Commercial banks are reducing the interest rate for the month of Magh (from January 15- February 12). A meeting of the Nepal Bankers' Association, an umbrella organization of commercial banks, held on Wednesday decided to reduce the interest rate by 1.13 per cent for the month of Magh. Presently the interest rate for personal fixed deposit is 12.13 per cent and 9.13 per cent towards institutional fixed deposit.

Similarly, 15.33 percent interest has been fixed towards remittance fixed deposit accounts. However, the commercial banks have determined 11 percent interest towards personal fixed deposit, nine percent interest towards institutional fixed deposit and 12 per cent towards remittance fixed deposit account for the month of Magh.

Meanwhile, Sunil KC has been elected President of Bankers' Association. Chief Executive Officer of NMB Bank, KC, was elected to the post unopposed. A special general assembly held on Wednesday elected KC as the new Chairperson.  CEO of Machhapuchchhre Bank, Santosh Koirala, was elected Vice-President of Association unopposed. Likewise, Ajay Bikram Shah of Laxmi Bank, Deepak Kumar De of Nepal SBI Bank, Krishna Bahadur Adhikari of Nepal Bank, Roshan Kumar Neupane of NIC Asia, Sudesh Khaling of Everest Bank and Suman Sharma of Sunrise Bank are executive members of the Association.