NRB to extend time for loan and interest payment

Jul 09, 2020 02:35 PM Merolagani

After receiving criticism from all the corners, Nepal Rastra Bank (NRB) is set to extend the time of repayment of principal and interest by three months. In this regard, the central bank is planning to issue circular to banks and financial institutions by next Monday.

In the directive, NRB will direct BFIS to treat the payment received in the next three months as paid by the end of the current FY.

As per a source in a high level of NRB, the bank decided to give three months extension for the loan repayment as given during the earthquake of 2012.

The private sector of Nepal has been urging for the same with the central bank. The lockdown imposed by the government in a bid to control spreading of COVID-19 has halted all economic activities in the country. In such a scenario, the private sector is having a difficult time to pay interest and principal to the banks.

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