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Wednesday, October 27, 2021
    Nepal Breaking NewsEconomy | FinanceMinister of Finance for decreasing the interest rate on low-income people's loans

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

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

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

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

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