Kathmandu. Rasuwa, Nuwakot, Dhading, Makawanpur and Chitwan have suffered huge loss of life and property due to the devastating floods in Bhotekoshi of Rasuwa district on August 26.

The floods have also affected the banks and financial sector while the microfinance institutions have also suffered a huge physical and financial loss.

According to Ram Bahadur Yadav, president of Nepal Microfinance Bankers’ Association, there are 37 branches of microfinance institutions in the flood-affected areas. Of them, 13 branches have been affected. Seven branches in the area have been completely damaged.

Yadav said that loans worth Rs 5 billion issued by microfinance institutions in the flood-affected areas have been affected. However, the exact details of the damage are still being collected, he said.

According to preliminary information, around 30,000 customers of microfinance have been affected by the floods. He said that six employees of microfinance institutions are also out of contact due to the floods. According to preliminary information, two employees of Swalamban Microfinance, two employees of NMB Microfinance and two employees of Community Microfinance are out of contact.

Similarly, the family members of some employees have also been affected by the floods. The exact details of the death of the affected customers, the number of homeless families and other physical damage are yet to be collected, the association said.

According to Chairman Yadav, the priority of the microfinance institutions at present is to provide immediate relief to the affected customers. He said that food, clothing and cash assistance are being provided in the affected areas.

Yadav said that discussions are underway to provide relief to the affected customers through joint initiative of all the microfinance institutions if the relief is not enough only through individual efforts.

Branches and employees of Swalamban Laghubitta, NMB Microfinance and Community Microfinance have been badly affected by the floods. Similarly, branches of Himalayan Laghubitta and NIC Asia Laghubitta have also been affected, according to preliminary information.