Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) is to collect deposits worth Rs 85 billion from banks and financial institutions (BFIs) for three months. According to a notice issued by the Monetary Management Department of the Nepal Rastra Bank, the bidding process will start till 3:00 pm today through an online bidding system software (OBSS).

According to a notice issued by the NRB, the deposit collection details will be issued today itself and the interest rate will be determined through bidding process.

The principal and interest of the deposit will be paid on November 3. The interested bidders can bid for a minimum of Rs 10 crore and a maximum of Rs 50 million.

The central bank has said that only the ‘A’, ‘B’ and ‘C’ class banks and financial institutions licensed by the Nepal Rastra Bank will be allowed to participate in the bidding. The same institution can submit more than one application at different interest rates.

Nepal Rastra Bank (NRB) has been exploiting liquidity from time to time through deposit collection instruments to make the excess liquidity management and monetary management effective.