Prabhu, Siddhartha & Nepal Investment Bank to start service as clearing banks in two weeks

Nepal Investment Bank Limited (NIB), Prabhu Bank Limited (PRVU) and Siddhartha Bank Limited (SBL) were earlier appointed to act as clearing banks for settlement of secondary transactions. CDS & Clearing Limited had chosen them through a competitive process to act as clearing banks in order to make clearing process less time-consuming and more transparent. They are starting their service in two weeks. As per an official of CDS and Clearing Limited, there was a problem in interbank settlement, which has now been resolved. The banks will start their clearing work in 15 days, said the official. Global IME Bank Limited is currently the only clearing bank operating for settlement of transactions in the secondary market of Nepal. Now, the number of clearing bank has reached 4. After the addition of clearing banks, transactions and settlement in the secondary market is expected to be less time-consuming and help all concerned parties.