KATHMANDU: CPN (UML) Chair KP Sharma Oli emphasized the necessity of requiring mutual consent for increasing bank interest rates.
Speaking at the 7th National Convention of the Nepal Bank, Insurance, and Financial Institutions Employees’ Association at the UML Central Office in Chyasal, Lalitpur, Oli proposed regulations preventing unilateral changes in bank interest rates.
Oli accused banks of unilaterally raising interest rates, stating that borrowers often face challenges when the interest on loans escalates to 10, 12, or even 14 percent.
He urged for a change in interest rates only with the agreement of both lenders and borrowers, emphasizing that a bank’s role goes beyond collateral realization and lending.
Former Prime Minister Oli called for monitoring the proper utilization of the funds invested by banks.
He reiterated the importance of banks supporting development efforts and providing loans to individuals eager to start ventures with small capital.
Former Finance Minister Dr. Yub Raj Khatiwada urged the government to make concerted efforts to improve the deteriorating economic situation.
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