Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) is to collect deposits worth Rs 30 billion from the market on Wednesday to manage excess liquidity in the financial system. Nepal Rastra Bank (NRB) has invited bids to withdraw the amount through a deposit collection instrument with a period of 61 days.

According to NRB, only the licensed ‘A’, ‘B’ and ‘C’ class banks and financial institutions can participate in the bidding. The bidding for the deposit collection will be done through an online purchase system on Wednesday and the interest rate will be determined through a competitive bidding process.

Preference will be given to the institution that bids at the lowest interest rate while allotting. According to the NRB, the amount of up to Rs 30 billion will be distributed gradually on the basis of this.

The minimum bid for the deposit collection equipment is Rs 10 crore. The maximum amount will be within the limit of the total call amount, while the maximum amount will be divided by Rs 5 crore.

The principal and interest of the deposit collected this time will be paid on September 28, 2083.