The central bank is investing the funds accumulated in its Employee Gratitude And Pension Fund as fixed deposits (FD) in the aforementioned banks and financial institutions (BFIs) from August17, 2021 to August 17, 2022.
The central bank is investing Rs 1.80 billion as FD in 'A' listed commercial bank. Similarly, the bank is investing Rs 189 million as FD in 'B' listed and Rs 63 million as FD in 'C' listed BFIs.
The NRB has issued a notice in which the interested BFIs are asked to submit a duly sealed price quotation form with the specified amount the BFIs willing to take as FD by August 10.
The BFIs willing to take the FD must have come into operation for two years and should have maintained the required minimum capital fund.
The BFIs must fulfill the categories including the non-performing loan should be less than 5 percent of total loan extension, net liquid assets should meet 20 percent or more of the total domestic deposits will be eligible.
According to NRB, the BFIs must have maintained the loan, domestic deposit and primary capital proportion as per the timely set standard by the central bank.
Similarly, the BFIs earning operating profit in last FY and having real estate investment not exceeding NRB set limit can also participate in the FD plan.
However, BFIs led by Directors, CEO or Executive Directors against whom NRB has taken action will not get an opportunity to participate.
Similarly, BFIs completing a minimum of 6 months from the Prompt Corrective Action taken by NRB can also apply for the deposit. NRB has also set a condition where the BFIs must have issued the shares allocated to the general public.
Likewise, the BFIs which are not announced problematic or completed 6 months since announced problem-free are also allowed to apply for the fixed deposits.
