Nepal, Dec. 13 -- Nepal Rastra Bank (NRB) has decided to invest Rs 6.60 billion from the gratuity and pension fund in banks and financial institutions.

Issuing a public notice, the NRB has invited banks and financial institutions to submit applications, proposing the amount they seek along with the interest rate. As the investment will be for a period of one year, the NRB has asked applicants to submit their proposed interest rates by February 15.

According to the notice, the NRB plans to invest Rs 5.28 billion in 'A' class commercial banks, Rs 990 million in 'B' class development banks, and Rs 330 million in 'C' class finance companies.

For availing these loans, eligible banks and financial institutions must have been in operation for...