Friday, November 19, 2021
    Nepal Breaking NewsEconomy | FinanceCommercial banks and finance companies in Nepal have been fined by the...

    Commercial banks and finance companies in Nepal have been fined by the Nepal Rastra Bank for failing to meet regulatory requirements.

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    There have been fines assessed against three commercial banks failing to maintain the required compulsory cash and/or statutory liquidity ratio requirements.

    Nepal Bangladesh Bank Limited (NBB), Prabhu Bank Limited (PRVU), and Himalayan Bank Limited (HBL) are the banks that have been punished by the national bank (HBL). HBL has been penalized twice in the past. Commercial banks have been fined a range of amounts ranging from Rs. 12,899.01 (Himalayan Bank) to Rs. 35,695.12 (State Bank of India) (Prabhu Bank).

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    Similarly, the Nepal Bank has penalized a total of five financing companies their actions. The corporations were punished for failing to keep the mandatory reserve, impoverished-class loans, and the CCD ratio, other things.

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    The following are the financial institutions that have been fined:

    1) Samriddhi Finance Company is a private limited company.
    2) Goodwill Finance Company is a company that provides financing to charitable organizations.
    3) Lalitpur Finance is a private limited company.
    4) City Express Finance is a financial services company.
    5) Janaki Finance is a private limited company.

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