Kathmandu. KATHMANDU: A memorandum of understanding (MoU) has been signed between Citizen Investment Trust (CIT) and Excel Development Bank (CDB) for the management and operation of gratuity and retirement fund.

The agreement was signed by PADT Executive Director Parbat Kumar Karki and Chief Executive Officer of the Bank Dr. Indra Kumar Kattel on behalf of their respective organizations.

As per the agreement, the bank will manage gratuity and other amount related to the retirement of the employees working in the bank.

Currently, 300 employees are working at the bank and it has been providing its services from the province level offices in eight districts.