KATHMANDU, March 25: Depositors of Gurkha Development Bank (GDB) flocked to the bank to withdraw their savings on Friday, a day after
Nepal Rastra Bank (NRB) declared it a ´troubled´ bank.
The bank paid some Rs 50 million from its 23 branches and head offices on the day, even though the bank officials
tried hard to convince the depositors not to panic.
The bank has over Rs 5 billion in deposits, >> 48 << percent of which belong to corporate clients and remaining 52 percent to individual depositors.
After it failed to convince the depositors, the bank initially promised that it would pay as much as Rs 500,000 to depositors.
However, it later slashed the withdrawal limit to Rs 100,000. :
:
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I came hurriedly to withdraw my deposit after I heard that the bank has been declared ´troubled´. But I was paid just Rs 100,000,” Sushila Subedi, who holds an account at Lalitpur branch of the bank, told Republica.
But even the cut in withdrawal limit did not help to contain the situation.
The bank stopped check payment before 1 pm, two hours ahead of its regular closing time. The move contravened with the existing banking law. However, an official at the bank´s head office, said they had no other choice as they ran out of cash.
As a result, depositors gathered at the head office in
frutalisadak said that only about 100 of them managed to cash their checks. The head office had witnessed turnout of 300 depositors. The staffers have succeeded to return the rest,
suggesting them to come on Sunday.
The bank also posted a written notice in all its branches, informing the clients that it will
not cash checks of more than Rs 100,000. It has also halted any branch banking service (ABBS).
Meanwhile, NRB on Friday said the GDB has been a ´troubled´ bank because its non-performing loans had jumped dramatically, was not making payment of matured fixed deposits, had capital adequacy of just 2.1 percent and decided to purchase land worth more than 100 percent of its total asset.
“The bank has been restricted from collecting any deposit and make payment of more than Rs 500,000 without pre-notice to the central bank,” said an NRB official.
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