Now the guarantors of loan defaulters will not be immediately listed in black list, as per the circular issued by NRB on Wednesday.
The mechanism further states that the loan should be recovered through the collateral kept by the borrowers before listing the guarantors to the list. Moreover, if the recovery falls short through the collateral only, the guarantors are required to give 90 days period to pay the loans. if the guarantors fail to pay back the loan within the period, then only, they shall be enlisted in black list.
A written notice should reach the concerned guarantor, otherwise, the notice should be published in newspapers.
