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Nepal bank’s debt increased by Rs 278 billion in three months

Nepal Rastra Bank. Image for Representation

N24 Correspondent, KATHMANDU:- Credit investment of commercial banks has increased by more than Rs 278 billion in just three months. In the first three months of the current fiscal year alone, banks have increased credit investment by Rs 278.16 billion, according to the Nepal Bankers Association.

As of mid-July last year, the credit investment of banks was Rs. 37.20 billion. By mid-October, the credit investment of banks has increased to Rs. 39.98 billion.

Global IME Bank has increased the most loans during this period, while Civil Bank and Nepal Bangladesh Bank have expanded the least.

Banks, which have been aggressive in lending, have not been able to collect deposits well during this period. Banks have not been able to collect even half of the loan amount even though they have to invest less than the amount collected.

According to the Bankers’ Association, the deposits of banks have increased by only Rs 63.74 billion in the last three months. As of mid-July, deposits in banks stood at Rs 424.91 billion, but by mid-July, only Rs 42.68 billion has been seen.

In November, the situation is expected to improve. Banks had announced high-interest rates citing low deposits.

However, Nepal Central Bank, (NRB) has reversed the increased interest rate and made an arrangement that the interest rate cannot be reduced by more than 10 percent at a time. Now the banks have stopped investing aggressively.

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