By A Staff Reporter
Kathmandu, Jan.19: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has drawn the attention of Nepal Rastra Bank (NRB) to implement the relief packages announced in its monetary policy.
A delegation of the FNCCI officials led by its president Shekhar Golchha called on governor of NRB Maha Prasad Adhikari and pointed out that there were many problems in the implementation of the relief packages announced through the monetary policy for the revival of industries and businesses affected by COVID-19.
Golchha stressed the need for facilitating the enterprises and businesses in the current situation as the FNCCI has been facing more problems due to the reluctance of some banks and financial institutions to provide facilities as mentioned in the policy and procedures.
The federation said that despite some improvement in the economy, a study by the NRB has shown that only 54 per cent of the businesses have come into operation, and that most of the existing businesses were still facing cash shortage due to lack of demand in the market.
Therefore, we have demanded that the repayment period of the loan given by mid-January should be extended by three months to mid-April, FNCCI said.
The implementation of the loan for business continuity has just started by creating a separate fund of Rs. 50 billion through monetary policy.
The central bank should play a special role in making it possible for the affected businesses to use such loans without any hassle in the context of difficult business operations for the past 10 months.
The FNCCI urged the central bank to postpone the provision of keeping the debtor on the watchful list for two consecutive years as some banks and financial institutions blacklist entrepreneurs on various pretexts and the list of credit information centers also confirms this.
When there is more liquidity in the banking sector, NRB should consider increasing the investment in the productive sector, FNCCI said.
In the context of increasing online payments, it seems necessary to increase its limits and provide the necessary security.
The FNCCI is ready for cooperation to make legal and other arrangements by setting a time limit for mandatory payment of government revenue, fees and service charges online, read the press statement.
In a meeting, governor Adhikari expressed his commitment to working with the federation for the revival of the industry and business affected by COVID-19.
He also informed that awareness programmes would be conducted in all the provinces in collaboration with the federation regarding the refinancing facilities provided by the NRB.
He clarified that the NRB was also focused on restoring the industry and business and would do its best to address the issues raised by the private sector.