Kathmandu, August 31 Flooding in Rasuwa on August 26 caused an estimated Rs 600

From Onlinekhabar English

Kathmandu, August 31 Flooding in Rasuwa on August 26 caused an estimated Rs 600 million in physical damage to branches in the affected areas, according to the Nepal Bankers’ Association. The association said 16 branches of 12 banks were operating in the flood-affected areas. Of these, 15 branches were completely destroyed, while one sustained significant damage. The affected branches had a combined 78,204 depositors. The banks also had eight ATM counters in the affected areas. Nine ATMs held a total of Rs 11.663 million in cash, while Rs 172.4 million was kept in cash vaults and Rs 11.7 million at cash counters, according to the association. Anil Sharma, chief executive officer of the Nepal Bankers’ Association, said the cash held in vaults, counters and ATMs was insured and therefore was not included in the estimated physical losses. “The physical damage to branch offices, excluding cash, appears to be around Rs 600 million,” Sharma said. He said banks also face a separate risk from loans extended in the affected areas, as much of the collateral against those loans consisted of land in areas hit by the flood.