NRB to Withdraw Rs 60 Billion from Banking System

Nepal Rastra Bank (NRB) is once again set to absorb Rs 60 billion from the banking system today in a bid to manage excess liquidity. The central bank announced that the deposit collection operation will take place at 3 PM through a competitive bidding process. Participating banks and financial institutions can submit bids starting from a minimum of Rs 1 billion, in multiples of Rs 500 million.

Only ‘A’, ‘B’, and ‘C’ class banks and financial institutions are eligible to take part in the auction. The instrument will have a maturity period of 31 days, with repayment of principal and interest scheduled for October 17. NRB has also allowed multiple bids under a multi-rate system, ensuring competitive interest rates during the collection process.