NRB penalized nine commercial banks

Nepal Rastra Bank (NRB) has penalized nine commercial banks for not abiding by the directives issued on various occasions.

The central bank, which alerted seven banks, has also imposed damages on the Agriculture Development Bank (ADB) and Bank of Kathmandu (BOK).

NRB has imposed a fine of Rs. 2 million to ADB for the latter’s failure to comply with the money laundering act. Similarly, BOK has been fined Rs. 21.1 million for not investing under the poverty loan as per the set criteria.

Similarly, NRB has alerted the chief executive officers of  Kumari, BOK, Prime Commercial and Prabhu  banks for mobilizing the amount asked to maintain withheld.

The Himalayan, Sunrise, Global IME, and Mega Bank CEOs have been alerted for the change in the premium rate of loans to borrowers.

Some time ago, the central bank also instructed to return the 2 billion rupees interest taken by the banks by adding premiums against the rules.