KATHMANDU: Nepal Rastra Bank (NRB) has issued a ruling to all the banks and financial institutes (BFIs) not to increase interest for deposits by more than 10 percent.

The central bank of Nepal took a decision to this effect following criticisms from all quarters.

Earlier, commercial banks had hiked interest by 10.5 percent for the deposits by mid-October and almost by 11 percent in the last three days to attract deposits.

The NRB imposed a ceiling of interest rate of 10 percent on Tuesday night following criticisms from all quarters.