In a landmark decision, Nepal Rastra Bank (NRB) on June 3 had decided to send the long-troubled NDB into liquidation after concluding that all its five-year-long efforts to revive the bank failed owing to incompetent and defiant management.
A vital board meeting of the central bank had also decided to freeze all the transactions of the bank, including accounts maintained by the NDB at other financial institutions, until the appointment of a liquidator. The central bank, however, had decided to release a limited amount for essential administrative expenditures of the bank.
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