The Nyingchi Minsheng Village Bank, the first of its kind in Tibet, was opened recently, Economy Daily reported.

Funded by the China Minsheng Bank, the Nyingchi Minsheng Village Bank, as an independent legal entity, dedicates itself to promoting the local economic development, constructing a new countryside, as well as satisfying the basic financial needs of farmers and herdsmen.

Besides the China Minsheng Bank, the China Banking Regulatory Commission Nyingchi Field Office will also offer guidance and supervision.