Rashtriya Banijya Bank to lend Rs 2 bn to NOC

Photo Courtesy: Nepal Oil Corporation

Kathmandu: Rashtriya Banijya Bank (RBB) will provide Rs 2 billion loans to Nepal Oil Corporation (NOC) to import petroleum products.

The loan process has been started due to a lack of funds to be paid for the second installment of this month.

NOC has said that the bank would provide the loan after the request of the corporation’s board of directors but demanded a government guarantee.

According to NOC, an average of Rs 15 billion has to be paid to Indian Oil Corporation (IOC) in the next 23 days. For which insufficient amount has been demanded from the bank.