61 percent Nepalis have bank accounts

October 17, 2019 09:22 am

KATHMANDU, Oct 17: At least 61% of Nepali citizens have bank accounts, according to a financial report recently released by Nepal Rastra Bank, the central bank of Nepal.

KATHMANDU, Sept 20: Nepal Rastra Bank (NRB) is providing exchange facility for crisp banknotes for the Dashain festival from September 27.

Nepal Rastra Bank (NRB) in association with Lalitpur Metropolitan Office unveiled three new coins honoring cultural expert Satya Mohan Joshi who turned 100 this May.

KATHMANDU, Sept 11: Nepal Rastra Bank (NRB) has issued a three-point directive to bank and financial institutions (BFIs) for addressing and managing internal and external risks in use of information technology (IT).

KATHMANDU, Sept 6: Nepal Rastra Bank (NRB) has lowered the maximum limit for cash withdrawal using debit card.

KATHMANDU, Sept 2: Saturday night’s ATM jackpotting has exposed the cyber-security vulnerabilities of the Nepali banking sector.

KATHMANDU, Sept 1: Most of the private banks, which closed down their ATM services citing hacking threats, have now resumed their services.

KATHMANDU, Aug 17: Nepal Rastra Bank (NRB) is unlikely to revisit its recent circular that contains, among others, rule on the revision of interest rates spread calculation method at least until the first quarter of the current fiscal year 2019/20.

Cellpay launched

August 1, 2019 07:43 am

KATHMANDU, Aug 1: Cellcom Pvt Ltd has started operation of payment service named Cellpay. Issuing a statement, the company, which is licensed by the Nepal Rastra Bank to work as a payment service provider, said that Cellpay can easily be operated with its mobile and web application without any e-wallet.

KATHMANDU, July 29: Almost all the commercial banks in the country are found ignoring Nepal Rastra Bank (NRB)'s request to compulsorily increase the investment in the agriculture sector to 10 percent.

KATHMANDU, July 25: Nepal Rastra Bank (NRB) has announced a number of incentives and facilities for bank and financial institutions (BFIs) pursuing merger in a bid to promote consolidation in banking sector.

KATHMANDU, July 24: Entrepreneurs have reacted to the monetary policy unveiled by the country’s central bank Nepal Rastra Bank(NRB) on Wednesday differently.

KATHMANDU, July 24: UnionPay International Company Ltd, a Chinese payment service company, has acquired license from the Nepal Rastra Bank (NRB) to work as payment system operator in Nepal.

KATHMANDU, July 17: Nepal Rastra Bank (NRB) is offloading its shares in Nepal Stock Exchange Ltd (Nepse). Issuing a notice on Tuesday, the central bank said that it was divesting its stake in the country’s only stock exchange company.

Relocating Nepal Rastra Bank

July 16, 2019 01:00 am

Relocating NRB away from Kathmandu will be crucial in ushering many transformative changes in Nepali economy. It will help keep politics and finance separate from each other

KATHMANDU, July 11: The average capacity utilization of Nepali factories has reached 60% over the first six months of the current fiscal year – FY2018/19, according to the latest study of economic activities of the country released by Nepal Rastra Bank (NRB) on Wednesday.

KATHMANDU, July 9: Private sector leaders have advised the Nepal Rastra Bank (NRB) to bring the monetary policy for the upcoming fiscal year – FY2019/20 with a focus on maintaining the interest rates stability.

KATHMANDU, June 22: Securities Board of Nepal (Sebon) has introduced new guidelines on anti-money laundering that, among others, list out five dozen transactions of companies in the securities and commodities market that should be notified to the Financial Information Unit (FIU) of the Nepal Rastra Bank (NRB) as suspicious transactions.

KATHMANDU, June 19: Development Bankers Association Nepal (DBAN) has urged the Nepal Rastra Bank (NRB) to allow 'B' class development banks to deduct loans floated to agriculture sector in excess to the regulatory requirement in the credit to core capital plus deposit (CCD) ratio.

KATHMANDU, June 15: Leaders of the private sector, including bank and financial institutions (BFIs), have urged Nepal Rastra Bank (NRB) to focus its upcoming monetary policy 2019/20 toward addressing the current shortage of lendable fund in the banking system

KATHMANDU, June 14: Governor of the Nepal Rastra Bank Chiranjivi Nepal on Friday appealed all the microfinance institutions (MFIS) to opt for merger.

KATHMANDU, May 29: The Supreme Court on Tuesday ordered the authorities to further investigate the source of millions of US dollars of Ajeya Raj Sumargi-owned Muktishree Cement Industry Private Limited now frozen at Nepal Rastra Bank.

KATHMANDU, May 23: Nepalis travelling abroad spent a total of Rs 67.94 billion in first nine months of the current fiscal year – FY2018/19.

KATHMANDU, May 22: Inflation has moderated to 4.4 percent in the ninth month of the current fiscal year 2018/19 from 5.3 percent a year ago mainly due to subdued food prices.

KATHMANDU, May 16: The use of refinance facility provided by the Nepal Rastra Bank (NRB) has increased in the first eight months of the current fiscal year – FY2018/19 as private sector sought more concessional loans under this scheme amid shortage of lendable fund in banking sector and skyrocketing interest rates.

BIRATNAGAR, April 18: Nepal Rastra Bank (NRB) Governor Chiranjibi Nepal has said that the economy will grow by more than 7 percent this fiscal year.

KATHMANDU, March 16: Nepal received a total of Rs 515.55 billion in the first seven months of the current Fiscal Year 2018/19. According to the 'Current Macroeconomic and Financial Situation of Nepal (Based on Seven Months' Data of 2018/19) released by the Nepal Rastra Bank (NRB) on Friday, the remittances inflow rose 28.5 percent in the review period to Rs 515.55 billion compared to an increase of 1.7 percent in the same period of the previous year.

KATHMANDU, Feb 21: Nepal Bankers Association (NBA) has opposed several key provisions introduced by the Nepal Rastra Bank (NRB) through the mid-term review of the Monetary Policy for Fiscal Year 2018/19.

KATHMANDU, Feb 12: Nepal Rastra Bank (NRB) has issued operating license to Nepal Infrastructure Bank Ltd (NIBL).

KATHMANDU, Feb 7: Private sector leaders have sought the intervention of Nepal Rastra Bank (NRB) to reduce the skyrocketing lending rates of bank and financial institutions (BFIs) that, they say, is further eroding competitiveness of the country’s manufacturing sector.

KATHMANDU, Jan 31: Following complaints that bank and financial institutions (BFIs) were reluctant to provide concessional loans under the government schemes, the Nepal Rastra Bank (NRB) has instructed them to make arrangement to ensure that eligible people get credit facility from their branch offices.

KATHMANDU, Jan 23: The Nepal Rastra Bank (NRB) has lowered the limit for purchase of US dollars for Nepalis going abroad for employment as part of its measures to check depletion of the country's foreign exchange (forex) reserve.

KATHMANDU, Jan 22: Former governor of Nepal Rastra Bank, Tilak Rawal, has posted bail of Rs 1 million as demanded by the Special Court to evade arrest.

KATHMANDU, Jan 19: The rising import bill of the country has had its impact on the foreign exchange (forex) reserves, which dipped $79 million in first five months of the current fiscal year.

KATHMANDU, Dec 28: The Supreme Court (SC) has ordered the government and Nepal Rastra Bank (NRB) not to bar businessman Ajeya Raj Sumargi from withdrawing the USD 7 million that he had brought from foreign banks and has been blocked at the central bank for lack of clear sources for the money.

KATHMANDU, Dec 27: Nepal Rastra Bank (NRB) has revised the base rate calculation formula for bank and financial institutions (BFIs) that will lower interest rates on loans by at least 0.75 percentage point.

KATHMANDU, Dec 19: Interest rate war is escalating in the banking sector as bigger commercial banks have also joined the race by raising their fixed deposit rates. They have argued that such a move was necessary to prevent their deposits from flowing toward smaller banks which are offering higher interest rates.

KATHMANDU, Dec 16: The committee formed by the Ministry of Finance (MoF) to look into the recent instability in the financial sector is preparing to submit its report on Monday.

KATHMANDU, Dec 12: Concerned by soaring interest rates on bank loans, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked Nepal Rastra Bank (NRB) Governor Chiranjibi Nepal to address the effects of soaring interest rates on deposits on lending rates.

Nov 12: 6 things to know by 6 PM today

November 12, 2018 18:00 pm

Your daily dose of missed important news of the day.

KATHMANDU, Nov 12: Nepal Rastra Bank (NRB) is to implement the inclusive rule in exchanging the new bank notes.

KATHMANDU, Nov 11: The Nepal Rastra Bank (NRB) has issued a notice, calling on eligible citizen to acquire a business loan by keeping educational certificates as collateral.

KATHMANDU, Nov 7: Banks and financial institutions (BFIs) will now be allowed to provide only 50 percent loans for the purchase of automobiles for personal use. Issuing a new circular on Tuesday, Nepal Rastra Bank lowered the limit of the loan-to-value ratio in the purchase of autos to 50 percent from the existing 65 percent.

KATHMANDU, Nov 7: Nepal Rastra Bank (NRB) has reduced the maximum amount of foreign currency that a Nepali national can buy while going abroad.

Remittance swells on strong dollar

October 31, 2018 09:46 am

KATHMANDU, Oct 31: Nepal received a total of Rs 154.2 billion in remittances in the first two months of the current fiscal year 2018/19.

Rupee rout continues

October 10, 2018 09:54 am

KATHMANDU, Oct 10: The value of Rupee plunged further to a new low of Rs 119.33 against US dollar, according to the reference rate set by the Nepal Rastra Bank for Wednesday.

KATHMANDU, Oct 6: Nepal Rastra Bank (NRB) Governor Chiranjibi Nepal has warned that the loosely-regulated cooperatives that mobilize deposits are the biggest threats to the financial sector stability of the country.

KATHMANDU, Sept 28: Nepal Rastra Bank (NRB) has unveiled unified working procedure related to interest subsidy for concessional loans, paving the way for unemployed educated youths, returnee migrant workers, women entrepreneurs, Dalits and earthquake victims, among other targeted groups, to borrow money from bank and financial institutions at cheaper interest rates.

KATHMANDU, Sept 21: Reconstruction of a Nepal Rastra Bank's building damaged in the earthquake of April 2015 has started as its foundation stone has been laid today.

JANAKPUR, Sept 2: The Minister for Internal Affairs and Law for Province 2, Gyanendra Kumar Yadav protested in front of Nepal Rastra Bank's Janakpur branch office after the state owned bank declined to abide by the provincial government's decision.