MUMBAI, Aug 7: The Reserve Bank of India (RBI) lowered its benchmark interest rates for a fourth straight meeting on Wednesday with a slightly bigger than expected cut, underscoring its worries about India’s near-five year low economic growth pace.
Nepal Rastra Bank (NRB) issued the monetary policy for the current fiscal year 2019/20 last week. One of the major expectations of the private sector from the central bank’s monetary policy was measures to check the skyrocketing interest rates of bank and financial institutions (BFIs).
The concept of nations abiding by a construct of words will always be a spectacular thing in my mind. This covers all political views, how countries are organized and how organizations prosper. Within the law, there exists a certain logic with which lawyers work.
KATHMANDU, Feb 20: Nepal Rastra Bank (NRB) has released the mid-term review report of the monetary policy for the current Fiscal Year 2018/19, bringing some measures aimed at checking ultra-high lending rates and availing more lendable fund to the private sector.
I am a 29-year-old woman working at a corporate house for the past eight years. I used to enjoy my work earlier. However I have slowly began losing interest from my work. This is because I feel I have spent a long time in the same organization doing the same thing. I am convincing myself to keep up with the daily routine. However, I always return home feeling drained.
The mastery of presenting a concrete object into an abstract form is what makes Ram Krishna Bhandari’s craft noteworthy. He uses unconventional means to express his thoughts on life and learning. Recipient of the Parijat Kala Puraskar (2065), and Desh Bhakta Ganatantrik Samman (2074), Bhandari chose to learn sculpting from his friends and acquaintances. He’s hardly achieved any formal degree in sculpting, but admits enhancing skills working on his own.
KATHMANDU, July 27: Securities Board of Nepal (Sebon) has initiated a process to take action against mutual fund managers for parking their cash in bank and financial institutions (BFIs) in amounts higher than the limit.
KATHMANDU, July 27: Prime Minister KP Oli has come down heavily on some diplomatic missions and international and national non-governmental organizations for showing unwarranted interest in the formulation of new policies in Nepal.
KATHMANDU, July 12: Nepal Rastra Bank (NRB) has brought in monetary policy for the upcoming fiscal year 2018/19 with a number of measures aimed at addressing the skyrocketing lending rates in recent months.
KATHMANDU, July 11: Nepal Rastra Bank has reduced the spread in interest rate to 4.5 percent from 5 percent. Unveiling the monetary policy on Wednesday, according to the central bank, now the interest gap between the savings and the loan provided by banks will be 4.5 percent from the new fiscal year.
KATHMANDU, July 9: While Home Minister Ram Bahadur Thapa commemorated the deceased laborers of tipper accident and said that the government would provide Rs. 500,000 each to the victim’s family; he skipped talking about Dr. Govinda KC, his demands and Ganga Maya’s quest for justice as he addressed the federal parliament today.
KATHMANDU, April 4: Prime Minister K P Sharma Oli has said that there will be no new agreements or understandings during his state visit to India that will humiliate Nepal or undermine her standing and dignity.
KATHMANDU, March 27: Nepal Stock Exchange (Nepse), the only stock market of the country, crashed on Monday as the benchmark index plunged 51.89 points, or 4.25 percent, on a single day to close at 1,168.55 points.
KATHMANDU, March 10: Nepal Bankers Association (NBA) on Friday told its member banks to suspend their interbank transactions with NIC Asia Bank Ltd for raising interests on deposits “in breach of an informal understanding to cap the interest rates.”
KATHMANDU, Feb 19: The Central Investigation Bureau (CIB) of Nepal Police has arrested eight operators of investment companies on the charge of committing banking fraud and charging exorbitant interests -- over 24 percent -- on loans.
KATHMANDU, Feb 20: The Central Investigation Bureau (CIB) of Nepal Police has arrested eight operators of investment companies for their involvement in banking fraud and charging an exorbitant interest rate of over 24 percent on loans.
KATHMANDU, Feb 10: Nepal Stock Exchange (Nepse) benchmark index fell 19.48 points this week to close at 1,391.03 points on Thursday -- the last trading day of the week. The stocks have again gone into correction course after recovering some of the lost value in the last two weeks.
Bank interests are rising at an alarming rate these days. As bank and financial institutions (BFIs) are now competing to attract fixed deposit at over 13 percent, the borrowing cost has also become expensive.
KATHMANDU, Dec 23: Freefall of stocks continued this week too as Nepal Stock Exchange (Nepse) benchmark index slumped 36.99 points to close at 1,472.15 points on Thursday, the last trading day of the week.
CPN-UML senior leader and former Prime Minister Madhav Kumar Nepal is very active in poll campaigning following the formation of Left Alliance. Leader Nepal, who is a candidate from the alliance from Kathmandu constituency 2, is confident on clear majority of the alliance.
KATHMANDU, Nov 15
Nepal Rastra Bank (NRB) has introduced working procedure for interest rate corridor system in line with the revision made in the Monetary Policy for the current fiscal year 2017/18.
The central bank issued the new working procedure to implement the interest rate corridor system with a fixed interest rate of lending and deposit to and from BFIs, as well as the policy rate.
By implementing the interest rate corridor system, the NRB wants to guide the short-term market interest rates of the banking sector within a certain range. Though the system was implemented by the NRB in FY 2016/17, the central bank has decided to revise the way it operates due to huge gap in the interest corridor. To fix the problem of huge gap in the corridor, the NRB has fixed the floor, ceiling and policy rates.
Standing liquidity facility (SLF) rate, which works as the ceiling in the interest rate corridor, has been fixed at 7 percent. This means that the NRB now lends funds to BFIs at 7 percent interest rate whenever they face shortage of liquidity for a short period of time.
On the another hand, the NRB has fixed the two-week term deposit rate at 3 percent which forms the lower bound, or the floor rate, in the corridor system. This is the rate that the central bank offers to BFIs for excess fund that they deposit at the central bank. Though similar to the SLF, this is the instrument through which BFIs borrow from the central bank for a relatively longer period of time, i.e. two weeks.
According to NRB officials, the central bank always aims to bring both the floor and ceiling rates closer to the policy rate. Now onwards, the short term market interest rates would not fall below 3 percent while it cannot climb above 7 percent.
Bankers say that the revised interest rate corridor system would help to correct the problem of huge gap seen between the upper bound and lower bound of the corridor in the last fiscal year contrary to the objective of guiding short term interest rates within a certain band. They also say that the interest rate corridor system will help to stabilize the interest rates of BFIs.
“The interest rate corridor system helps to keep check on interest rates volatility that the banking sector has been facing and ensure rate stability,” Bhuvan Dahal, CEO of Sanima Bank Ltd, said.
Though this may not necessarily directly or immediately affect the lending rates that general borrowers or deposit rates for general savers get, NRB officials say that the ultimate goal is to offer benefit of such interest rate stability to general depositors and borrowers through the transmission of the policy. “The interest rate corridor system is aimed at bringing ceiling and floor to a desired level,” Narayan Prasad Paudel, the spokesperson for the NRB, told Republica.
KATHMANDU, Nov 8: Non-Resident Nepali Association (NRNA) Korea Chapter has showed interest to invest in Nepal. According to a statement issued on Tuesday by Hotel Association Nepal (HAN), the NRNA Korea expressed its interest to invest in Nepal during a meeting with the Nepali trade delegation comprising of nine hoteliers and 14 members of Nepal-Korea Chamber of Commerce and Industry.
Rolling Stones frontman Sir Mick Jagger appears to have a new girlfriend in the form of an up and coming film producer named Noor Alfallah. Despite the fact that she's younger than most of his children, they've been spending a lot of time together in luxury Parisian restaurants.
KATHMANDU, August 22: Main opposition CPN (UML)'s chairman KP Sharma Oli has called on Prime Minister Sher Bahadur Deuba to raise the issues of national interest in overall including the problem of inundations in the Terai-Madhes, energy development 1950's treaty, border river dams and the extradition treaty during his state visit to India beginning from Wednesday.
NEW DELHI, August 20: Bollywood actor Nawazuddin Siddiqui, who now plays the lead role in most of his films, says that he never wanted to play the typical hero as a person with no bad qualities doesn't exist.
KATHMANDU, August 6: Lawmakers with their investment in the medical sector have filed amendments to kill or weaken Manmohan provisions of the National Medicine Education Bill currently under considerations in the parliamentary committee. This has made experts worried that the medical sector could get even worse if the amendments sought by the lawmakers are incorporated in the Bill.
KATHMANDU, July 16: Almost all schools operating Grades 11 and 12 have forced their students to choose subjects against their interest at a time when the classes of Grade 11 are scheduled to begin this week.
KATHMANDU, July 11: It seems that interest rates are not going to fall anytime soon as bank and financial institutions (BFIs) grappling with the shortage of lendable fund are raising their saving rates to lure depositors.
KATHMANDU, July 3: Minister for Home Affairs Janardan Sharma has directed the immigration officials to keep the national interest in center as the immigration department was the first door to enter into the nation and last door to those who leave the nation.
KATHMANDU, June 28: Nepal Rastra Bank (NRB) officials have hinted that the central bank may further reduce interest spread for bank and financial institutions (BFIs) from the monetary policy of the upcoming fiscal year 2017/18.
KATHMANDU, May 3: Basanta Chaudhary, coordinator of the Advisory Committee formed by the International Cricket Council (ICC) to solve dispute of Nepali cricket, has said that the vested interests of stakeholders have been a major stumble block to solve the contentious issues.
Kathmandu, April 25: Foreign Minister Dr Prakash Sharan Mahat has directed the newly appointed ambassadors to work effectively to popularize Nepal in the international arena by keeping the national interest and needs in centre.
KATHMANDU, April 25: Sanima Bank Ltd has increased its interest on deposits to 8 percent. Issuing a statement, the commercial bank said that it had raised the interest rates on all saving accounts by 3 percentage points with an objective to provide maximum interest rates to its customers.
KATHMANDU, March 23: Bankers have said that it was not possible to follow a new rule proposed by the Nepal Rastra Bank (NRB) that will prohibit them to revise interest rates on floated loans more than twice a year.
WASHINGTON, March 12: Dismissed by former US president Barack Obama as a place explorers had already seen, the Moon has once again gained interest as a potential destination under Donald Trump’s presidency.