March 8: Confederation of Commercial Banks and Financial Institutions Nepal (CBFIN) has demanded action against those who are threatening not to pay the principal and interest of banks and are involved in abusing the bank employees.

The confederation issued a statement on Tuesday and demanded to stop the unreasonable and chaotic activities and attacks on employees of a sensitive sector like banking service.

The confederation has drawn the attention of the Government of Nepal and its subordinate agencies to take necessary action against those who intend to achieve their goals by taking the law in their own hands.

The statement noted that even highly developed countries are facing challenges such as liquidity, interest rate hike and inflation. According to the release, the interest rate is determined by issues such as national/international market conditions, adequacy of liquidity, demand and supply of credit.

“In the present context, everyone should work together to find a proper solution to the unexpected problems faced by the Government of Nepal, general enterprises/businesses and even the general public,” reads the statement, adding that the banking sector has been terrified by  the announcement to default on bank loans and targeting banks and financial institutions.

The banking sector has become alarmed and shaken by planned incidents like attacks and robberies on the employees of banks and financial institutions, the statement added.

 “We would like to draw the attention of the Government of Nepal and its subordinate bodies to strictly stop such reckless, unreasonable, chaotic activities and attacks on bank employees," said the statement.

The confederation warned that if such unwanted activities, which are designed to destroy the country's economy, continue unabated, it will not be possible to estimate the extent of damage that the state itself and the common people will suffer in the days ahead.

As the economy of Nepal continues to be affected by internal and external factors, raising concern among the ordinary people, politicians, policy makers, economists and investors, the Government of Nepal, its regulatory bodies and all stakeholders should be responsible to take possible measures to bring the economy back on track.

The confederation stressed on collectively effort for economic recovery.