NIBL Signs Deposit Insurance Agreement


Dec. 28, 2011, 5:45 p.m. Published in Magazine Issue: Vol. : 05 No. -12 Dec. 23-2011 (Poush 08,2068)<BR>

Nepal Investment Bank Limited has signed a deposit insurance agreement with Deposit and Credit Guarantee Corporation today.  Jyoti Prakash Pandey, General Manager of Nepal Investment Bank Limited and Bhola Prasad Sharma Adhikari, General Manager of DCGC, signed the agreement on behalf of respective institutions. After this agreement, as many as around four lakh individual depositors from NIBL will be eligible for Deposit Insurance Scheme.

The agreement covers the bank’s small deposits up to Rs. 200,000.00. According to the deposit guarantee regulation, in case of bankruptcy of a financial institution, all the individual depositors will be insured up to maximum amount of Rs 200,000.00 and will be paid the total deposited amount not exceeding Rs. 200,000.00 and interest per depositor within 90 days from the date the institution goes under liquidation, by DCGC.

The agreement is in compliance with the current fiscal year’s monetary policy and budget that requires the commercial banks also to get their small deposits insured. The provision not only protects small depositors’ money in the bank but can also benefit financial institutions as they can assure depositors regarding safety and recovery of the deposits even if the institution collapses.

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