Over Rs 380 million in gold and cash looted from Rastriya Banijya Bank during Gen Z protests

Kathmandu: During the Gen Z protests, gold worth Rs 330 million (at current market prices) and more than Rs 50 million in cash were looted from the New Baneshwor branch of Rastriya Banijya Bank (RBB).

On September 9, protesters vandalized and looted the branch, located behind the Parliament building in New Baneshwor.

More than Rs 50 million in cash and over 18 kilograms of gold were stolen, according to RBB Chief Executive Officer Devendra Raman Khanal, who spoke to Clickmandu.

The bank vault was broken into after protesters forced open the iron gate, he confirmed.

“On the 9th, the New Baneshwor branch was vandalized, and 18 kilograms of gold along with more than Rs 50 million in cash were stolen. The full extent of losses is still under assessment,” CEO Khanal said. “Public customers’ lockers, however, remain safe. But the gold and cash held by the bank were looted.”

The bank said it has already lodged a police complaint, including CCTV footage of the theft and looting.

Among the stolen assets was gold kept as collateral by borrowers against bank loans. The Gen Z protests, which began on September 8, escalated sharply the next day. During this escalation, the bank branch located behind the Parliament building was attacked and looted.

After the Parliament building was vandalized and set ablaze, a group entered the bank branch, breaking in and setting fires while looting valuables.

Even until midnight on September 9, a group was still vandalizing the branch. After 10 pm, the army was deployed and detained five individuals caught damaging the bank.

It is still unclear which group actually carried out the theft of the gold and cash.

On Monday, Governor Bishwanath Paudel of Nepal Rastra Bank inspected the New Baneshwor branch of RBB and was briefed on the damage.

Governor Paudel said that although several bank branches and ATMs were affected during the Gen Z movement, the overall banking system remains secure.

He reported that 68 bank branches were attacked, and while 69 ATMs sustained some damage, the system as a whole is functioning normally.