Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has decided to collect deposits to manage excess liquidity in banks and financial institutions. Nepal Rastra Bank (NRB) is set to collect Rs 40 billion in deposits for a period of 89 days.

The central bank is going to raise deposits through deposit collection equipment bidding. In this, banks and financial institutions can submit online bids till 3:00 pm today. The interest rate of the deposit will be determined through bidding. The principal and interest will be paid on May 17, 2083.

Banks and financial institutions can bid for a minimum of Rs 10 crore and a maximum of Rs 5 crore. Deposit collection will have to be bid at interest rate.

Multiple bids can also be made at multiple interest rates. While allocating the amount called for deposit collection, the lowest interest rate will be given in the first priority order and the amount called for will be gradually allotted up to the amount called.