Microfinance victims have gone to the streets without hearing their grievances: Governor Adhikari

Governor Adhikari complained that the problem has worsened because the borrowers from microfinance are presenting themselves as victims.

'We are in a state of transition in the matter of microfinance, if someone takes interest illegally, it will be returned,' he said, 'We are discussing whether a new model of microfinance is possible and how much the problem can be reduced by using technology. .'

Governor's officer said that there is a separate unit for financial customer protection and complaint management in Rashtra Bank and the victims had to go through it. 'How long has it been, people who take loans are also coming as victims,' he complained, 'what kind of victim is he? They have not come to the place they should have gone to the road. We are the victims, they come to the gate of Rashtra Bank and throw leaflets away.'

The governor officer said that all the suggestions pointed out by the study committee formed under the coordination of Rashtra Bank Executive Director Dr. Prakash Kumar Shrestha regarding the problems of microfinance financial institutions will be implemented by the end of next June. He said that the microfinance sector cannot be sustainable without making it technology-friendly. In the

discussion program, the officer opined that there is a lot of work to be done in the field of digital payments and the work being done is scattered. Encouraging banks and financial institutions to share infrastructure, he clarified that Rashtra Bank is ready to promote the fintech sector and digitize Nepal's economy.

He said that the National Bank has made technical and practical feasibility studies and plans for some new concepts such as central bank digital currency, regulatory sandbox/innovation center establishment, cloud system, PTUP lending. The Governor's official informed that final preparations are being made to implement UPI, the international payment system between Nepal and India from March 15.