Laxmi Bank – as a part of its 20th Anniversary commitments – has signed an MOU with Kathmandu University today to establish scholarship for women who wish to pursue a Master’s or a Ph.D. degree in STEM subject at Kathmandu University (KU) Nepal.
The agreement was executed by Mr. Ajaya B. Shah, CEO, Laxmi Bank and Prof. Dr. Bipin Adhikari, Coordinator of Endowment Drive, Kathmandu University.
Through the scholarship Laxmi Bank will help talented economically disadvantaged women to pursue advanced studies in any STEM-related fields at Kathmandu University. The selection process for the scholarship will be overseen and administered by KU, while Laxmi Bank will help fund and promote the scholarship programme.
To ensure the sustainability of the scholarship program, Laxmi Bank has set up an endowment fund of NPR 10 million with 50% of the annual interest earned added back to the principal amount each year and 50% utilized for funding the students.
Laxmi Bank hopes to implement one of the key components of its CSR strategy – Advancement of Gender Equity through this initiative thereby ensuring women are equipped with the support, confidence and skills they need to pursue meaningful, in-demand careers — regardless of background and providing access to STEM in higher education is a key part to pave way for a more equitable society.
Laxmi Bank believes that empowerment of women, who constitute more than half of the population, is essential for achieving a truly ‘Prosperous Nepal’.
About Laxmi Bank:
Laxmi Bank Ltd. was incorporated in April 2002 as the 16th commercial bank in Nepal. The bank’s vision is to be the Bank of choice for a growing, vibrant Nepal – reaching and enriching households, businesses, and communities.
Today, through its 143 branches and a host of IT-enabled channels, the Bank serves a wide range of customers. Despite a relatively short history, Laxmi Bank has emerged as a major player across all business lines – retail, midmarket, corporate, infrastructure, and treasury. The Bank is widely recognized as one of the best-managed banks in Nepal with high corporate governance standards, organizational culture, risk-management systems, and strong technology.