Park cash in nearest note fund to curb robbery: NRB

KATHMANDU:

Nepal Rastra Bank (NRB) has directed branches of banks and financial institutions to use the central bank’s nearest note funds to park or withdraw money, to control increasing cases of robbery during physical movement of cash.

Issuing a circular today, NRB has instructed financial institutions to use the closest designated note funds while sending surplus funds or receiving deficit funds from other branches.

“This will minimise the risk associated with transporting large amount of cash from one branch to the other,” informed NRB spokesperson Bhaskar Mani Gyanwali.

The latest NRB directive comes after cash of two financial institutions was robbed en-route to note funds.

On December 10, Nabil Bank’s cash worth Rs 23.1 million was robbed from a van that was on its way to NRB’s Dhangadi branch from the bank’s Mahendranagar branch office.

Only yesterday, Alpine Development Bank’s officials were robbed of Rs one million while transporting the cash from the bank’s Hetauda branch to Chitwan on a motorcycle.

“It is better if banks use the nearest possible note funds as it minimises the risk of falling victim to unpleasant incidents,” Gyanwali said, informing, note funds are available in all 75 districts and are conveniently located.

Central bank’s regional offices and some of the branches of Nepal Bank and Rastriya Banijya Bank also work as note funds. Banks and financial institutions use these funds to deposit excess cash and withdraw money to meet liquidity requirements. Bank branches also use note funds as they are not allowed to park unlimited cash in their vaults.

The NRB directive has also asked bank branches that serve as NRB’s note funds to undertake jobs related to transfer, deposit or withdrawal of cash without creating hassles.

Source: THT