Minister of Finance for decreasing the interest rate on low-income people’s loans


Janardan Sharma, the Finance Minister, has encouraged banks and financial institutions (BFIs) to the rates on loans to the poor.

Finance Minister Sharma said that exorbitant rates charged on loans provided by cooperative banks, primary cooperatives, and microfinance institutions, in particular, are higher for poor people and should be reduced, speaking a programme organised by National Cooperative Bank Limited (NCBL) on Tuesday.

Sharma also pledged to start a process to narrow the existing rate disparity between rich and poor people who receive credit. He also highlighted his with the current approach, which excludes checks issued by cooperative banks from the common clearing system used by other banks.

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