NRB tells banks to facilitate account-opening for election campaigning

KATHMANDU: Nepal Rastra Bank (NRB) has directed licensed banks and financial institutions to make necessary arrangements for political parties and their candidates to open separate bank accounts for election campaigning.

Issuing a circular on Monday, the central bank said the new arrangement, made at the request of the Election Commission, will apply throughout the election period.

The House of Representatives elections are scheduled for March 5.

“Based on the recommendations from provincial and district election offices, each party and candidate will be allowed to open a separate Nepali rupee-denominated account,” the central bank said in the circular.

To facilitate account opening, the central bank has relaxed the usual rule prohibiting individuals from opening more than one bank account of the same nature.