NRB takes action against dozen banks; CEOs warned


March 16, 2022


NRB takes action against dozen banks; CEOs warned

Nepal Rastra Bank (File photo)

KATHMANDU: Nepal Rastra Bank (NRB) has taken action against more than a dozen banks until the second quarter of the fiscal year 2078/79.

The supervision department of the national bank took action against them for various reasons including their failure to maintain deposit required as per the regulations.

The NRB has penalized Prabhu Bank with a fine of Rs 180,430 for its failure to maintain the deposit as per the regulations.

Similarly, the NRB has issued a warning to Nepal Bank for not following the direction to hold back the bank account of Atlas Engineering Construction Company.

Other banks penalized include Rastriya Banijya Bank, NABIL bank, Himalayan Bank, Nepal SBI Bank, Nepal Bangladesh Bank, NCC Bank, Citizens Bank, Sunrise Bank, Mega Bank and Century Bank, Standard Chartered Bank and NMB Bank.

According to a policy circular issued on May 25, 2021, the banks cannot keep the difference of more than 5 percent between the highest and lowest interest rate for the amount deposited by customers.