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Fined

NRB fined nine banks

NRB has imposed a fine of Rs. 2 million to ADB for the latter’s failure to comply with the money laundering act.

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The Nepal Rastra Bank (NRB) has fined nine commercial banks for failing to follow directives issued on several occasions.

In addition to alerting seven banks, the central bank has imposed penalties on Agriculture Development Bank (ADB) and Bank of Kathmandu. NRB has imposed a fine of Rs. 2 million to ADB for the latter’s failure to comply with the money laundering act.

Similarly, BOK has been fined Rs. 21.1 million for failing to invest under the poverty loan as specified. Likewise, the NRB has notified the CEOs of Kumari, BOK, and Prime Commercial banks to mobilize the amount requested to be withheld.

The CEOs of Himalayan, Sunrise, Global IME, and Mega Bank have been notified of the change in the premium rate of borrowers’ loans.

Some time ago, the central bank also directed banks to return the 2 billion rupees in interest earned by adding premiums in violation of the rules.

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