Finance Minister promises check clearing facility for cooperative banks


Finance Minister promises check clearing facility for cooperative banks

Minister of Finance Janardan Sharma. (File photo)

KATMANDU: Finance Minister Janardan Sharma has promised to bring the provision guaranteeing a check clearing facility for cooperative banks.

Addressing the two-day conference on microfinance in cooperatives-2021 which began today on the occasion of the 19th anniversary of the National Co-operative Bank Limited (NCBL) in Lalitpur today, the Minister of Finance said discussions were underway to provide a social security allowance. through cooperative banks or microfinance companies based in rural areas.

He took the time to call on cooperative banks to focus on production and job creation instead of competing for profit.

The Minister of Finance considered that the development of a pro-productive economy should be the priority of cooperative banks and microfinance institutions.

As he said, the government was prepared to facilitate the same by making changes to existing policies. The focus on production would help create jobs and reduce poverty, he argued.

He also pledged to tackle discriminatory provisions in loan disbursement. The provision of charging less interest rate on auto loans and more interest on loans to the poor should be corrected, he said, urging cooperative banks, cooperatives and micro-finance to deduct the interest rate of the loan.

Former President of the National Federation of Nepal Cooperatives, Keshab Badal, journalist Sharmila Thakuri and top performers in the bank were honored on the occasion. Physical presence at the event has been discouraged and more than 600 representatives are attending virtually, according to NCBL President KP Uprety.


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