Nepal | September 29, 2020

FNCCI asks ‘capable’ borrowers to clear dues

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The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) today appealed to industrialists and business people to clear bank dues if they are in a position to do so.

Issuing a notice today, the umbrella organisation representing the private sector stated that the government should immediately defer the bank due clearance period for borrowers as a majority of borrowers are facing cash shortage at the moment and are unable to clear loans and interests. However, FNCCI requested industrialists, business people and traders to clear their bank dues if they are able to do so.

Also, FNCCI requested borrowers to file complaints at FNCCI regarding their problems in clearing bank dues. “As FNCCI is in constant discussion and touch with banks and the government, we will try addressing borrowers’ issues through different means,” reads the FNCCI notice. However, the notice says that though the fiscal year is coming to an end, a majority of borrowers are finding it difficult to pay bank dues.

As per FNCCI, the organisation has requested the government and banks to defer loan and interest payment period for those businesses that have been hugely affected by COVID-19, restructure their loans and ensure loans through the refinancing facility of the government and Nepal Rastra Bank (NRB).

Earlier, NRB Governor Maha Prasad Adhikari had also publicly appealed to businesses to clear bank dues while he assured to defer the payment period for those businesses that are unable to pay now.

Following this, borrowers are increasingly paying their dues, as per bankers. Bankers said that they are closely analysing the position of borrowers and are asking those borrowers with capacity to deposit dues.

“Along with the lockdown being eased and appeal from NRB governor, due collection of banks has increased,” said Bhuwan Dahal, chief executive officer of Sanima Bank and president of Nepal Bankers’ Association. “If borrowers who are capable of clearing dues do so on time, this will help borrowers as clearing all dues at once will be difficult.”

As per him, large corporate houses and small entrepreneurs whose businesses have not been affected largely have started clearing bank dues.

Meanwhile, the central bank is also preparing to defer bank due payment period for borrowers further from mid-July through the Monetary Policy for fiscal 2020-21 which is expected to be unveiled within this month.

A version of this article appears in e-paper on July 15, 2020, of The Himalayan Times.

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