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Nepal Rastra Bank is going to extend the deadline for loan repayment to microfinance customers who are unable to pay their loans due to circumstances. Announcing the monetary policy on Friday, Garbanar Mahaprasad Adhikari said that there will be an arrangement to reschedule the loan by paying a certain percentage of interest to microfinance customers who are unable to pay their loans.
It is also mentioned in the monetary policy that there will be a contemporary review of the regulatory arrangements related to interest rates and service charges taken by microfinance institutions.
'Mergers and acquisitions between microfinance institutions and branches of the three will be encouraged,' the monetary policy states .
Addressing the complaints related to the services of microfinance financial institutions, the Rastra Bank has stated that the necessary regulatory arrangements will be made on the basis of international best practices to protect the interests of customers.
It is mentioned in the monetary policy that additional arrangements will be made to encourage small finance financial institutions that work by limiting their scope of work in a certain province or region. In all the microfinance financial institutions licensed by the National Bank NFRS Necessary arrangements will be made to implement it.
