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Commercial banks have once again lowered deposit rates for the month of Kartik (mid-October to mid-November) amid rising liquidity and sluggish credit demand because of slowdown in economic activities.

According to the interest rate data published by the banks, 15 out of 20 commercial banks have reduced deposit rates for Kartik, while five have kept them unchanged. The average maximum interest rate on individual fixed deposits has dropped to 5.1 percent down from 5.37 percent in Ashoj (mid-September to mid-October) — a decline of 0.27 percentage points.

The reduction marks the latest in a year-long trend of declining deposit rates. Banks are struggling to expand credit as economic activity remains subdued across sectors such as real estate, construction and trade.

Several banks are also accumulating non-banking assets as a result of loan defaults, further signaling stress in the banking system.

Among major banks, Agricultural Development Bank, Himalayan Bank, Prabhu Bank, and Nabil Bank have now lowered their maximum fixed deposit rate to below 5 percent. In contrast, Global IME Bank continues to offer the highest rate at 6 percent, unchanged from the previous month.

The steepest cuts have come from NMB Bank and Machhapuchhre Bank, both of which have reduced their maximum fixed deposit rate by one percentage point, from 6 percent in the previous month to 5 percent for the current month.

Banks have been fixing interest rates on their own since mid-July 2023/24 after the Nepal Bankers’ Association ended its gentlemen’s agreement on uniform interest rates citing improving liquidity in the banking system.

Banks are permitted to adjust their interest rates on a monthly basis. According to the Nepal Rastra Bank (NRB), they must publish the applicable rates on the last day of each month. They can lower and raise the rates by a maximum of 10 percent at a time.

Bankers say the rate cuts reflect an attempt to balance liquidity management with declining lending opportunities. Unless private sector borrowing picks up and the economy shows signs of recovery, deposit rates are expected to remain under pressure in the coming months, they added.

Pakistan and Afghanistan's Taliban government have agreed to an "immediate ceasefire" after more than a week of deadly fighting, BBC reported.

The foreign ministry of Qatar, which mediated talks alongside Turkey, said both sides had agreed to establish "mechanisms to consolidate lasting peace and stability".

Zabihullah Mujahid, a spokesman for the Taliban, said ending "hostile actions" was "important", while Pakistan's foreign minister called the agreement the "first step in the right direction".

Both sides claim to have inflicted heavy casualties during the clashes, the worst fighting since the Taliban returned to power in 2021, according to BBC.

The Israeli military has said it will resume enforcement of the ceasefire in Gaza after launching air strikes on Sunday in response to what it called Hamas's "blatant violation" of the deal, BBC reported.

Strikes began in southern Gaza after the Israeli military said "terrorists fired an anti-tank missile and gunfire" toward its troops in Rafah, killing two soldiers.

Hamas said it was "unaware" of any clashes in the area under Israeli control, according to BBC.

Thieves have broken into Paris' Louvre museum through a window and have stolen pieces of jewellery with "inestimable heritage" before escaping on motorbikes, the French interior ministry said on Sunday, Reuters reported.

"The investigation has begun, and a detailed list of the stolen items is being compiled. Beyond their market value, these items have inestimable heritage and historical value," the ministry said in a statement.

No injuries were reported, either among the public or among Louvre staff or law enforcement officers, it said, according to Reuters.

Former French president Nicolas Sarkozy, set to start a five-year prison sentence on Tuesday after being convicted of attempting to raise campaign funds from Libya in 2007, said he is not afraid of going to jail, La Tribune Dimanche reported, Reuters reported.

Sarkozy, who is due to be incarcerated at Paris's Sante prison on October 21, told the newspaper he had already packed his bags and feels calm ahead of the start of his sentence.

"I am not afraid of prison. I will hold my head high, even in front of the gates of Sante," Sarkozy said, adding he will not ask for any special privileges, according to Reuters.

The Khandbari-Kimathanka road segment along the Koshi Highway has been reopened to traffic after 80 days. 

The road had been blocked since August 31 due to landslides in the Samtar and Alphate regions of Bhote Khola Rural Municipality-3. 

The North-South Koshi Road Project Office announced that the road has been reopened following extensive repairs and landslide clearance efforts conducted over a prolonged period. 

Project Chief Ram Bahadur Gurung noted that the successful reopening of the road was made possible through the collaborative efforts of local residents, construction contractors, and the project office. 

"The challenging terrain and persistent rainfall caused delays in the maintenance work," he stated. "After nearly 80 days of relentless effort, we have managed to make the road operational again." He also mentioned that the stone 'soling' and 'graveling' work on the road has been finalized.

The Nepal Stock Exchange (NEPSE) gained 16. 67 points to close at 2, 503. 85 points on Sunday.

Similarly, the sensitive index surged by 2. 31 points to close at 437. 60 points.

A total of 6,199,929-unit shares of 323 companies were traded for Rs 2. 79 billion.

Meanwhile, Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) was the top gainers today, with its price surging by 10. 00 percent. 

Likewise, Himalayan 80-20 (H8020) was the top loser as its price fell by 6. 10 percent.

At the end of the day, total market capitalization stood at Rs 1. 41 trillion.

The Israeli military has launched an attack on Gaza, as Israel continued to trade blame with Palestinian militant group Hamas over violations of the U.S.-brokered ceasefire aiming to end the war in the enclave, Israeli media reported on Sunday, Reuters reported.

There was no immediate comment from the military or Hamas on the reported attack.

Israeli public broadcaster Kan said the air force was attacking Rafah in the south of Gaza. Most media outlets described the attack as air strikes, according to Reuters.