CDS and Clearing suspends 6 BFIs from processing C-ASBA applications; BFIs suspended for non-renewal of ASBA membership license

CDS and Clearing Limited has suspended 6 banks and financial institutions forbidding them from processing the C-ASBA application. “The instruction was received from SEBON as the financial institutions have not renewed the license of ASBA membership. The suspension will not be revoked until further notice” said Mr Suresh Neupane, the spokesperson of CDSC.

The financial institutions that are suspended are

1. Kamana Sewa Bikas Bank Limited
2. Machhapuchhre Bank Limited
3. Mission Development Bank Limited
4. Pokhara Finance Limited
5. Shine Resunga Development Bank Limited and
6. Shree Investment and Finance Limited

The license of other BFIs will be valid for 1 year after the renewal of the license. The following banks and financial institutions will be providing the C-ASBA services for the coming year.