Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepal Rastra Bank (NRB) has taken action against five development banks and three finance companies for violating regulatory norms in the last quarter of the fiscal year 2023/24.
The development banks facing action are Karnali Development Bank, Narayani Development Bank, Corporate Development Bank, Sindhu Development Bank, and Excel Development Bank. The finance companies penalized by the regulatory body include Best Finance, Reliance Finance, and Progressive Finance.
Narayani Development Bank and Sindhu Development Bank were instructed to implement prompt corrective actions after failing to meet the capital adequacy ratio threshold. Karnali Development Bank was penalized with a cash fine for not maintaining the mandatory cash reserve ratio as required by regulations.
Corporate Development Bank, Excel Development Bank, Best Finance, and Reliance Finance faced penalties for delayed submission of balance sheets and profit and loss statements to NRB, as well as for late public disclosure of their financial statements.
Progressive Finance was penalized for failing to complete its external audits and for not holding its annual general meeting for the fiscal year 2021/22 within the specified timeframe.
NRB’s enforcement actions underscore the central bank’s commitment to ensuring financial institutions adhere to regulatory standards and maintain transparency in their operations.
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