NRB writes to government to take action against willful defaulters

The Nepal Rastra Bank (NRB) has sent a letter to the government seeking stern action against willful defaulters, who failed to pay or restructure the loan at the stipulated timeframe.

According to radio reports, the central bank sought action against 85 willful defaulters.

The letter demanded confiscation of the passports, to prohibit transaction of properties of the willful defaulters and action taken against those entrepreneurs who had left the country.

The central bank’s move came as eight commercial banks of the country including Nepal Bank Limited, Rastriya Banijya Bank, Himalayan Bank Limited and Agricultural Development Bank asked the Bank to take concrete step against the willful defaulters.

The Finance Minister during his budget speech had set a mid-September deadline for large willful defaulters to restructure their loan liability.

The government has been facing pressure from international donor agencies for its failure to take action against willful defaulters. nepalnews.com pb Oct 18 06

Related News
- Parliamentary FC directs NRB to take action against willful defaulters