The board meeting of Nepal Rastra Bank (NRB) has decided to extend its control of Nepal Bank Limited (NBL) for two more years. A high-ranking NRB official told the Post that as per the decision, the entire management of the NBL will be in the hands of the central bank till March 2009. As per the approval of the government, NRB had taken over the NBL on March 2002 for a restructuring program to protect it from possible financial meltdown, when its total non-performing assets was hovering at around 60 percent and net loss stood at over Rs 3 billion. The NRB on July 2002 handed over the management of NBL to the ICC bank Management. Upon completion of the initial two years, it extended the contract for another one year till July 21, 2005 and again for two months up to September 21, 2005 during the course of negotiations for further extension.