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Economy

Public deposit should be secured: Governor Nepal

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KATHMANDU — Nepal Rastra Bank (NRB) governor Dr Chiranjibi Nepal has said that the NRB was committed to ensurE the security of public deposits in Banks and financial institutions.

While inaugurating an integrated transaction after the merger between Mega Bank and Tourism Development Bank here in the capital today, governor Nepal said that there was 10 percent of promoters’ amount while 90 percent of public in the banks therefore, public deposit will be made secured.

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He also said that the promoters should not misuse public’s deposit after exerting pressures to the management. “As a regulatory body the NRB ensures security to public deposit’, he said.

Similarly, National Planning Commission (NPC) Vice Chair and Tourism Development Bank management committee chair Prof Dr Pushpa Kandel said that the problem might be seen while releasing the loan in the interest of management committee.
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Economy

Business community demands slash in interest rate

Pratigya Waiju

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BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.

They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.

At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.

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Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.

Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

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