NRB instructs BFIs to extend Saturday services for next two weeks

Credit crunch looms as commercial banks grapple with liquidity mismatch

KATHMANDU: In response to the upcoming closure of the current Fiscal Year (FY) 2022/23, Nepal Rastra Bank (NRB) has issued a directive instructing banks and financial institutions to extend their Saturday services for the next two weeks.

The NRB notice, released on Friday, highlights the need for these establishments to operate until 8 pm on Saturdays, specifically on July 8 and July 15.

The objective behind this extension is to facilitate revenue collection, check clearing, and fund transfer processes during this critical period.

Moreover, the NRB’s notice emphasizes that banks involved in revenue transactions must remain open until 7 pm on July 16.

This requirement applies not only to banks and financial institutions but also to Nepal Clearing House.

The purpose of these extended operating hours and open transactions is to ensure adequate arrangements are in place to accommodate the collection of revenue effectively.

By implementing this directive, the NRB aims to address the increased demand for financial services during the final weeks of the fiscal year.

It provides individuals and businesses with an extended timeframe to complete revenue-related activities and ensures a smoother and more efficient financial operation during this crucial period.

Fiscal Nepal |
Saturday July 8, 2023, 10:02:06 AM |

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