June 16:  CIT (Citizen Investment Trust) and Nepal Bank Limited have signed an agreement to directly deposit money of the Trust in the central account of the bank through APBS. The deal signed on June 15  aims to collect money through APBS and make transfer activities more easier and convenient.

Acting Director of CIT, Ram Krishna Pokharel and CEO of NBL, Devendra Pratap Shah signed the agreement. Pokharel informed that all money of the Trust will be deposited in the bank's central account from July 2016. As per the agreement, the accounts related to the Trust across all branches of the bank will be closed and the remaining money will be deposited in the respective account in the banking office of Nepal Bank. Uddhab Silwal, Information Officer of CIT said, " For this the bank has managed separate vouchers having name of the accounts and account number to deposit the amounts in five accounts."

The bank informed that accounts include CIT Employee Retirement Fund, CIT Civil Insurance Fund and CIT Teacher Insurance Fund. CIT Military Insurance Fund and CIT Police Insurance are also in the same list. The bank expects that the deal would bring convinience regarding the  reconcillation and calculations between the bank and Trust .