containing the Non-Performing ../Assets to 2.01% in the FY 2022-23 despite slowdown in economic activities. The Bank is committed to support its customers and stakeholders during this challenging time. The Bank in the FY 2022-23 opted to provide cash dividend of 4.21% considering the stressful market scenario and awareness that many of our shareholders rely on dividends to support their income.

The Bank has made significant digital advancements in the FY 2022-23. We have been able to offer digital solutions for majority of its engagements with the internal and external customers. The implementation of Core Banking System Finacle has made the banking operations robust and the Bank has been able to build a strong Management Information System for multi variate analysis. The Customer Relationship Management solutions has enabled the Bank to offer highly personalized experiences to customers, predict customer needs in advance, and consistently provide exceptional service. The Bank continues to invest in technology to offer its customers a superior and personalized experience. Digital First continues to be an area of continuous focus for us. The Bank believes that leveraging on the digital front and big data is key to creating value to customers, improving the service quality as well as attaining operational efficiency and sustainability.

CEO

Sundar Prasad Kadel

Chief Executive Officer

Board of Directors

Board of Directors
Mr. Ankit Kedia
Director
Mr. Rahul Agrawal
Director
Mr. Narendra Kumar Agrawal
Director
Mr. Manoj Kumar Kedia
Director
Mrs. Mina Kumari Sainju
Director
Mr. Dinesh Shanker Palikhe
Director

Profile of Directors

Mr. Manoj Kumar Kedia is the Chairman of Board of Directors of the Bank since January 5, 2016 representing promoter shareholder, M/S. Prudential Investment Company Pvt. Ltd. He is the founding promoter and member of the Board of Directors of Bank since its inception.

Mr. Kedia is well-known personality in Nepal as a successful distinguished business person. He has been successfully involved for more than 25 years in the industrial, commercial and business sector of the country and has contributed significantly in the economic and social development of the nation.

He is the Managing Director of prestigious Industrial House Kedia Organization, Brij Cement Pvt. Ltd., Sundar Products and Services Pvt. Ltd. Besides, he is the Chairman of Kedia Investment Corporation Pvt.Ltd., Kedia International Pvt. Ltd., Magna Securities Company Pvt. Ltd., Gurans Cement Pvt. Ltd. and Sunrise Nepal Food & Beverage Pvt. Ltd.

Similarly, he is an Executive Director of Arghakhanchi Cement Pvt. Ltd., Siddhartha Minerals and Director of Shree Steels Pvt.Ltd. He has been playing significant role in the field of trade and commerce of the nation.

Mr. Manoj Kumar Kedia

Mr. Manoj Kumar Kedia

Chairman

Mr. Narendra Kumar Agrawal is a member of the Board of Directors representing promoter shareholders of the Bank. He has been associated with the Bank since its inception as a founding promoter and member of the Board of Directors. Mr. Agrawal is also the convener of Risk Management Committee and a member of Audit Committee of the Bank.

Mr. Agrawal has been involved in industrial and business sector of Nepal for 43 years. He is the Director of Arunodaya Udhyog Pvt. Ltd., Ganesh Ferrozinc Udhyog Pvt. Ltd., Ganapati Metacon Pvt. Ltd., Yeti Polychem Pvt. Ltd., Reliance Supertech Cement Pvt.Ltd., Dedraj Sewali Devi Todi D.A.V. School Pvt. Ltd. and Proprietor of Garud Impex. He has been involved in Rotary International, Rotary Club of Biratnagar and other prestigious organizations.

Mr. Narendra Kumar Agrawal
Mr. Narendra Kumar Agrawal
Director

Mr. Rahul Agrawal has been a member of the Board of Directors since January 29, 2021, representing the promoter shareholders of the Bank. He is the Convener of Employee Service Facility Committee of the Bank.

He holds an MBA degree from Middlesex University and has been involved in industrial and business sector of Nepal for 21 years.

Mr. Agrawal is an Executive Director of Reliance Group of Nepal. He is Director of Reliance Supertech Cement Pvt. Ltd., Reliance Cement Pvt. Ltd., Annapurna Quarries Pvt. Ltd., Reliance Paper Mills Pvt. Ltd. and Proprietor of Reliance Trade Center.

He has been involved in various industrial and commercial sectors of the country. He also has experience of working in various banks in Nepal and India too.

Mr. Rahul Agrawal
Mr. Rahul Agrawal
Director

Mr. Ankit Kedia is a member of the Board of Directors since January 29, 2021, representing public shareholder of the Bank, M/S. Leverage Holdings Pvt. Ltd. He is also a member of Employee Service Facility Committee and AML/CFT Committee of the Bank.

He holds an MBA degree from James Cook University, Singapore and has been involved in agricultural products, industrial and business sector of Nepal for 12 years. He is the Managing Director of Mahabir Overseas Pvt. Ltd., Leverage Holdings Pvt. Ltd and Managing Director of Mahabir International Suppliers Pvt. Ltd. Besides, he also represents Nepal as a Director in Global Pulse Confederation.

Mr. Ankit Kedia
Mr. Ankit Kedia
Director

Mr. Dinesh Shanker Palikhe has been a member of the Board of Directors since July 7,2016, representing public shareholder of the Bank, M/S. Ginni Investment Pvt.Ltd. Mr. Palikhe is also the convener of Audit Committee and member of Risk Management committee of the Bank.

He holds an MBA degree from Tribhuvan University and has worked as a Director in various BFIs of Nepal for 13 years. He is involved in the field of business and investment for past 27 years, including Hydropower, Merchant Banking and Investment Management Company. He is also involved in Nepal Cancer Relief Society, Rotary Club of Pokhara Annapurna, Lions Club of Pokhara Himalayan and other prestigious organizations.

Mr. Dinesh Shanker Palikhe
Mr. Dinesh Shanker Palikhe
Director

Mrs. Mina Kumari Sainju has been an Independent Director of the Bank since April 27, 2021. She is the convener of AML/ CFT Committee of the Bank.

She holds an MBA degree from Tribhuvan University, and has 30 years of work experience at various levels, including Deputy General Manager of Nepal Bank Limited. She has also been a Director in erstwhile Janata Bank Nepal Limited, erstwhile Paschimanchal Gramin Bikas Bank Limited and erstwhile Nagarik Laghubitta Bittiya Sanstha Limited.

Mrs. Mina Kumari Sainju
Mrs. Mina Kumari Sainju
Director

Executive Management Team

Executive Manangement Team

Standing FROM LEFT TO RIGHT

  • Mrs. Shailaja Gyawali
  • Mr. Manohar KC
  • Mr. Arjun Bhadra Khanal
  • Mr. Sundar Prasad Kadel
  • Mr. Srijan Krishna Malla
  • Mr. Sher Bahadur Budhathoki
  • Mr. Rameshwar Prasad Bashyal
  • Mr. Pradeep Pant
  • Mr. Suresh Raj Maharjan
  • Mr. Prashanna Khadka

Management Team

Manangement Team

standing FROM LEFT TO RIGHT

  • Mr. Gyanendra Karki
  • Mr. Sushil Nepal
  • Mr. Rabeen Malla
  • Mrs. Ira Pradhan
  • Mr. Ramji Baniya
  • Mr. Subash Shrestha
  • Mr. Upendra Gadtaula
  • Mr. Saroj Kafle
  • Mr. Pravin Nidhi Tiwari
  • Mr. Laxman Ghimire
  • Mr. Pramesh Shrestha
  • Mr. Anindra Raj Acharya

Sitting FROM LEFT TO RIGHT

  • Mr. Manohar KC
  • Mrs. Shailaja Gyawali
  • Mr. Rameshwar Prasad Bashyal
  • Mr. Sher Bahadur Budhathoki
  • Mr. Prashanna Khadka

standing FROM LEFT TO RIGHT

  • Mr. Kamal Basnet
  • Mr. Prabin Dhungel
  • Mr. Jit Bahadur Adhikari
  • Mr. Sudip Tamrakar
  • Mr. Keshab Khati
  • Mrs. Biplavi Singh
  • Mrs. Aparna Giri
  • Mr. Amit Shrestha
  • Mr. Pawan Chandra Adhikari
  • Mr. Durga Pandeya
  • Mr. Neeraj Shrestha
  • Mr. Pankaj Pant
  • Mr. Nirakar Bahadur Singh

Sitting FROM LEFT TO RIGHT

  • Mr. Suresh Raj Maharjan
  • Mr. Arjun Bhadra Khanal
  • Mr. Sundar Prasad Kadel
  • Mr. Srijan Krishna Malla
  • Mr. Pradeep Pant

Organization Structure

Organization Structure

Right to Information
& Grievance Handling

Siddhartha Bank is driven by the motto “Relationship Forever” and believes that the Bank can build lasting relationship with the customers’ if their needs and grievances are addressed properly.

The Bank has given high importance to honouring the stakeholders’ Right to Information. The Bank understands accountability, transparency and responsibility are key factors of Right to Information (RTI) and critical for good governance. The Bank discloses information adequately to the stakeholders, which they shall be well informed of. The Bank complies with the provisions of Right to Information Act, 2007 and has appointed Chief Information Officer in line with the provision of this Act.

SBL is driven by the motto “Relationship Forever” and believes that the Bank can build lasting relationship with the customers’ if their needs and grievances are addressed properly. The Bank handles grievances received from customers and stakeholders with high priority and ensures that the Bank improves from the same. The Bank has well-developed mechanism to collect the grievances of customers so that it reaches the concerned authority to resolve the grievances in time.

In order to streamline the mechanism of handling customer information requests & disclosures along with the requirement of a public grievance hearing system across the Bank, Central Information and Grievance Handling Desk (CIGHD) has been established at Head Office. CIGHD collects all information, complaints/suggestions which fall beyond the authority/areas of branches and coordinates with various departments to provide information and/or to resolve customer grievances. CIGHD collects information from all sources including website, telephone, emails and social sites such as Facebook, Viber, Instagram, etc. and resolves the issues at the earliest possible within defined Turnaround Time (TAT). Customers can directly send grievances to the Bank through the “Grievances” section on the website. Likewise, customers can also contact through phone at the Contact Centre of the Bank to lodge their grievances or provide suggestions/ feedback.

Right to Information

Information handling and grievance
handling at the Branch level has
been arranged as follows:

i. Branch Manager as Branch Information Officer: Branch Manager acts as Information Officer of the branch and ensures information as requested by the stakeholders except published by the Bank via annual reports, online media are provided after obtaining approval from Chief Information Officer. They coordinate with the related department for providing the information requested after obtaining the necessary approval.

ii. Operations Officer as Branch Grievance Handling Officer: Operations Officer (OO/AOO) of the Branch are assigned as grievance handling officer of the Branch. The desk of OO/ AOO is named as “Grievance Hearing Desk” at the Branch. Any grievance/feedback received at the Branch is duly recorded and resolution provided in coordination with the Branch Manager and related department. Suggestion Box is kept in the customer service area and checked at least on a weekly basis.

The Bank has appointed Chief Grievance Handing Officer and Chief Information Officer in order to efficiently handle and resolve the issues.

Rameshwar Prasad Bashyal

Rameshwar Prasad Bashyal

Chief Information Officer

Mr. Rameshwar Prasad Bashyal, the Deputy Chief Executive Officer of the Bank is the Chief Information Officer of the Bank. He joined Siddhartha Bank in the year 2005 and is one of the well-versed banker of the country. Before joining Siddhartha Bank, he was working at Nabil Bank from the year 1989 holding various functional titles.

Contact Details Phone: 01-5970720 Ext: 1433 Email: rbashyal@sbl.com.np
uresh Raj Maharjan

Suresh Raj Maharjan

Chief Grievance Handling Officer

Mr. Suresh Raj Maharjan is the Chief Grievance Handling Officer of Siddhartha Bank. He is also the Chief Marketing Officer of the Bank and has been associated with the Bank since 2014. Before joining Siddhartha Bank, he was associated with Global IME Bank Limited, where he worked in various high-level positions. Additionally, he has been a director of Nepal Electronic Payment Systems Ltd. since 2013.

Contact Details Phone: 01-5970720 Ext: 1421 Email: suresh.maharjan@sbl.com.np
Products & Services/Key Business Areas

Products & Services/
Key Business Areas

Siddhartha Bank prioritizes its customers with a comprehensive range of products and services tailored to meet diverse financial needs. The Bank continuously updates its offerings to fit the evolving needs of individuals, MSMEs, large corporations, and government entities. Committed to excellence, it delivers tailored solutions and exceptional service to meet distinct financial requirements.

The Bank’s core deposit offerings include savings deposits, fixed deposits, current deposits, and call deposits. Specifically, in the savings deposit category, the Bank provides a comprehensive range of savings accounts that cater to the diverse banking needs of individual customers.

These savings deposit offerings are customized for various customer demographics, such as children, students, women, seniors, and individuals working abroad, with additional features that add value to their banking experience. The Bank’s savings deposit products are designed to encourage a saving mindset among customers. The Bank provides a wide range of both fund-based and non- fund-based credit facilities to its customers, tailored to the customer’s requirements and in line with the Bank’s policies.

Retail banking customers can access various loan products, including auto loans, term loans, home loans, personal loans, education loans, share loans, and loans against Government Securities or fixed deposits. The Bank offers a wide ranging loan portfolio to meet the diverse financial requirements of its customers. Additionally, the Bank’s digital banking services enable customers to manage their banking needs conveniently without having to visit the branch physically.

Retail Banking

Siddhartha Bank’s Consumer Banking division is dedicated to catering to the diverse banking needs of its individual customers. Understanding that each customer has distinct requirements, the Bank designs products and services tailored to meet these specific needs. Through its retail banking services, the Bank has helped individual customers manage their finances efficiently, obtain credit facilities and safely deposit their funds.

Micro, Small and Medium Enterprises Banking Siddhartha Bank recognizes the importance of Micro, Small and Medium Enterprises (MSMEs) for economic development and offers tailored products and services to meet their unique banking needs. By employing the most up-to-date and sustainable methods, the Bank strives to meet the financial requirements of small and medium enterprises, particularly those that require modest investments but are unable to obtain financing through traditional channels. With an extensive branch network, the Bank serves MSMEs across the country restructuring its operations and enhanced service delivery to become the preferred financial partner for MSMEs. The Bank has restructured its business model and enhanced its service delivery system to achieve its goal of becoming the preferred financial institution for MSMEs.

Understanding the fast-paced nature of MSME operations, the Bank prioritizes quick responses, easy banking access, and expert financial guidance with its commitment to reaching a substantial number of rural customers by delivering tailored and personalized services directly to their doorsteps.

Corporate Banking

Siddhartha Bank’s Corporate Banking division serves a wide range of institutional customers, including multinational corporations, public entities, and business banking groups. The Bank has achieved significant success in building a diversified, expanding, and healthy corporate banking portfolio year after year. Serving clients across various sectors including agriculture, aviation, cement, communications/media, education, hotels, hydropower, import/export, iron/steel, local trading, medical colleges, pharmaceuticals, printing, packaging, real estate, and more, the Bank offers a range of deposit, credit, and trade services tailored to meet the specific needs of its corporate customers.

Rural Banking

The Bank has successfully established 17 branches in rural municipalities throughout the country as part of its initiative to promote financial literacy and inclusion. These branches have facilitated the Bank’s “vertical and horizontal downscaling” strategy, particularly aimed at those who face difficulty accessing banking services. In compliance with the Federal Government System implemented in Nepal, Nepal Rastra Bank (NRB) mandated all commercial banks to broaden their branch networks to ensure at least one bank branch is present in each of the 753 local level governments. Siddhartha Bank was able to meet the NRB’s deadline by being the first commercial bank in the country to establish 17 rural branches across the country assigned to it.

Branchless Banking

Operating under the name “Sajilo Banking Sewa,” the Bank introduced Branchless Banking (BLB) in Nepal in 2011 to offer door-to-door financial and non-financial services to marginalized communities, particularly in areas with low literacy rates. The Bank operates its BLB service which utilizes cards and a biometric authentication system. Business Correspondents, also known as agents, perform transactions on behalf of the Bank. BLB serves as a convenient alternative for rural populations to access deposits, withdrawals, money transfers, bill payments, and more, even offering non-financial services like balance checks and loan applications.

Additionally, the Bank utilizes BLB outlets to facilitate various functions such as banking services, social security allowance distribution, government account openings, financial and business literacy programs for rural residents, and distribution of government grants for earthquake reconstruction efforts.

Trade Finance

Siddhartha Bank offers specialized trade finance services tailored to meet the banking and financial needs of customers involved in both domestic and international trade. The Bank’s Centralized Trade Operations (CTO) team, consisting of skilled trade experts and supported by a broad network of international correspondent banks, facilitates the provision of standardized trade finance services such as letter of credit and bank guarantee facilities.

Furthermore, the Bank offers customized trade finance instruments including bid bonds and performance bonds to meet specific customer requirements. As a member of the International Finance Corporation’s (IFC) Global Trade Finance Program (GTFP), the Bank benefits from lines assigned by the IFC. This enables the IFC to provide confirming Banks with partial or full guarantees that cover payment risks on various trade transactions, encompassing instruments such as letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, and various types of guarantees and bonds.

Remittance

Siddhartha Bank launched its online remittance payment solution, “SBL Remit,” in 2008 from Qatar to provide efficient and reliable remittance services to Nepalese working overseas. Since then, SBL Remit has expanded its reach to various countries including Japan, Malaysia, Oman, UAE, South Korea, Kuwait, USA, major European nations, and Australia. The Bank aims to cater to migrant Nepalese globally by continuously expanding its international presence.

The Bank has a dedicated Remittance Business Unit which believes that smooth and prompt delivery competency is essential in the remittance business. Therefore, the Bank has devised quality, reliable and prompt payment mechanism that guarantees service delivery excellence.

In addition to online remittance service, the Bank has also been offering account- opening service to the immigrant Nepali from all major corridors through dedicated Relationship Officers. The Bank has introduced a separate remittance account called “Siddhartha Remit Account” that offers attractive interest rates to remitters on deposit and has several beneficial and lucrative schemes. The Bank also offers customized services like withdrawal, fund transfer and fixed deposit services for overseas customers, which is executed very prudently and promptly.

To enhance its domestic network, the Bank has established agency relationships with reputable financial institutions, remittance companies, and registered institutions for the prompt distribution of remittances across Nepal. Currently, the Bank operates more than 5,000 active payout locations throughout the country and utilizes its branch network, as well as third-party bank branches, for effective remittance distribution. With 196 branches strategically positioned in areas with potential remittance inflow, Siddhartha Bank aims to further strengthen its position in the remittance market.

Treasury & Correspondent Banking

Siddhartha Bank’s specialized ‘Treasury and Correspondent Banking Department’ consists of a dedicated team of dealers focused on meeting the diverse needs of customers and enhancing the Bank’s profitability. Equipped with dedicated software for live rate streaming, messaging, and trading platforms from international banks, the treasury desk ensures access to competitive prices and liquidity at all times, allowing the Bank to offer customers competitive exchange rates.

The Bank actively participates in trading across local and international money markets, capital markets, foreign exchange markets, and bullion markets. When making investment decisions, the Bank prioritizes safety, liquidity, return, and compliance. The Treasury and Correspondent Banking Department of the Bank offer the following services to its valued customers:

  • Competitive Exchange Rates
  • Hedging Exchange Rate Risk
  • Sales Agent and Market Maker for Bond
  • Bullion Dealing

The department adheres to the regulations of Nepal Rastra Bank and the Bank’s policies and standard operating procedures in its daily activities. It also takes a proactive approach in establishing and maintaining Nostro, Vostro, and RMA relationships with Banks globally to expand the Bank’s cross-border business through correspondent banking. With an extensive network of correspondent banks, the department efficiently manages trade finance transactions, treasury payments, inward and outward payments, and other related tasks.

Ancillary Services

The ancillary products and services are designed to address the changing requirements of customers in the fast-paced banking sector. In addition to its regular banking services, Siddhartha Bank also provides innovative and tech-driven products such as mobile banking, internet banking, mobile ATMs to name a few. These extra services aim to offer customers convenient and secure banking access whenever and wherever they need it. A detailed description of the several kinds of ancillary products catered by the Bank has been provided in the following sections:

ATM

Siddhartha Bank has a network of 225 ATMs spread across the country and continuously seeks out appropriate locations to expand its ATM coverage, facilitating convenient cash withdrawals for its customers. The Bank’s ATMs now have the capability to support cash withdrawals without the use of a physical card. SBL ATMs are compatible with major payment card brands, including Visa and MasterCard.

Mobile ATM

Siddhartha Bank’s Mobile ATM provides customers with the flexibility to withdraw cash, check balances and view mini statements while on the go. The mobile ATM is located within a vehicle that can travel to various locations. The Bank places this ATM in various locations with higher footfall, such as exhibitions, trade shows, major tourist attractions, and locations celebrating local festivals.

Card Facilities

Siddhartha Bank caters to the dynamic banking requirements of its customer with the wide range of card facilities including Debit, Credit, and Prepaid cards. The Bank has collaborated with Uno Internet Venture to offer exclusive discounts to its Uno Credit cardholders at the Uno partner outlets. Additionally, the Bank has partnered with organizations to issue co-branded cards such as the SBL Round Table Credit Card and SBL Rotary Credit Card Credit Card.

Other offerings include the Prepaid Domestic Card, E-Com Card, and Prepaid Travel Card for international use. Customers can easily use SBL Visa Debit and Credit Cards at ATMs and POS terminals in Nepal and India. The SBL Prepaid Cards allow for cash withdrawals and payments without the need for a dedicated bank account. SBL offers Domestic VISA Prepaid Cards for use in Nepal and India, and International VISA Prepaid Cards or Travel Cards that can be used globally without the need for carrying foreign currency.

Furthermore, the Siddhartha Bank Medical Prepaid Card provides a higher transaction limit for medical expenses in Nepal and India, while the SBL E-Com card facilitates international online payments in dollars.

BankSmart XP

Siddhartha Bank provides a comprehensive mobile banking solution called BankSmart XP. Registered customers can perform a variety of banking activities such as checking balances, transferring funds, viewing mini statements, making merchant payments, topping up recharges, and paying utilities using their mobile phones. This service is available through a web-based platform and a straightforward text-messaging (SMS) interface. Further, registered customers can also use BankSmart service through web channels for performing financial and non-financial transaction.

Smart Teller

The Bank offers a cash withdrawal service using QR codes, enabling customers to withdraw cash from its branches through BankSmart XP. This service is beneficial for customers who don’t have their card with them but need to make a cash withdrawal promptly.

POS

With the growth in the use of debit and credit cards, the bank has increased the deployment of POS devices at various merchants for service to cardholder customers.

QR Payment

With an objective to provide quick service to the customers and increase the digital transactions, the Bank has ‘scan to pay’ service available to its customers. With this service, customers can scan the QR code using the Bank’s mobile banking application and make the payment. The Bank has till date 42,766 QR payment partners all over the country, which is rapidly growing and has been contributing to increase digital payments.

Cash and Cheque Deposit Kiosks

To automate cash and cheque deposit process, the Bank has installed cash and cheque deposit kiosks across different branches. Such machines have been placed in major branches and are available for 24 hours, offering 24x7 banking services to the customers.

Other Services

In addition to the standard banking services, Siddhartha Bank also provides a wide range of other supplementary banking services such as Siddhartha Safe Deposit Locker, Demat accounts, etc. along with the regular banking services.

CARD

ATM