Kathmandu, January 11:

After two months of management takeover in financially-troubled Nepal Ban-gladesh Bank by the Nepal Rastra Bank (NRB), it has been found to be successful, according to NRB.

“The NRB-led management has been able to recover Rs 700.3 million during the last two months, which ended today. The non-performing asset level has been reduced to 34 per cent from an earlier 41 per cent,” said Maha Prasad Adhikari, coordinator of the management team.

The central bank, on November 12, intervened in the NB Bank and took over the management to avoid a possible financial catastrophe, and deputed a four-member management tea-m to run it. Following exposure of the bank’s difficult financial position, NB Bank saw a ‘bank-run’, resulting in a massive withdrawal. In the last two months, Rs 463.3 million was recovered from loan investment and Rs 237 million from NB Group.