Banks Can Show Interest Earned Until July 30 as Income
Summary
Nepal Rastra Bank has allowed banks and financial institutions to show interest earned until July 30 as income for this financial year, extending the deadline by 15 days.
Key Points
- Banks and financial institutions can now show interest earned until July 30 as income for the current financial year.
- Nepal Rastra Bank issued a directive enabling this special accounting arrangement.
- Banks must deposit an amount equivalent to the interest income yet to be received into a regulatory fund.
- The extension aims to improve banks' dividend capacity by allowing extra time to collect interest.
