Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) not to charge any penalty or additional fees while recovering loans during the lockdown that has been imposed to curb the spread of the second wave of the coronavirus.
The central bank issued this directive today during the third quarter review of the Monetary Policy for fiscal year 2078/79. NRB has also directed the banks and financial institutions to not issue any notice related to loan recovery or auction during the lockdown period and also for another one month after the lockdown has been lifted.
Nepal Rastra Bank has also urged the BFIs to offer discounts to customers who pay their instalments or interests within the lockdown period. It has also directed the BFIs to immediately inform customers about the change in the interest rate on deposits and loans through electronic medium.
The central bank has also directed BFIs to update the ‘Know Your Customer’ form of customers whose accounts have been deactivated through electronic medium and activate such accounts.
NRB has also mentioned that it will facilitate health institutions, hospitals and industries that want to build liquid oxygen plants or oxygen plants to obtain loans at the current base rate of the respective banks and financial institutions. Meanwhile, it has also said it will facilitate such institutions that want to build liquid oxygen plant with Rs 500 million loan, and with Rs 200 million loan if they want to build oxygen plants through special refinancing facility.
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