Book Launch – Samriddhiko Margama 2081 (Collection of Members’ Success Stories)

The 9th Dr. Harihar Dev Pant Memorial Day was organized by Nirdhan and Dr. Harihar Dev Pant Foundation on September 6, 2024. The event featured distinguished guests, including Honorable Mrs. Bhagwati Chaudhary, the House of Representative, as the chief guest. Mr. Bimal Raj Khanal, the Executive Director of the Microfinance Institution Supervision Department of Nepal Rastra Bank, also attended as a special guest. Other notable attendees included Mr. Devendra Bahadur Raut, Chairman of the Board of Directors of Nirdhan; Mr. Harikrishna Pant, Chairman of the Board of Directors of Nirdhan Utthan Laghubitta Bittiya Sanstha Limited; Prof. Dr. Fatt Bahadur K.C., Director of Nirdhan ; and Mr. Janardan Dev Pant, Chairman of the Dr. Harihar Dev Pant Foundation. During the event, the book “Samriddhiko Margama 2081” was released, which is a collection of success stories from the best small entrepreneurs all over Nepal.

The chief guest was Honorable, the House of Representative, Mrs. Bhagwati Chaudhary, special guset was Executive Director of Microfinance Institution Supervision Department of Nepal Rastra Bank Mr. Bimal Raj Khanal and other guest where Chairman of the Board of Directors of Nirdhan ,Mr. Devendra Bahadur Raut, Chairman of the Board of Directors of Nirdhan Utthan Laghubitta Bittiya Sanstha Limited, Mr. Harikrishna Pant, Director of Nirdhan Sanstha Prof. Dr. Fatt Bahadur K.C. and Chairman of Dr. Harihar Dev Pant Foundation ,Mr. Janardan Dev Pant, released the book “Samriddhiko Margama 2081”, a collection of business success stories of the best small entrepreneurs.

The Chief Guest of the program, Honorable Mrs. Bhagwati Chaudhary, a member of the House of Representatives, acknowledged the existing problems within the microfinance sector. However, she argued that these issues could be resolved through collective efforts. Chaudhary emphasized that placing blame solely on microfinance institutions would not be fair, as institutions, borrowers, and regulators all share responsibility. Additionally, Chaudhary mentioned reports of fraud, where individuals have allegedly been collecting Rs 1000 to 5000 from borrowers by making false claims of loan waivers. She also emphasized the crucial role of microfinance in poverty alleviation and rural economic development. Despite recent calls to revoke microfinance, she assert that there is no alternative for boosting the rural economy and reducing poverty.

In the program, the executive director of Nepal Rastra Bank, Mr. Bimal Raj Kanal, addressed concerns related to illegal activities in microfinance, including the issuance of multiple loans to the same person and unhealthy competition between organizations. He strongly condemned the recent attacks on microfinance offices and staff.

During the event, Prof. Dr. Fatta Bahadur K.C., the director of Nirdhan, praised Dr. Pant’s economic vision for improving the living standards of the deprived class. He emphasized the importance of working together to overcome the current challenges, stating that this would be the most authentic way to pay tribute to Dr. Pant.

The president of the Nepal microfinance bankers association, Mr. Ram Bahadur Yadav, highlighted that microfinance has provided financial access to six million people, particularly women in rural areas. He called for the sector to be strengthened further in order to alleviate poverty.

In the event, the president of the Dr. HariHar Dev Pant Foundation, Mr. Janardan Dev Pant recognized the significant reduction in poverty achieved through microfinance since 1992. However, he pointed out that approximately 20 percent of the population still lives below the poverty line, underscoring the continued importance of microfinance in addressing this issue.

The president of the Society of Economic Journalists – Nepal (SEJON), Mr. Sujan Oli acknowledged the achievements of the microfinance sector but stressed that institutions, borrowers, and regulators all bear responsibility for the current problems.

During the same program, other guests including the president of the Society of Economic Journalists – Nepal (SEJON), Mr. Sujan Oli, the Chief Executive Officer (CEO) of Nirdhan Utthan Laghubitta Bittiya Sanstha Limited, Mr. Mukesh Dahal, expressed their gratitude for following the path set by the father of microfinance in Nepal. They also commemorated the ninth memorial day of Dr. Harihar Dev Pant and emphasized the vital role of microfinance in promoting local entrepreneurship, generating employment opportunities, and driving economic progress.