KATHMANDU: The Nepal Rastra Bank (NRB) is set to collect deposits worth Rs 20 billion today. The central bank is going to withdraw Rs 20 billion from the banking system through deposit collection equipment today. The central bank has said that it will collect deposits through bidding at interest rates.
Only ‘A’, ‘B’ and ‘C’ class banks and financial institutions will be allowed to participate in the bidding of deposit collection equipment. Interested banks and financial institutions will have to bid through the online bidding system of the Rastra Bank by 3 pm on Thursday.
Banks and financial institutions who want to give deposits can bid up to a minimum of Rs 100 million and a maximum of Rs 20 billion. The bidding amount should be divided by Rs 10 crore. According to the Rastra Bank, the duration of this deposit collection instrument will be 32 days.
The collected principal and interest will be paid on October 9. The central bank has been using deposit collection tools for liquidity management as the investable amount has increased in the banking system.
