Banks and financial institutions start slashing interest rates

KATHMANDU: Banks and financial institutions have started slashing interest rates.

Recently, the banks and financial institutions have increased the interest rates on savings, individual fixed deposits and institutional fixed deposits.

With the intervention of the Nepal Rastra Bank, 14 banks and financial institutions have started reducing the interest rates.

Nepal Rastra Bank on Tuesday evening amended the Unified Directives 2077 and decided to cap the interest rate on savings, individual fixed deposits and institutional fixed deposits after the banks and financial institutions increased the interest rates up to 12 percent.

Following the directive of the Nepal Rastra Bank, the banks have started to revise the interest rates.