Kathmandu. The Ministry of Home Affairs has issued strict directives to stop the activities of misbehaving or torturing the borrowers in the name of debt recovery. Point No. 8 of the agreement with the Ministry of Nation, Nationality, Religion, Culture and Citizens Rescue Campaign has issued such directives. The Ministry has issued such directives by implementing 8.
The circular, issued through a secretary-level decision, clearly states that legal action will be taken if the banks and financial institutions harass the borrowers while recovering loans, exerting pressure or torturing them.
Now, illegal activities like picking up goods from home in the name of loan recovery, pressuring people to stay at home until the installment is paid, abusive, humiliating or misbehaving, have been completely prohibited. The ministry has said that action will be taken on the basis of complaints against the person or organization involved in such acts.
The victims can file a complaint with the District Administration Office, and on the basis of that complaint, the administration will take necessary action.
On the other hand, banks and financial institutions have expressed concern that the recovery of loans will be affected after this directive of the ministry. Bankers have expressed concern that such a directive may further complicate the process of raising loans in the wake of the increase in bad loans in recent times.
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