Nepal Rastra Bank opens Auction of Rs. 50 crore worth of Deposits for 28 days

Nepal Rastra Bank has opened an auction for deposit collection today, i.e. Mangsir 17.

The auction is for Rs. 50 Arba worth of deposits. Only "Ka," "Kha," and "Ga" (A, B, and C) class financial institutions are eligible to bid by 2 pm today via Online Bidding. The bidding should be done for the interest rates return for a period of 28 days.

The bid amount should be a minimum of 5 crores. Bidding institutions can then bid for any amount higher than that (and up to the entirety of Rs, 50 crores). However, any amount in between must be a multiple of Rs. 5 crores.

This deposit can be used as collateral at any financial institution except Nepal Rastra Bank itself.