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Lakshmi Sunrise Bank has partnered with the International Finance Corporation (IFC) to tackle financial abuse in Nepal.
For this, the bank has entered into an agreement with IFC under 'Amwar Finance Alliance'. According to the agreement, steps will be taken to address the financial abuse and resolve it.
This partnership, supported by the Australian Government's Department of Foreign Affairs and Trade, will also support financial security reform and inclusive economic growth, according to a statement issued by the bank. According to the bank, financial abuse is gaining control over spouses, elderly, relatives or other members of the household.
Therefore, bank members' bank accounts and financial instruments such as loans are under the control of others rather than their own, and forced to take loans for others. The bank has entered into this partnership as a process of creating a safe financial environment to bring systemic reforms by implementing standards in financial institutions to prevent these activities.
