KATHMANDU

Banks and financial institutions are now unable to count the money deposited at the local level. According to the Ministry of Finance’s directive, commercial banks and financial institutions have been unable to count the government money deposited in the local-level savings account in the form of grants.

For this, the Central Bank has written a letter to the Ministry of Finance directing banks and financial institutions not to count the money deposited at the local level. Commercial banks had been counting up to 80 percent of the local-level money deposits. However, the decision of the Cabinet meeting held on March 16, 2080, not to count the money deposited at the local level has led to the same arrangement being given to the Central Bank for implementation.

With such a decision from the Ministry of Finance, the current deposit in banks will decrease by 1 billion, 42 crore rupees. Currently, there is a deposit of 54 billion (89 crore) rupees equivalent with commercial banks.