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<p>As the majority of deprived sector lending is done by microfinance institutes, it is natural that the rate will rise when the cost of operation of the institutions increases, says NMB Bank’s CEO Sunil KC.</p>
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<p>As the majority of deprived sector lending is done by microfinance institutes, it is natural that the rate will rise when the cost of operation of the institutions increases, says NMB Bank’s CEO Sunil KC.</p>
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Interest for Deprived Sector Lending Doubles Within a Year
1 min 0 sec to read
September 15: Nepal Rastra Bank’s efforts in poverty reduction by providing subsidised rates for deprived sector lending has double within a year. The rate of interest for the marginalised group was 5 percent at the beginning of last fiscal year 2016/17. But the rate has increased to 10 percent in the current fiscal year, as shown by the latest report published by the central bank.
As per the regulations set by Nepal Rastra Bank, commercial banks should provide at least 5 percent of their total lending to the deprived sector. Although such provision was introduced with the aim of reducing poverty, the deprived sector has been hard hit with the two-fold increase in the rate of interest.
The banks say that all types of interest have been increased due to lack of investible capital. They argue that it is not unnatural for the rise in interest rate for deprived sector lending.
As the majority of deprived sector lending is done by microfinance institutes, it is natural that the rate will rise when the cost of operation of the institutions increases, says NMB Bank’s CEO Sunil KC.
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'username' => 'anmaharjan@newbusinessage.com',
'name' => '',
'email' => 'anmaharjan@newbusinessage.com',
'address' => '',
'gender' => '',
'access' => '1',
'phone' => '',
'access_type' => '0',
'activated' => false,
'sortorder' => '0',
'published' => '0',
'created' => '2016-04-04 17:02:17',
'last_login' => '2018-09-17 11:47:56',
'ip' => '202.63.242.112'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '6594',
'hit' => '1030'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
