NRB makes it mandatory for banks to report financial status of fourth quarter within three weeks of new FY

KATHMANDU, July 21: Nepal Rastra Bank (NRB) has asked the banks and financial institutions (BFIs) to report their financial status of the fourth quarter of every fiscal year within three weeks of the starting of the new fiscal year.

Revising the unified directive on Thursday, the central bank has reduced the reporting time of all the A, B and C class financial institutions by one week. As of now, the BFIs are allowed to submit their financial report to the regulator within the first month of the new fiscal year.  

The NRB has also directed the BFIs to mandatorily publish their quarterly report about the status of their main financial indicators on national-level daily newspapers. The report should be published within one week of the corresponding quarter end while they have to provide a copy of the published report to BFIs Regulation Department and Bank Supervision Department of NRB.