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NRB to attract Rs 70 billion deposit to manage excess liquidity of banks 

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. KATHMANDU: Nepal Rastra Bank (NRB), the central bank of Nepal, has decided to monetize deposits of Rs 70 billion to manage excess liquidity in banks and financial institutions. The Nepal Rastra Bank (NRB) is going to withdraw money from the banking system using deposit collection equipment.

The Nepal Rastra Bank (NRB) is to withdraw Rs 7 TAG_OPEN_div_14 0 billion from the banking system through deposit collection on June 5. According to the NRB, the bidding will take place at 3 pm today.

Banks and financial institutions (BFIs) who want to provide deposits can bid up to a minimum of Rs 10 crore and a maximum of Rs 5 crore.TAG_OPEN_div_12

According to the Rastra Bank, the bidding for deposit collection should be done at interest rate and multi-bidding can also be done at multiple interest rate.TAG_OPEN_div_10 Only ‘A’, ‘B’ and ‘C’ class banks and financial institutions are eligible to participate in the bidding process.

The 77-day deposit collection instrument launched by the Nepal Rastra Bank (NRB) will be paid principal and interest on August 21.TAG_OPEN_div_8

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