"Banks will not be allowed to fix interest rates arbitrarily"

KATHMANDU: As an assurance to a delegation of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Prime Minister KP Sharma Oli on Saturday remarked that banks will not be allowed to impose interest rates arbitrarily.

"It is not good that banks float a loan with a different set of conditions and then go on to fix interest rates arbitrarily," the PM said, “Government is always willing to solve problems facing industrialists and entrepreneurs.”

A delegation led by FNCCI Chair Bhawani Rana met PM at his residence and apprised him of 'issues' that have protruded after banks imposed high-interest rates.

In this backdrop, PM Oli directed Finance Minister Yuba Raj Khatiwada and Nepal Rastra Bank Governor Chiranjivi Nepal to hold discussions with bankers in line with complaints forwarded by entrepreneurs.

Also, the prime minister asked investors to hike up capital in the agricultural sector while stressing the need for investing in productive sectors to prop up the country’s economy.