FNCCI requests governor to extend deadline to repay loans


The private sector has been requesting the government to extend the deadline to repay their loans and interests citing that they have not been able to generate any income this year due to the COVID-19 pandemic and the months-long lockdown that was imposed by the government to curb the spread of the virus.

To further make their voices heard, a delegation of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) met with Governor of Nepal Rastra Bank (NRB) Maha Prasad Adhikari today with half a dozen demands.

Among the demands put forth by the delegation, the major one was related to extending the deadline to repay loans and interests for three months, according to FNCCI. Prior to this, the federation had put forward the same request to the finance minister as well. The FNCCI has urged the governor to play a special role in simplifying the process of business continuity loan. It has also requested him to delay the provision of putting debtors on the watch list for two consecutive years so as not to blacklist them immediately.

FNCCI has also been seeking a review in the credit rating of loans citing that the time and cost have increased as other procedures need to be followed.

During the meeting with the FNCCI delegates, Governor Adhikari mentioned that a decision regarding the entrepreneurs who are really in trouble due to the impact of the coronavirus pandemic will be taken after consultation with concerned authorities.

He further said that an awareness programme will be launched in all the provinces in collaboration with the federation regarding the refinancing facilities provided by the central bank. Adhikari stated that at present everybody’s efforts are aligned on restoring industries and businesses and that the legitimate demands of the business people would be addressed in a genuine manner.

The FNCCI delegation that met with Governor Adhikari included its President Shekhar Golchha, Vice-President Dinesh Shrestha, Bank Insurance and Finance Committee Chairman Sahil Agrawal, Film and Entertainment Forum President Aakash Adhikari and Deputy Director General Gokarna Awasthi.