NRB indecisive on publishing proposals collected from BFIs

ShareSansar September 17, 2015 Through the monetary policy for fiscal year 2072/73, the NRB has directed the Banijya Bank to increase its capital to Rs 8 billion and national-level development banks to Rs 2.5 billion by the end of Asadh of 2074 BS. Likewise, the development banks working in four to ten districts should increase its capital to Rs 1.2 billion and the development banks working in one to three districts should increase its capital to Rs 500 million by the same period. As of now, BFIs are required to submit plan to increase their paid up capital by the end of Bhadra, 2072. BFIs that fail to increase the paid up capital as stated above by the deadline will be barred from collecting deposits and issuing loans. ShareSansar team met with Trilochan Pangeni, spokesperson of NRB, at his office to discuss on various issues. Mr Pangeni told ShareSansar that the NRB has not decided whether to officially publish the detailed proposal put forth by individual BFI regarding their plan to increase paid up capital. He told us that the NRB would hold discussion with SEBON and other stake holders before taking decision on submitted proposals. If it is decided to publish the proposals sent forth by individual BFIs, then it is likely that it would be put on NRB’s webpage. However, there is an equal chance that NRB would not publish the proposals submitted by the BFI. The in depth meeting in this issue is expected to be held after the deadline to submit the plans expires on Bhadra 31, 2072.