The Nepal Rastra Bank (NRB) has extended the deadline for submitting proposals for the loan portfolio review of 10 commercial banks by an additional seven days.
The central bank had initially invited proposals from foreign consultancies for the second time to carry out this review, with the original submission deadline set for December 20. However, the deadline has now been extended to January 13.
This review is part of NRB’s initiative to audit the accounts of 10 large commercial banks in Nepal with assistance from foreign consultancies. Previously, the central bank had shortlisted five foreign audit firms, with India’s KPMG selected to submit a financial proposal related to the technical aspect of the audit.
However, KPMG’s financial proposal significantly exceeded both the estimated cost and the available budget, prompting the NRB to cancel the entire process. On August 24, the central bank officially terminated KPMG’s bid, citing provisions under Section 36, Sub-section (1) (b) of the Public Procurement Act 2063, which allows for cancellation when the proposed cost is substantially higher than the estimate and available budget.
In response, the NRB issued a new call for proposals on December 20, inviting fresh bids for the loan portfolio review. With the extended deadline, foreign consultancies now have until January 13 to submit their proposals.
