Nepal | August 06, 2020

Financial institutions, banks urged not to pile pressure for loan payment

Himalayan News Service
Share Now:

POKHARA, JULY 7

Western Regional Hotel Association, Pokhara, has urged banks and financial institutions not to pile pressure for loan payment.

Banks and financial institutions are pressing hotels and the tourism sector to pay back the loan and interest, on the ground that the fiscal year was drawing to a close, but as the entire tourism sector is going through a hard time now, we request banks and financial institutions to understand the situation and stop pressuring entrepreneurs, read a statement issued by the association’s Chairperson Bikal Tulachan.

“As no one is in a position to pay back loans, the pressure from banks and financial institutions for loan payment will only create a difficult situation. If that happens, it will be banks and financial institutions which will be responsible,” read the statement.

Similarly, the association has also expressed grave concern about the delay from Nepal Rastra Bank to issue reloan-related procedures.

“The procedures and monetary policy should have been out by the end of the fiscal, but given whatever is happening, it seems the bank is preparing to bring them late, which is unfortunate,” said the association.

In view of the detrimental impact of the pandemic on the tourism sector, the World Tourism Organisation has recommended governments across the world to bring a special package to revive the tourism and hotel sectors.


A version of this article appears in e-paper on July 8, 2020, of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Bamdev Gautam breaks ranks with Dahal-Nepal faction

KATHMANDU: Vice-chair of the ruling Nepal Communist Party (NCP) Bamdev Gautam, who till a few weeks ago was siding with the party’s faction led by Co-Chair Pushpa Kamal Dahal and senior leader Madhav Kumar Nepal, today said he was in no camp.Gautam issued a press statement through his Personal Aid Read More...

World Food Programme supports distribution of take-home rations for school children

KATHMANDU: Fortified rice, lentils and vegetable oil, totalling to nearly 1,500 MT, have been distributed by the United Nations World Food Programme (WFP) and the Government of Nepal to school children (Grade 1-8) in rural areas. Food items donated by the United States have been handed over to ch Read More...

133 new coronavirus cases in Bara and Parsa

BIRGUNJ: As many as 133 new coronavirus infection cases have been detected in Bara and Parsa districts today. Among the infected are 26 females between the ages of eight and 72 years. The report made public by Narayani Hospital's laboratory showed 17 cases from Bara district while remaining fr Read More...

Below-strength Man United move into Europa League last eight

MANCHESTER: Former Europa League winners Manchester United booked a quarter-final spot in the tournament after their second-string side laboured to a 2-1 home win over LASK Linz on Wednesday to seal a 7-1 aggregate rout of the Austrian side. United's reward is a clash with FC Copenhagen in Read More...

381 new cases detected today take Nepal's COVID-19 tally to 21,390

KATHMANDU: The Ministry of Health and Population has recorded 381 new cases of the coronavirus infection on Wednesday, taking the nationwide count to 21,390. The new infections were confirmed after testing 6,359 specimens through PCR method across the nation in the last 24 hours. Among the new Read More...

Indian PM Modi lays foundation of temple at razed mosque site

AYODHYA, INDIA: Despite the coronavirus restricting a large crowd, Hindus rejoiced Wednesday as Indian Prime Minister Narendra Modi broke ground on a long-awaited temple of their most revered god, Ram, at the site of a demolished 16th-century mosque. Modi offered prayers to nine stone blocks with Read More...

Nepal COVID-19 Update: 381 new cases, 130 recoveries, two fatalities recorded on Wednesday

KATHMANDU: Nepal’s Health Ministry, in its regular press briefing, shared the latest updates on coronavirus contagion from across the country, and government’s response to the health crisis. As of today, 412,953 tests through Polymerase Chain Reaction (PCR) method have been carried out, Read More...

India widens China app ban to cover more from Xiaomi, Baidu

India has banned some more Chinese apps-sources New list of 47 banned apps contained clones, new apps-sources China has in the past criticized India's move NEW DELHI: India has banned some mobile apps of Chinese companies such as Xiaomi Corp and Baidu Inc, three sources told Reuters on Read More...