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May 23: The country’s business sector has expressed its concern over the recent directive issued by NRB on consortium of old credits. Recently, NRB directed banks and financial institutions to mandatorily consort already issued loans. According to businessmen, the directive will lead to a 1.5-2 percent increase in their business costs. The business sector has requested NRB for flexibility in the policy as it will raise the interest cost creating difficulties to do businesses.
Currently, interest rate is determined through competition and mutual understanding between banks and businesses. Businessmen say that under consortium financing, loan interest rate will be determined based on the highest interest cost of affiliated banks which will increase cost of industries. “Currently, banks provide loans charging 6-10 percent in interest rates. The banks may cartel under consortium financing,” says Dinesh Shrestha, Vice Chairman of Federation of Nepalese Chamber of Commerce and Industries (FNCCI). “The new mechanism is focused only on the risks of the banks. The central bank has not thought on possible problems that might arise due to carteling.” NRB on 15 Nov, 2015, issuing a circular, directed BFIs to convert multilateral banking loans worth more than Rs 500 million to consortium loans within the end of current FY.
Meanwhile, NRB has been taking tougher stance regarding the directive. “The objective behind the directive is to regulate multilateral loans. Defying the directive means accepting the continuation of dishonesty,” says Trilochan Pangeni, Spokesperson and Executive Director of NRB. He stressed that the new regulation will not be changeed in any way.
The business sector argues that if the regulation cannot be changed then NRB should determine new interest rates on the basis of weighted average of various interest rates on currently maintained loans. Presently, the banks are about to increase their paid-up capital, therefore immediate implementation of the directive is faulty, businesmen argue.
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<p style="text-align: justify;">Currently, interest rate is determined through competition and mutual understanding between banks and businesses. Businessmen say that under consortium financing, loan interest rate will be determined based on the highest interest cost of affiliated banks which will increase cost of industries. “Currently, banks provide loans charging 6-10 percent in interest rates. The banks may cartel under consortium financing,” says Dinesh Shrestha, Vice Chairman of Federation of Nepalese Chamber of Commerce and Industries (FNCCI). “The new mechanism is focused only on the risks of the banks. The central bank has not thought on possible problems that might arise due to carteling.” NRB on 15 Nov, 2015, issuing a circular, directed BFIs to convert multilateral banking loans worth more than Rs 500 million to consortium loans within the end of current FY.</p>
<p style="text-align: justify;">Meanwhile, NRB has been taking tougher stance regarding the directive. “The objective behind the directive is to regulate multilateral loans. Defying the directive means accepting the continuation of dishonesty,” says Trilochan Pangeni, Spokesperson and Executive Director of NRB. He stressed that the new regulation will not be changeed in any way.</p>
<p style="text-align: justify;">The business sector argues that if the regulation cannot be changed then NRB should determine new interest rates on the basis of weighted average of various interest rates on currently maintained loans. Presently, the banks are about to increase their paid-up capital, therefore immediate implementation of the directive is faulty, businesmen argue.</p>
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<p style="text-align: justify;">Currently, interest rate is determined through competition and mutual understanding between banks and businesses. Businessmen say that under consortium financing, loan interest rate will be determined based on the highest interest cost of affiliated banks which will increase cost of industries. “Currently, banks provide loans charging 6-10 percent in interest rates. The banks may cartel under consortium financing,” says Dinesh Shrestha, Vice Chairman of Federation of Nepalese Chamber of Commerce and Industries (FNCCI). “The new mechanism is focused only on the risks of the banks. The central bank has not thought on possible problems that might arise due to carteling.” NRB on 15 Nov, 2015, issuing a circular, directed BFIs to convert multilateral banking loans worth more than Rs 500 million to consortium loans within the end of current FY.</p>
<p style="text-align: justify;">Meanwhile, NRB has been taking tougher stance regarding the directive. “The objective behind the directive is to regulate multilateral loans. Defying the directive means accepting the continuation of dishonesty,” says Trilochan Pangeni, Spokesperson and Executive Director of NRB. He stressed that the new regulation will not be changeed in any way.</p>
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<p style="text-align: justify;">Currently, interest rate is determined through competition and mutual understanding between banks and businesses. Businessmen say that under consortium financing, loan interest rate will be determined based on the highest interest cost of affiliated banks which will increase cost of industries. “Currently, banks provide loans charging 6-10 percent in interest rates. The banks may cartel under consortium financing,” says Dinesh Shrestha, Vice Chairman of Federation of Nepalese Chamber of Commerce and Industries (FNCCI). “The new mechanism is focused only on the risks of the banks. The central bank has not thought on possible problems that might arise due to carteling.” NRB on 15 Nov, 2015, issuing a circular, directed BFIs to convert multilateral banking loans worth more than Rs 500 million to consortium loans within the end of current FY.</p>
<p style="text-align: justify;">Meanwhile, NRB has been taking tougher stance regarding the directive. “The objective behind the directive is to regulate multilateral loans. Defying the directive means accepting the continuation of dishonesty,” says Trilochan Pangeni, Spokesperson and Executive Director of NRB. He stressed that the new regulation will not be changeed in any way.</p>
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