KATHMANDU

The Nepal Rastra Bank has taken action against Narayani Development Bank. The central bank has taken action against Narayani Development Bank, stating that it has not fulfilled the mandatory cash reserve and CD ratio requirements. According to the central bank, the action has been taken in accordance with the Nepal Rastra Bank Act, 2058, after the bank failed to maintain the mandatory reserve amount and CRR in the first, second, and third months of the current fiscal year, as per the regulatory provisions.

The central bank has directed the concerned bank to release Rs 12,846.28 in cash as per the provisions made in clause 1 of the directive number 13/080 and clause 7 (including amendments) of the directive number 21/80.

Similarly, the central bank has also directed Narayani Development Bank to release Rs 241,924.01 in cash as it has not maintained the loan-deposit ratio (CRR) as well.