Action against using loans under agriculture for other purposes

Governor of Nepal Rastra Bank Maha Prasad Adhikari has said that those who take loans in the name of agriculture and invest in other sectors will be brought under the ambit of action. Inaugurating the Agriculture Loan Fair under the 5th National Agricultural Mechanical Exhibition 2078 organized by the Nepal Agricultural Machinery Entrepreneurs Association here today, he said that the NRB would work to stop the misuse of facilities provided by the state to the farmers.

He said, "We will correct those who take loans in the name of agriculture and bring them under the ambit of action." He said that the state has given high priority to the agriculture sector. Stating that every bank has made a policy to invest 15 per cent of its investment in the agricultural sector by 2080 BS, he said that the government and the banking sector have not been able to get the desired satisfaction from the investment.

Stating that the import of agricultural commodities is still high in Nepal, he said, "Now we have to become self-reliant in the agricultural sector." He said that all farmers should work towards reducing imports. He lamented that there was a chain break in the investment in the agricultural sector in many places and due to this the agricultural sector could not move forward properly.

Speaking on the occasion, Secretary at the Ministry of Agriculture and Livestock Development, Dr Govinda Prasad Sharma, said that the state would be a guide in formulating policy based on the conclusions reached during the seminar. Stating that the government has given high priority to the agriculture sector now, he said that both the state and the farmers should work together for the development of this sector.

Chief Executive Director of Krishi Vikas Bank Anil Kumar Upadhyay and Chairman of Nabil Bank Upendra Poudel spoke on the occasion. The exhibition will run till April 25. The exhibition features agricultural implements, tools and technologies manufactured in more than 20 countries. The 150-room exhibition is expected to attract more than one lakh spectators and generate a turnover of over Rs 200 million. The program was concluded under the chairmanship of Agriculture Loan Fair Coordinator Sunita Newafuki.