KATHMANDU, June 27: Minister for Land Management, Cooperatives and Poverty Alleviation, Sashi Shrestha has said that the government has not barred banks and financial institutions from keeping land as collateral.
Responding to questions raised for the Ministry of Land Management, Cooperatives and Poverty Alleviation in the Appropriation Bill 2022, in the National Assembly meeting on Monday, Minister Shrestha stated that the government has not barred BFIs from keeping land as collateral.
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She stated that people would be allowed to take loans only after the land is classified by the local level government. She stated that the main reason for doing so is to conserve agricultural land and improve food security in the country.
Minister Shrestha said that the Land Use Act has given local governments the authority to categorize land–something the federal government used to do before. She also assured that technical support can be given to the local government for the purpose.
