Deposits in Banks Completely Secure: NRB

February 21, 2024 | Investopaper

Nepal Rastra Bank, the regulatory authority overseeing the banking sector, has assured the public that their funds deposited in banks and financial institutions are entirely safe.

The Central Bank emphasized the strength and capability of the banking sector through a public notice issued on Tuesday. The regulatory body, Nepal Rastra Bank, reiterated that ongoing monitoring of banking transactions ensures the safety of people’s money.

Concerns were raised as some individuals and groups disseminated misleading statements, asserting the insecurity of the public’s funds in banks. In response, the Central Bank, along with key associations like Banks and Financial Institutions Confederation Nepal, Nepal Bankers Association, Development Bankers Association Nepal, Nepal Financial Institutions Association, and Nepal Microfinance Bankers Association, affirmed the safety of banks and financial institutions.

Currently, there is a total deposit of Rs. 61.60 Kharba in banks and financial institutions, with Rs. 38 Kharba belonging to individual depositors. Both Nepal Rastra Bank and affiliated institutions in the banking sector emphasized the security of deposited funds.

The Central Bank also urged the public to engage in banking transactions with confidence and cautioned against falling prey to misinformation that could mislead the public regarding the stability of the banking sector.

The notification from Nepal Rastra Bank highlighted the critical role of the banking sector as the backbone of the economy. The law assigns explicit responsibilities to the Central Bank to uphold overall banking sector stability, contribute to sustainable economic development, and enhance public trust by maintaining price and return stability.


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