NRB took action against 6 development banks and 4 finance companies

Kathmandu: Nepal Rastra Bank has taken action against six development banks and four finance companies. A dozen institutions have been fined after they were found to have violated the legal provisions, monetary policy and directives implemented by the National Bank.

Rastra Bank has issued a notification on Wednesday and said that action has been taken on the basis of non-fulfillment of the prescribed standards during the first quarter of the current financial year 2079/080. Damages have been paid to development banks and finance companies that have been prosecuted.

As far as development banks are concerned, there are Karnali Development Bank, Corporate Development Bank, Sindhu Development Bank, Narayani Development Bank, Saptakosi Development Bank and Salpa Development Bank.

Similarly, Nepal Finance Limited, Janaki Finance Company Limited and Samriddhi Finance Company Limited have also had to pay damages for not being able to maintain the CD ratio.