Nepal Rastra Bank Is Ready To Address Problems Faced By BFIs: Governor Adhikari

Nepal Rastra Bank Is Ready To Address Problems Faced By BFIs: Governor Adhikari

Nov. 2, 2020, 8:07 a.m.

Governor of the Nepal Rastra Bank Maha Prasad Adhikari said that the BFIs should behave as per the status of the clients while accepting the payment of the capital and interest of the loan. Ask for the repayment from the businesses and entrepreneurs that are earning money and don't ask those suffering in the pandemic and losing their money report The Rising Nepal.

He said that the central bank was ready to address the problems faced by the BFIs due to the coronavirus pandemic.

He has urged the banks and financial institutions (BFIs) to not blacklist the debtors and auction their collateral at a time when their enterprises are slowed or weakened by the COVID-19 pandemic.

"The central bank has directed the BFIs no to blacklist the debtors and sell their collaterals. Please implement that directive," he said in an interaction on the implementation of the Monetary Policy 2020/21 and current economic situation, organised by the NRB's Research Department and BFIs Regulation Department on Sunday.

According to the daily, the NRB aims at expanding the refinancing facility to all 753 local bodies and has urged to register complaint at the Grievance Handling Unit if any BFI denies extending the facility as per the central bank's policy.

Through the monetary policy, the central bank has announced Rs. 200 billion refinancing provision and facility for up to 20 per cent additional loan to the entrepreneurs. "Please reach the nearest BFI and obtain the policy concession announced by the NRB; if you don't get the facility, it would be useless. We had designed the facility to rehabilitate the businesses affected by the pandemic," said Adhikari reported The Rising Nepal.

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