Nepali central bank to take over management of a private bank

Nepal Rastra Bank (NRB), the central bank of Nepal, is handling the management of a private Bank from Sunday as the bank failed to recover heavy loans and headed towards a deep crisis, local Kantipur daily reported in Kathmandu on Sunday.

The Nepal Bangladesh Bank (NBB) itself requested the central bank to take over its management following the intense discussion with the NRB officials, according to the report.

Then, all the board of directors and managing director of the bank resigned from their respective posts on Saturday to pave the way for the NRB to takeover.

It is the second the NRB is taking over the management of the private bank. Earlier, the central bank had taken over management of Lumbini Bank Limited.

Source: Xinhua