October 6

The Nepal Banking Sector Deposits Rs 280 Million (USD 3.8 Million) in COVID-19 Fund After Central Bank Directive

By Prithvi Man Shrestha

Banks and financial institutions of the country contributed around Rs 280 million to the government’s Covid-19 fund after the central bank made it mandatory for them to contribute the remaining amount of their Corporate Social Responsibility Fund into the pandemic fund.

As per the central bank’s directive, they need to set aside one percent of their net profit into the fund and they can use it in helping marginalised groups and the wellbeing of their staff. After the deadly earthquake in 2015, the central bank had made it mandatory for banks and financial institutions to create such a fund.

Photo courtesy of Wonderlane.

Source: The Kathmandu Post (link opens in a new window)

Coronavirus, Finance, Investing
financial inclusion, impact investing