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NRB allocates Rs 380 million in fixed deposits

Khabarhub

February 28, 2024

2 MIN READ

NRB allocates Rs 380 million in fixed deposits

Nepal Rastra Bank/File photo.

KATHMANDU: The Nepal Rastra Bank (NRB) has made a decision to invest Rs 380 million in fixed deposits within its Pension and Provident Fund and Employee Security Fund.

The bank plans to distribute a total of Rs 380 million, allocating Rs 240 million to the Security Fund and Rs 140 million to the Pension and Provident Fund.

In a statement issued on Wednesday, the NRB stated its intention to invest the specified amount in fixed deposits across various banks and financial institutions that meet the necessary criteria.

As per the details, the funds will be distributed as follows: Rs 300.4 million in commercial banks, Rs 57 million in development banks, and Rs 19 million in financial institutions, summing up to Rs 380 million.

The NRB aims to maintain this fixed deposit for a period of 366 days, starting from March 14, until March 14, 2025.

Banks and financial institutions meeting the set criteria, including staying below the inactive loan threshold percentage, adhering to the specified deposit ratio, and maintaining a minimum capital adequacy ratio, are invited to submit proposals for the proposed interest rate and the amount for fixed deposits.

 

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