Nepal Rastra Bank (NRB) has extended the time limit for loans disbursed by the banks and financial institutions (BFIs) in order to restore the tourism businesses affected by the COVID-19 pandemic.
The monetary policy for the fiscal year 2021/22 unveiled by the central bank of the country has a provision that BFIs would evaluate the loans to be provided to the tourism, film, party palaces, public transportation and education sectors hardest hit by the COVID-19 pandemic and will reschedule by mid of January next year.
Governor of Nepal Rastra Bank Mahaprasad Adhikari unveiled the policy for the ongoing new fiscal year on Friday which gives continuation to loan to restore the business ravaged by the COVID-19.
Accounts of the interests for the loan obtained by the sectors hit hardest will be maintained separately until the end of next fiscal year, especially the hotels, travel and trekking as well as aviation sectors in the light of international travels suffering a massive setback.
Furthermore, additional fines will be waived on the loan obtained by those sectors. Entrepreneurs would pay back their loan in four instalments since the period of time to pay back the interest and principal amount has been extended by a year more.
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