KATHMANDU: In a response to the recent earthquake in Jajarkot, victims are set to receive financial support in the form of low-interest loans for reconstruction efforts.
The Nepal Rastra Bank, as part of its commitment to aiding the affected communities, unveiled the first revised monetary policy for the current fiscal year. Under this policy, the government and specified financial institutions are empowered to extend loans, with minimal interest rates, to families identified by the government as earthquake victims. The loan limit for such reconstruction purposes is set at Rs 2,500,000, with an interest rate not exceeding 2 percent.
Furthermore, the monetary policy emphasizes the financial sector’s social responsibility. Banks and financial institutions are encouraged to contribute up to 40 percent of their profits earned in the fiscal years 2079-80 and 2080-81 to the Public Responsibility Fund. These funds will be utilized for the reconstruction of public schools and hospitals severely affected by the earthquake.
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