60 percent of local-level funds to be counted as deposits from today

Published On: September 10, 2023 03:00 PM NPT By: Republica  | @RepublicaNepal


60 percent of local-level funds to be counted as deposits from today

KATHMANDU, Sept 10: The government is implementing a new policy allowing 60 percent of the accumulated funds of the local level to be counted as deposits from today.

Sources in the ministry said that the Ministry of Finance sent a letter to the Nepal Rastra Bank (NRB) on Friday. From today, the NRB is preparing to issue instructions to enable banks to recognize 60 percent of the local-level accumulated funds as deposits.

As of mid-July, the local level had approximately Rs 110 billion in its reserve fund, of which 66 percent accounts for about Rs 66 billion. This policy change is expected to increase deposits in commercial banks by more than Rs 60 billion.

 

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