NRB directs BFIs regarding IPO/FPO refund & cash dividend distribution

Nepal Rastra Bank has published a circular for Class ‘A’ ‘B’ and ‘C’ banks and financial institutions regarding the payment of IPO/FPO refund and cash dividend in respective account of shareholders. From now onwards, Bank and Financial Institutions should make the provision to transfer the IPO/FPO refund and cash dividend in the respective account of the account holders as mentioned in their application forms. Till date many bank and financial institutions have been refunding the non allottees through account payee cheque and shareholders have to visit their respective collection centers to collect the amount. The same case applies in cash dividend distribution.