Nepal Rastra Bank has taken action against four development banks and one finance company.
The Financial Institution Supervision Department of the Bank has informed that cash fines have been imposed on those banks and financial institutions based on off-site supervision.
The Central Bank has fined Corporate Development Bank, Salpa Development Bank, Narayani Development Bank and Saptakoshi Development Bank and Multipurpose Finance as an action against the company for violating the rules.
Corporate Development Bank, Narayani Development Bank and Saptakoshi Development Bank have been penalized for the fifth time and Salpa Development Bank for the first time for not maintaining the CD ratio.
Similarly, Narayani Development Bank has been penalized for the first, second and third time for not maintaining the mandatory cash balance ratio (CRR).