KATHMANDU: Chandragiri Municipality in Kathmandu has announced a pioneering initiative to deposit Rs 5,000 in the accounts of children beginning July 16.

This program, a first of its kind in the municipality, aims to bolster educational, financial, and social security for children within its jurisdiction.

Under this initiative, the municipality will open fixed accounts in the names of children who are permanent residents, requiring mandatory birth registration.

To facilitate this, Chandragiri municipality has amended the Private Enterprise Promotion, Financial Assistance, and Programme Grant Operation Procedure, 2078 BS, emphasizing economic and social security for children.

Chandragiri municipality has partnered with NIC Asia Bank Limited to manage these fixed accounts.

Mayor Ghanshyam Giri and Assistant Chief Executive Officer Arjun Raj Khaniya signed the agreement on behalf of their respective organizations.

The municipality has ensured that these accounts will accrue maximum interest rates, even with a zero balance.

Mayor Giri highlighted the long-term benefits of the program, stating that these deposits will support children when they turn 18, aiding them in pursuing higher education or starting a business.

He encouraged parents to supplement these savings for their children’s future needs.