New CRR provision to come into effect this week - Nepal Rastra Bank (NRB) has said that the new Cash Reserve Ratio (CRR) provision for the commercial banks and development banks would come into effect from this week. CRR refers to the fraction of the deposit or the cash of the banks and financial institutions (BFIs) that they are required to store as a reserve in the central bank´s vault. Issuing a circular on Sunday, the central monetary authority instructed BFIs to implement the amended CRR provision of the ´Unified Directives, 2071 for A, B, and C class BFIs´ from this week. Through the Monetary Policy 2014/15 on Friday, NRB raised CRR for commercial banks and development banks to 6 percent and 5 percent, respectively, up...
Posted on: Sun, 20 Jul 2014 17:37:56 +0000
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