Loans must be paid after taking loans: CEO Mandal

Speaking at the fourth session of Nirbhik Nari program organized in Biratnagar on Wednesday by Nari Masik, a co-publisher of Kantipur Publications, he claimed that more than 90 percent of women participate in microfinance across the country.

He said that many problems have been created after microfinance was transformed from a social institution to a financial institution because women are first given skill training and then invested. "After it was transformed from an NGO to a 'D' class financial institution," he said, "After the transformation from a social institution to a financial institution, the banks came to see if they could make a profit by investing in microfinance." That has also caused a lot of problems.'

According to him, microfinance loans have become a problem for those who have borrowed more than their capacity. Borrowing more than you can afford by getting an unsecured loan . Now that it is time to pay, the issue of Minah has been raised,' he said, 'those who have understood about microfinance loans have no problem.' He emphasized that the government should publicize its views on loan waiver as soon as possible.

'After taking a loan, you have to pay the loan . Money loaned by microfinance belongs to the individual. Therefore, the organization cannot waive it,' he said, 'therefore, it is not even possible for any organization to waive the loan. The finance minister of the government has already said that the loan cannot be waived. So embarking on a campaign to not pay the debt is wrong in itself . Whoever, despite having the ability, has not paid the loan under the illusion that it will be forgiven now, is going to have a big problem in the future.'

He also asserted that the recent movement for non-payment of loans will affect not only microfinance but also the society in the future.