Governor of Nepal Rastra Bank Deependra Bahadur Kshetry has assured the depositors of the troubled Nepal Development Bank (NDB) that the central bank will try its best to secure the deposits of small depositors. Talking to a delegation comprising depositors and investors of NDB on Sunday, Kshetry, however, stressed that the NRB was not in a position to spell out how long it will take to recover the deposits maintained at the NDB.
He further said that he understood the pains and difficulties that small depositors are facing due to freezing of their deposits in the bank. He also informed the delegation that the central bank was compelled to take a harsh decision to liquidate the NDB after the clarification furnished by NDB was neither concrete nor reliable.
The NDB had asked NRB to give it three months to revive the financial health of the bank but there was no basis on which the NRB could trust the bank, he said. On the occasion, delegation head Kriti Madan Joshi requested the central bank to take all steps to unfreeze their deposits at the NDB as small depositors had been facing several financial problems due to the freezing of their deposits. Joshi also stressed that the central bank should educate the depositors on financial health of financial institutions that have been licensed to mobilize deposits.
Source: Republica
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Monday, June 29, 2009
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