NRB issues ultimatum to banks to reduce interest rates

NRB's strictness in bail auction

2 October, Kathmandu. Nepal Rastra Bank (NRB) has issued a new directive after banks unusually raised interest rates. The NRB has issued a regulatory unified directive after various banks raised interest rates on deposits above 10 per cent. Nation Bangkok is confident that this will help keep the Bank’s badge within the required range.

The NRB has said that the interest rate offered by banks and financial institutions for any type of deposit can be changed to a maximum of 10 per cent from the interest rate published last month.

The maximum interest rate offered on institutional fixed deposits (including bids) should be at least one percent less than the maximum rate of interest offered to the public on fixed deposits.

NRB has directed banks and financial institutions to revise the already published interest rate for November, 2078 BS in accordance with the above two instructions and make the same public through its website by November 15, 2078 BS.

Such interest rate has been directed to be published in dailies by October 19.

Source: OnlineKhabar