Finance Minister Janardan Sharma has committed to include a measure that ensures cooperative banks have access to check clearing services.
The Finance Minister said that discussions were ongoing to provide social security allowance through cooperative banks or microfinance companies based in rural areas. The two-day Conference on Microfinance in Cooperatives-2021 kicked off today on the occasion of the 19th anniversary of National Co-operative Bank Limited ( NCBL) in Lalitpur.
The Finance Minister believes that cooperative banks and microfinance institutions should prioritise the growth of the pro-production economy. As he stated, the government was willing to make changes to existing policies to support this. He suggested that focusing on manufacturing would help to create jobs and alleviate poverty.
He also stated that he would address the discriminatory provisions in loan disbursement. He argued that the provision of charging a lower interest rate on auto loans and a higher interest rate on loans for the poor should be remedied, encouraging cooperative banks, cooperatives, and microfinance institutions to deduct the interest rate from the loan.
On the occasion, former chair of the National Cooperatives Federation of Nepal, Keshab Badal, journalist Sharmila Thakuri, and the bank’s top achievers were recognised. According to NCBL head KP Uprety, physical attendance at the event has been discouraged, and over 600 representatives are participating remotely.