KATHMANDU:- Nepal Rastra Bank (NRB) has called on banks and financial institutions to apply for refinancing to provide relief to Corona-affected industries and businesses. This is mentioned in the circular issued by NRB on Sunday. Commercial banks, development banks, financial institutions and microfinance institutions will be able to apply for refinancing. Banks and financial institutions will be able to apply till December 5.
Refinancing from NRB will be available from COVID-19 on loans extended to the most affected and moderately affected areas. NRB will provide loan on the security of good loan provided by banks and financial institutions. For refinancing, the most affected and middle areas are classified into two sections.
The worst affected areas are tourism, air and tourist transport, recreation, amusement parks, recreation businesses, party palaces, movie production, cinema halls, lost jobs, poultry business, livestock, bee and fishery businesses.
Readymade garments, handicrafts and skill based businesses, foreign employment service providers, private and residential schools, passenger land transport, beauty parlors, salons, cosmetic surgery and other social and personal service activities, legal, accounting, engineering and consulting services are also in the worst affected areas.
Similarly, industries and businesses related to the production and sale of consumer goods such as plastics, iron / steel, tires, leather, metal products, home appliances, etc. fall under the moderately affected area. Similarly, hospitals, clinics, nursing homes, diagnostic centers, storage facilities, forest and mining industries, construction business, pharmaceutical production, printing, publishing and communication houses, hydropower under construction and renewable energy, stone, clay and glass products are also under the moderately affected area.
NRB has urged those doing business with banks and financial institutions to apply to banks on the basis of circular. NRB has stated that it will provide refinancing of micro, home and small enterprises up to Rs 1.5 million to customers and special and general refinancing of up to Rs 50 million to banks and financial institutions. The interest rate on refinancing has been fixed at 3 percent to 5 percent.
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