Kathmandu. The 13th Annual General Meeting (AGM) of Forward Microfinance Bittiya Sanstha Limited has been concluded. Former minister Bhagwati Chaudhary was the chief guest of the AGM held at Duhabi of Sunsari.

Speaking on the occasion, former Minister Chaudhary said that the positive change in the economic, social and political condition of the women sisters involved in the microfinance program started by the Rural Women Curiosity Development Forum (Forward) for three decades is the success of this program.

Chaudhary urged the microfinance members not to follow wrong elements as the state could never waive the loan. “The government cannot waive the loan taken from any bank or financial institution. Do not follow the elements that will waive the loan. Instead, make good use of the loan you have taken and invest it in the productive sector. Chaudhary said. Chief Guest Chaudhary was of the view that all 3 parties should be honest for the improvement of the microfinance sector.

Chief of Gadhi Rural Municipality Ash Narayan Chaudhary said that the forward microfinance institution could play a greater role in the economic prosperity of the poor families.

Speaking at the meeting, former director Ashutosh Sharma Sapkota urged the microfinance institutions to move ahead by facing the negative impact seen in the microfinance sector due to internal and external factors.

Chief of Treasury Department of Rastriya Banijya Bank, Krishna Shah, Director of Financial Institutions Jagat Jung GC and others expressed their views during the program moderated by Company Secretary Binod Kumar Chaudhary.

Vice-chairperson of Rural Women Curious Development Forum, Kalawati Chaudhary, former directors Kamal Singh Rajbanshi, Raj Kumari Chaudhary, institutional and individual shareholders were present in the meeting.

The AGM had endorsed the annual report of the fiscal year 2081/82 presented by Chairman of the financial institution Keshav Raj Poudel on behalf of the Board of Directors. The meeting had approved the proposal to appoint an auditor and fix his remuneration for the financial institution to audit the transactions of the financial institution for the fiscal year 2081/82 as recommended by the audit committee.

The board of directors was elected from the promoter group and the general public. Bhagwati Chaudhary from promoter shares, Jagat Jung GC and Bodhraj Nepal from the general shareholders’ group, Bishnu Prasad Gyawali from Everest Bank and Govinda Chaudhary from Grameen Mahila Kuchutra Manch have been elected as board members for the next term.

The AGM had approved the proposal to convert the existing capital structure of the promoter group and the ordinary shares by 10 percent of the total paid-up capital of the promoter shareholders to 60 percent and 40 percent respectively.

The meeting also endorsed a proposal to amend the capital increase plan of the financial institutions, clauses and articles of the memorandum of association and merger with other ‘D’ class microfinance institutions.

According to Sabha Chairman Keshav Raj Poudel, the financial institutions have provided financial services to 284,057 poor families of 382 local levels of 40 districts through 159 branches till mid-January 2082. Similarly, so far, 1,23,000 borrowers have received Rs. 1,23,000 from the subscribers. There is an outstanding loan of Rs 22.24 billion. The financial institution will collect Rs. 1000 from the subscriber members. It has collected savings of Rs 10.73 billion. The organization employs 695 employees and 50% of them are women.