News Article

Govt introduces special provisions to support budget’s key initiatives

By Republica

Published: July 26, 2024 05:06 PM

KATHMANDU, July 26 The government has introduced special provisions in the monetary policy to support the implementation of key initiatives outlined in the current fiscal year's budget.

Governor Mahaprasad Adhikari of Nepal Rastra Bank announced that the new policy will simplify lending procedures, including for mortgages of agricultural produce, as outlined in the budget.

The policy also eases the process for obtaining unsecured loans based on remittances deposited into bank accounts by individuals with foreign employment permits.

To address issues in savings and credit cooperatives, the policy includes measures to facilitate the refund of up to Rs 500,000 to members and allows for the mortgage of property in the name of family members of troubled cooperative owners.

Additionally, a special arrangement is in place to enhance access to credit for youth entrepreneurship, aligning with the budget's provisions to promote business development among young people.

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