January 29: The private sector has raised serious concerns regarding a spike in suicide cases mainly due to ‘banking terror’. Issuing a statement on Thursday, the Kathmandu Chamber of Commerce said that cases of suicide are rising of late due to ‘banking terror’.

The chamber issued the statement in the wake of self-immolation of Prem Prasad Acharya of Ilam, who wrote on social media about extreme hardship in this entrepreneurial journey before committing suicide.

“The private sector is in grief due to the self-immolation of Ilam’s Prem Acharya who took such extreme step due to financial hardship and also the suicide of Mohan Niraula, an electronics businessman of Biratnagar, due to alleged banking terror. The private sector is also serious towards this issue,” reads the statement.

 Stating that social media is overflowing with messages that businessmen are under extreme pressure from banks and financial institutions (BFI) and have to bear injustice, the chamber urged all concerned government bodies to implement the rules and policies as well as government directives and circulars related to the economic sector to boost the morale of the entrepreneurs and also to ensure such tragic incidents do to repeat again.