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 Loan Payback Time Limit Extended for Restoring Tourism Business   

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 Loan Payback Time Limit Extended for Restoring Tourism Business   
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August 15: The Nepal Rastra Bank (NRB) has extended the time limit for loan disbursed by the banks and financial institutions (BFIs) to restore the tourism related 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 and film industries as well as party palaces, public transportation and education sectors that have been worst affected by COVID-19 pandemic and will reschedule it by mid-January next year.    
Governor of Nepal Rastra Bank Mahaprasad Adhikari unveiled the monetary policy for the current fiscal year on Friday giving continuatity to loan to restore the business ravaged by the COVID-19.    
Accounts of the interests for the loan obtained by the hardest hit sectors would 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 travel suffering a massive setback.    
Furthermore, additional fine will be waived on the loan obtained by those sectors. Entrepreneurs would pay back their loan in four installments since the period of time to pay back the interest and principal amount has been extended by a year more. -- RSS 

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