04 Dec 2022, 9:24 AM (GMT)

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NRB instructs not to charge additional fees during the prohibition period

Kathmandu : Due to the devastation of Corona, the debtors who are overdue or in time to repay the loan will be relieved. Banks and financial institutions will not be able to charge their customers any additional fees or penalties for the debtors who are in trouble due to the epidemic.

Nepal Rastra Bank (NRB) has issued a directive today not to pressure any borrower to repay the loan and not to charge extra during the epidemic.

NRB has clearly instructed the banks and financial institutions not to charge any penalty or additional fee to the customers for the recovery of the loan during the period of prohibition and for seven days after the expiry of the prohibition.

The central bank has made an arrangement that the debtor will not be allowed to impose penalty on any loan and will not be allowed to issue the customers electronically in case of change in interest rates on deposits and loans.

Similarly, the recent arrangement of the central bank has also given relief to the borrowers who have taken loans from microfinance institutions. The microfinance company has been instructed not to charge any penalty or additional fee to the customer for 7 days after the expiry of the prohibition.

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