Kathmandu: Nepal Rastra Bank (NRB) has announced plans to invest Rs 2.77 billion in fixed deposits across the country’s banking sector.
According to the central bank, funds amounting to Rs 2.7767 billion from various reserves will be placed in fixed deposits with commercial banks, national-level development banks, and finance companies. Banks have been invited to submit interest rate proposals by midnight on August 24.
Out of the total investment, Rs 2.22 billion will be deposited in commercial banks, Rs 416.5 million in national-level development banks, and Rs 138.8 million in national-level finance companies.
The fixed deposit investment will be effective for 366 days, starting from September 11. Eligible institutions can submit competitive interest rate proposals within the allocated amounts for each category.
NRB has stated that interested banks and financial institutions must adhere to the terms and conditions published on its official website and fulfill all the requirements mentioned in the notice.
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