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Nepal Finance Declared Crisis-Ridden

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Kathmandu, Dec 4,2014: The Nepal Rastra Bank (NRB) has declared crisis-ridden to Nepal Finance Limited.

The NRB declared crisis-ridden to Nepal Finance on Wednesday citing lack of sufficient capital and corporate governance as well as increased bad loans.

Spokesperson of NRB Manmohan Kumar Shrestha said the finance has invested more than 25 per cent loans to a single company and the relatives, and was found investing in share in the cooperative organization against the rules.

The finance has also failed to increase the capital and delayed in going into the merger process.

However, the NRB said that the bank could regain its previous position from a strong management by collecting the bad loans.

The paid up capital of the finance is Rs 134.8 million against the minimum standards of Rs 220 million.

Source:RSS

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