Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB), on Tuesday, released the Third Quarterly Review of the Monetary Policy 2020-21 and introduced different measures to address concerns resulted by the current pandemic and help recover business and the economy.
Here are the major points of monetary and economic reforms listed in Third Quarterly Review of Monetary Policy considering urgency of priority towards Health Sector specially managing Oxygen Plants and related equipment.
1. CRR, SLR, Bank Rate, Interest Rate corridor remains unchanged.
2. Loan to be provided for establishment of liquid oxygen plant or oxygen plant by currently operated health institutions, hospitals and industry shall be provided at base rate.
3. Special refinancing facility for 1 year up to Rs 500 million or 200 million will be provided for establishment of liquid oxygen plant or oxygen plant respectively.
4. Auto extension of interest capitalization approval for hydropower if required commercial operation date is delayed.
5. No additional penal interest or charge can be levied on recovery of dues from customers during COVID related lockdown period.
6. Prohibition in publication of recovery notice during Covid-19 related lockdown period and 1 month after lifting of lockdown.
7. Auto time extension or renewal will be allowed upon customer request for renewal of term deposit, loan, LC.
8. BFIs will be encouraged to provide interest waiver for customer paying dues during lockdown period.
9. Loan To Value (LTV) ratio for margin loan against shares will continue to be 70% but valuation shall be lower of 180 days average value or current market price.
10. BFIs shall notify customers (deposit, loan) for all interest rate change information via electronic means ( Email / SMS).
11. BFIs shall arrange electronic mechanism to update KYC details of customers.
12. BFIs shall prioritized CSR spending for life saving, public interest and welfare though out the country specially for oxygen cylinders, concentrators, vaccine, medicines, etc.
13. Payment System Inspection and Supervision Bylaws and Guidelines will be formulated for monitoring of licensed payment service providers (PSPs).
14. Priority shall be provided for financial literary programme.
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