Kathmandu. Banks and financial institutions will now be able to bring financial statements for the fourth quarter within 30 days.
Nepal Rastra Bank (NRB) has amended the consolidated directive issued for banks and financial institutions to extend the deadline for the publication of financial statements for the fourth quarter. According to the revised directive, banks and financial institutions will have to publish the interim financial report (brief report) for the fourth quarter within 30 days of the end of the financial year. Earlier, there was a provision to bring the financial statements of the fourth quarter within 21 days of the end of the financial year.
Similarly, banks and financial institutions should compulsorily publish the interim financial report (brief report) of major financial indicators including integrated financial report in any national level daily newspaper within 15 days from the date of the month of every quarter in the prescribed format for this purpose and provide a copy of it to the Bank and Financial Institution Regulation Department of the Rastra Bank and the concerned Supervision Department. Earlier, financial statements had to be published within seven days of the end of every quarter.
In addition, the details of the interim financial report will have to be put on its website in the format prescribed by the Rastra Bank. In this way, the detailed interim financial report should be mentioned in the report to be published in the newspaper.
