KATHMANDU: Nepal Rastra Bank (NRB) is set to collect deposits worth Rs 60 billion as part of its ongoing efforts to manage liquidity in the banking system.

The central bank’s Monetary Management Department issued a notice today calling for bids through a 19-day deposit collection instrument.

The bidding process will remain open until 3:00 PM this afternoon via the Online Bidding System Software (OBSS).

According to the notice, the deposit collection instrument will be issued today, with the principal and interest scheduled for payment on October 9.

The interest rate will be determined through the competitive bidding process. Banking institutions can bid for a minimum of Rs 100 million, and maximum amounts must be completely divisible by Rs 50 million up to the total called amount.

Only ‘A’, ‘B’, and ‘C’ class banking and financial institutions licensed by Nepal Rastra Bank are eligible to participate in the bidding process.