KATHMANDU, April 5: Nepal Rastra Bank (NRB) is going to place Rs 320 million from the gratuity and pension fund into fixed deposits. The funds will be deposited for a period of 6 months in the banks and financial institutions (BFIs) categorized as A, B, and C.
The NRB has called for applications from BFIs interested in securing fixed deposits for 188 days, starting from April 15 to October 19, 2024. The deadline for online submissions is 5 PM on April 7.
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The NRB has specified that out of the total amount, Rs 256 million will be allocated to commercial banks, Rs 48 million to development banks, and Rs 16 million to finance companies.
To qualify for deposit placement, the BFIs must have been operational for at least 2 years. Additionally, they must maintain the specified minimum capital fund ratio and ensure bad loans do not exceed 5 percent.
