The delegation led by NADA Automobiles Association of Nepal President Karan Chaudhary met with Nepal Rashtra Bank Governor Vishwanath Paudel. In the meeting, various topics related to monetary policy in the automobile sector were discussed in detail.
In a meeting with Governor Paudel, NADA Chairman Choudhary submitted five immediate implementable suggestions for the overall improvement of Nepal's automobile industry. Especially lack of access to finance, obstruction of credit in electric and premium vehicles, inconsistency in credit policy and the need for regulation for a fair financial system.
President Chaudhary said that the automobile industry is directly related to Nepal's revenue, employment, technology transfer and sustainable development goals, and said that a balance between policy, finance and practice is essential to make it strong. In the
discussion, NADA Vice President Rajan Babu Shrestha proposed that NADA should complete an interaction program with the help of Nepal Rastra Bank on the matter of setting a long-term economic policy. In the
discussion, Governor Paudel said that NADA's suggestion will be taken seriously and assured that necessary issues will be discussed and coordinated.
Five suggestions given by NADA to Governor Paudel
1. Practical Implementation of Credit Flow for Automobile Sector .
2. Loan to value ratio should be minimum 70 percent.
3. Bring flexibility in loan service to income ratio.
4. A targeted loan scheme should be introduced for electric and hybrid vehicles.
5. Regulation should be tightened to ensure fairness in the financial system.
