Kathmandu. Governor of Nepal Rastra Bank Maha Prasad Adhikari has instructed the banks and financial institutions not to put more stress on the industrialists and businessmen who are facing problems due to corona virus (Covid 19).

The governor's official gave the instruction after receiving complaints that banks and financial institutions have warned the debtors who are in financial difficulties due to covid to pay interest on time and start the process of debt recovery by blacklisting the unpaid.

He said that even though loans could not be waived even before the outbreak of the Covid epidemic, banks should be aware of the danger of making business more difficult for the debtors affected by the Covid epidemic.

He said that the bank and financial institution should take installment and interest from the borrower who is able to repay the loan. He suggested to use discretion as the debtor banks themselves know whether they can pay the installment or not.

According to the NRB, 44 banks and financial institutions have demanded refinancing of around Rs 72 billion within that period. NRB currently has a refinancing fund of Rs 38 billion and will provide up to five times the amount in the fund, NRB has announced.

The interest rate of refinancing provided by NRB will be around 5 percent.

Similarly, the refinancing program being implemented by Nepal Rastra Bank will be implemented from next November.