UDB Faces Liquidation


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

Nepal Rastra Bank (NRB) is preparing to liquidate United Development Bank (UDB) which failed to improve its financial position even after six months since it was declared crisis-ridden for the second time.

If NRB sticks to its decision, UDB will be the third financial institution in the country that will face liquidation after Nepal Development Bank and Samjhana Finance.
NRB records show that UDB got into trouble after its executive chairman, Rabindra Bahadur Singh, took NRs 65 million of the total paid-up capital for his personal use. NRB’s high officials have stated that there is no possibility of improvement in the bank’s current situation.

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