Kathmandu. Nepal Rastra Bankhas taken corrective action against five microfinance financial institutions {{}. KATHMANDU: Nepal Rastra Bank (NRB) has taken corrective action against five microfinance financial institutions (MFIs) for not maintaining minimum capital fund ratio in the third quarter of the current fiscal year. 

The microfinance companies facing action are Aarambh Chautari Laghubitta, Ganapati Laghubitta, Community Laghubitta,Nerude Mirmire Laghubitta and CYC Nepal Laghubitta Bittiya Sanstha. 

Rashtra According to the bank the minimum capital fund ratio 7.77 percent, 6.06, Community 6.12, Nerude Mirmirele 6.01{{TAG_CLOSE_ span_14} percent and CYC Nepal have maintained the minimum capital fund ratio of 6.20 percent. 

The bank said that actionhas been taken against all the five microfinance companies as per Regulation 3 (a) of the ‘Immediate Corrective Action Byelaw, 2074’.With prompt corrective action,the bank has also alerted the Board of Directors and Chief Executive Officer (CEO) for violating various regulatory guidelines and institutional by-laws .