January 31: The Nepal National Federation of Entrepreneurs (NNFE) resorted to protest saying that the interest rates of banks and atrocities on entrepreneurs are increasing. On Monday, the federation protested against the banks as well as the government at Maitighar Mandala in Kathmandu.

Joining the protest along with NNFE were New Baneshwor Business Association, Lalitpur Readymade Garment Business Association, Nepal Complex Business Association and others who protested at Maitighar with banners and placards.

Entrepreneurs said that the government adopted a discriminatory policy towards entrepreneurs and because the entrepreneurs have been victimized when banks and financial institutions spread terror, they were forced to protest.

President of the Federation, Kumar Karki said that the banks started auctioning the houses by giving just 35 days’                                                                                                                                                                 notice to the entrepreneurs even though they were willing to p ay the loan and had asked for more time.

He said that due to the high interest rates of banks, blacklisting and mortgage auctions, entrepreneurs are discouraged from doing business. He therefore urged the state to stop activities like increasing interest rates, blacklisting and mortgage auctions. He alleged that the banks did not give them time to pay the loan even when they asked for it.

He warned that if the demands put forth by the Federation are not met, there will be a series of protests. The former president of the federation, Naresh Katuwal said that they were forced to agitate because the government did not fulfill their demands for a long time. He alleges that banks created panic by raising interest rates. He said that if the entrepreneur's demands are not addressed immediately, a massive protest will be initiated.

Lakshmi Khadka, the vice president of the federation said that the tendency of banks to auction mortgages at half the valuation has increased. She complained that the banks were harassing them by making the interest rate high where they should have eased the situation.

Saroj Kumar Shrestha, president of the National Business Association said that due to the high interest rates of the banks, there is a situation where they have to stop the business. He said that the government needs to control the high interest rates of banks.