KATHMANDU, AUGUST 7
The Nepal Rastra Bank has taken action against three banks - Prime Commercial Bank, Kumari Bank, and Himalayan Bank - for breaching the central bank's policy, guidelines, and regulations in the last fiscal year 2022-23.
Of the three banks, Kumari Bank and Himalayan Bank, which were conducting financial activities against the set rules, have been fined nearly Rs 17 million in total by the central bank.
Kumari Bank has been slapped with a fine of Rs 5.9 million for not maintaining the specified credit-deposit (CD) ratio in mid-January of the last financial year.
Similarly, the central bank has fined Himalayan Bank more than Rs 10.39 million for not maintaining the CD ratio in mid-March.
Furthermore, the central bank has issued a warning to Prime Commercial Bank after it was found to be collecting interest by increasing the premium rate contrary to the provision specified, not maintaining the loan loss provision as per the instructions of the central bank.
A version of this article appears in the print on August 8, 2023, of The Himalayan Times.
