Central bank directs BFIs to continue their services during lockdown

 Kathmandu, March 29 : The Nepal Rastra Bank (NRB) has directed all bank and financial institutions (BFIs) to adopt the service measures fixed by it in the wake of the government-imposed lockdown to combat the COVID-19 pandemic.

 Issuing a nine-point circular on Thursday (March 26), the NRB came up with such instruction. As per the circular, the BFIs need to ensure that their ATMs have sufficient cash and also make available electronic channels for transactions.   

Similarly, the central bank directed them to provide banking service in each local unit from minimum employees for a certain period of time in coordination with the provincial governments.

 It also instructed the BFIs to post details of contact person of the branch offices that will remain opened during the lockdown period on their respective websites.  

They should make necessary arrangements for clearing of checks from customs points and also make needful arrangements to provide draft, TT, letter of credit and bank guarantee, among other services, to ensure supply of essential goods in the market, reads the circular.The NRB also directed the BFIs to operate banking services as mentioned in the Nepal Gazette as an essential service, continue business from minimum possible staffers and pursue strategies like remote access, work from home and shift-wise work and maintain basic health measures like use of sanitizer, mask, disinfectant, among others.

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