NRB to invest Rs 3.3bn from gratuity and pension fund in BFIs

KATHMANDU: Nepal Rastra Bank (NRB) is set to invest an amount equal to Rs 3.3 billion from the gratuity and pension fund into banks and financial institutions (BFIs).

The central bank said in a notice that the amount will be invested for 366 days and will be placed with A, B and C class BFIs.

The notice states that BFIs must fulfil conditions, including having been in operation for at least two full years, maintaining the minimum total capital fund specified by the bank, non-performing loans not exceeding 8% of total loans, and a net non-performing loan ratio not exceeding 3%.

BFIs must submit an application on October 16 stating the amount they wish to take and the proposed interest rate.

By RSS