Monetary policy: Debtors granted more time to pay interest, loan

Khabarhub

July 17, 2020

< 1 MIN READ

Monetary policy: Debtors granted more time to pay interest, loan

Nepal Rashtra Bank Central Office(File Photo)

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KATHMANDU: Offering a slight relief to the pandemic struck economic activities, Nepal Rashtra Bank(NRB) has extended the time to pay the interest and installment of the loan taken from the banks.

With new provision introduced in the Monetary Policy issued by NRB, the COVID-19 pandemic struck industries have got the expanded period up to the end of the running fiscal year 2020/21 whereas the small debtors have got 6 months as extra time to pay for the loan.

Addressing the request to extend the deadline for the clearance of due interest and installment, the regulating authority has extended two deadlines i.e. 6 months for the small debtors and 1 year for the industries.

Similarly, the banks have got the authority to provide extra 20% loan to the debtors. NRB has offered the relief plan for the ailing industrial and financial sectors in the newly introduced monetary policy.

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