NRB directs BFIs to halt loan recovery till mid-July


Kathmandu, March 29

Amid businesses affected by the coronavirus seeking relief from the government, Rastra Bank (NRB) has set on principal and interest payments till mid-July.

Issuing a circular today, the central bank has asked (BFIs) to defer the collection of monthly or quarterly instalments (that were to be collected by mid- March) from borrowers till mid-July. The provision is applicable to all borrowers, including credit card borrowers, as per NRB.

Moreover, NRB has also directed BFIs not to take any penal charges or penal interest on instalments that borrowers should pay banks as of mid-March.

In case if any borrower makes monthly/quarterly payment within mid-March, central bank has also asked BFIs to give 10 per cent .

A few days ago, the meeting of the Financial Sector Management and Coordination Committee led by Minister Yubaraj Khatiwada had directed BFIs, as well

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