KATHMANDU, Jan 6: The Nepal Rastra Bank (NRB) has extended the deadline for submitting proposals for the loan portfolio review of 10 commercial banks by seven days.
The central bank had invited proposals from foreign consultancies for the second time to conduct the loan portfolio review. Originally, the submission deadline was set for December 20, but it has now been extended to January 13.
Portfolio Management
This review is part of the bank’s plan to audit the accounts of 10 large commercial banks in Nepal with the help of foreign consultancies. The NRB had previously selected five foreign audit firms, with India's KPMG chosen for the financial proposal related to the technical aspect of the audit.
However, KPMG's proposal exceeded both the estimated cost and the available budget, leading NRB to cancel the entire process. On August 24, the bank canceled KPMG’s bid, citing that the cost of the selected bidder was substantially higher than the cost estimate and the available budget, as outlined in Section 36 Sub-section (1) (b) of the Public Procurement Act 2063.
Following the cancellation, the NRB issued a new notice on December 20 and called for fresh proposals.
