Kathmandu, February 15
In a meeting held between Deputy Prime Minister and Minister for Finance Bishnu Paudel, deputy governor of Nepal Rastra Bank (NRB), Nepal Microfinance Bankers' Association and Microfinance Association of Nepal, among others, an agreement has been reached to refund the extra service fees totalling Rs 1.60 billion charged bymicrofinance institutions (MFIs) to the respective customers within a week. The attendees have also decided MFIs will not charge their customers more than 1.5 per cent service fee annually.
Similarly, it has been agreed to arrange the effective implementation of the provision that one customer cannot take loans from more than one MFI. It has been agreed to prepare the details of the customers who are unable to pay their loans due to special circumstances within one month and provide necessary management to such customers from the amount of the customer protection fund.
Minister Paudel also instructed the central bank to study and submit a report on the contributions made by MFIs in the economy, employment, tax, financial literacy and social sectors and to solve the problems seen in this sector.
A version of this article appears in the print on February 16, 2023, of The Himalayan Times.
