NRB seeks to invest Rs 2 billion in BFIs' fixed deposits
KATHMANDU, SEPTEMBER 6: The Nepal Rastra Bank (NRB) is looking to invest Rs 2 billion of the Retirement Fund in the fixed deposits of banks and financial institutions (BFIs). The central bank through a notice yesterday asked BFIs to bid for the aforementioned amount. The maturity date to keep the money in their fixed deposits is one year.
According to the notice, the NRB is seeking commercial banks (group 'A') to accept fixed deposits of Rs 1.6 billion, development banks (group 'B') Rs 300 million, and national level finances (group 'C') Rs 100 million. It asked them to apply until midnight on September 7. To avail of it, the beneficiary- BFIs- should have been operating at least for two years and maintaining a set minimum capital fund ratio.
Similarly, they should have less than five percent of their total passive loans, and have at least 20 percent or more than that of net liquid assets of internal deposits.
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