Himal Press 
KATHMANDU: Four umbrella organizations of banks and financial institutions have assured people that deposits parked in banks and financial institutions are secure.
Issuing a joint statement on Friday, the Nepal Bankers’ Association, Development Bankers Association Nepal, Nepal Financial Institutions Association, and Nepal Microfinance Bankers Association said that banks, financial institutions, and microfinance institutions in Nepal have the capacity to manage risks. “The Nepal Rastra Bank (NRB) has been closely monitoring the banking and financial sector. The banking sector operates under established policies and regulations, and financial statements are published every quarter. The sector adheres to international banking principles and the policy frameworks set by the NRB, making it a model of stability,” they said in the statement.
“We have taken note of certain disruptive activities targeting the banking sector and the circulation of misleading and false statements on social media using the names of various banks and financial institutions. We want to reiterate that depositors’ funds in all banks and financial institutions remain fully secure,” the statement read, adding: “In accordance with directives issued by the Nepal Rastra Bank, deposits of up to Rs 500,000 in savings and fixed deposit accounts under individual names are insured through the Deposit and Credit Guarantee Fund.”
The four bodies have urged the public to ignore false and misleading comments on social media and to rely only on official information and news communicated by relevant authorities.
