KATHMANDU, July 27: Nepal Rastra Bank (NRB) has unveiled the monetary policy of the current fiscal year with a target of encouraging the microfinance institutions for merger.
The monetary policy has prioritized protecting clients' interest in response to the complaints regarding service of such institutions. NRB Governor Maha Prasad Adhikari said necessary regulatory arrangements would be placed keeping the protection of clients' interest based on international good practices in priority.
The monetary policy has made arrangements of contemporary review on regulatory arrangement related to interest rate on loan and services charged by microfinance institutions, as well as rescheduling the loan by paying a certain percent of interest for customers who are unable to pay their loans to the microfinance institutions. -RSS