80 percent of the accumulated funds of the local level will be counted as deposits throughout the current year

 

Commercial banks will be able to count up to 80 percent of the amount in the accumulated fund account of the local level as deposits throughout the current financial year (FY) 2079/80.  Such a time limit was only until the end of January.

The Ministry of Finance wrote a letter to Nepal Rastrya Bank on Monday and informed that this time has been extended until the end of June.  This will greatly help to fill the lack of investable funds in the banking system.  Since there was a lack of investable resources in the banking system, the Ministry of Finance provided such a facility from December 5, 2078 to June 2079.  Then, at the beginning of the current year, Artha took another decision and extended this limit until mid-December.

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