Kathmandu, March 29
Issuing a circular today, the central bank has asked banks and financial institutions (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 discount on interest rate.
A few days ago, the meeting of the Financial Sector Management and Coordination Committee led by Finance Minister Yubaraj Khatiwada had directed BFIs, as well