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Kathmandu, December 20: Nepal Rastra Bank (NRB) has decided to invest an amount equivalent to Rs 1.20 billion from the Employees’ Provident Fund in banks and financial institutions.

The central bank has published a notice inviting banks and financial institutions to submit applications by Poush 7 (December 22), proposing the amount of fixed deposit they wish to take and the applicable interest rate.

According to the notice, the investment will be made as follows: Rs 960 million in Class A commercial banks, Rs 180 million in Class B development banks, and Rs 60 million in Class C finance companies.

Eligible banks and financial institutions must have been in operation for at least two years, maintained the minimum total capital fund, kept the total credit exposure within eight percent, and ensured that the net non-performing loan ratio does not exceed three percent, among other required conditions.

People’s News Monitoring Service.