KATHMANDU, Feb. 15 -- Nepal Rastra Bank (NRB) has taken action against three development banks and as many finance companies. It has alerted the chairman and chief executive officer (CEO) of Muktinath Bikas Bank.

According to the NRB, it was found that the money accumulated in the customer protection fund, which was set up by the bank by collecting fees from the customers of poor class loans that flowed in personal and collective deposits was spent on other purposes and the said money was returned later.

Similarly, the central bank has warned the Board of Directors and CEO of Saptakoshi Development Bank. The NRB stated that even after the end of the first term of the independent director of the organization, he was continuously present ...