Trading of 15 Commercial Banks May Suspend Due to Merger

Jul 08, 2019 11:36 AM Merolagani

The stock trading of at least 15 commercial banks may suspend due to the preliminary agreement carried out by the banks in the backdrop of merger pressure built by Nepal Rastra Bank (NRB).

By Monday, July 8, trading of three commercial banks including NMB Bank, Global IME and Janata Bank has been suspended. Meanwhile, the number of commercial banks that submitted written commitment regarding merger in Nepal Rastra Bank (NRB) has reached 15.

The banks that committed to merger are NMB Bank, Mega Bank, Nepal Investment Bank, Civil Bank, NIC Asia Bank, Century Bank, Nepal SBI Bank, Kumari Bank, Himalayan Bnk, NCC Bank, Sunrise Bank, Citizens Bank, Laxmi Bank, Sanima Bank and Machhapuchchhre Bank.

Earlier, NRB directed commercial banks to submit written commitment regarding merger before Monetary Policy. As per NRB, Sangrila Development Bank and Laghubitta Bankers Association has also submitted written commitment for merger and acquisition.

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Government Fails to Collect Targeted Revenue; Capital Expenditure Nears 70%

Jul 16, 2019 03:53 PM

The government has failed to collect targeted revenue in the current FY. As per the Office of Auditor General (OAG), the government collected 83.66 percent revenue till July 15, a day before the closing of the current FY.