KATHMANDU, Aug 7: The Nepal Rastra Bank (NRB) is to issue a one-month deposit collection instrument worth Rs 60 billion through a bidding process.
The Monetary Management Department of NRB is bidding deposit collection instruments for 31 days. As per the notice issued today by the central bank, the willing banks and financial institutions should participate in bidding through Online Bidding System Software till 3:00 pm today.
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The interest rate would be determined through bidding and its principal and interest will be paid on coming September 7. One can announce a bid up to the total call amount dividing by minimum Rs 100 million to maximum Rs 100 million.
While allocating the amount called for deposit collection, it will be allocated subsequently up to the called amount prioritizing the lowest interest rate mentioned in the bid. If the demand for the total issued amount is more than the bid with the same interest rate, it will be distributed on a Pro-rata basis.
Only 'A', 'B' and 'C' class banks and financial institutions licensed from the NRB can participate in the bid process.
