Memorandum Submitted by Bhaktapur Entrepreneurs Against High Interest Rates Imposed by Banks and Other Financial Institutions

Entrepreneurs in Bhaktapur have complained in writing to the district administration office about the excessive interest rates imposed by banks and other financial institutions. Together with the Bhaktapur Chamber of Commerce, a memo was delivered in front of a number of the district's business and professional organizations. Vice President of the Bhaktapur Chamber of Commerce Kabidas Shrestha informed Chief District Officer Rudra Devi Sharma in a memo that industries must shut down because of the high-interest rate.

Industrialists claim that although banks and other financial institutions have raised deposit interest rates, deposits have not gone up. Although deposits could not increase, there was a significant negative impact because of the high-interest rates, according to the Chamber's statement. The businessman has provided the regional government with a 4-point attention letter.

Industrialists have also sought the development of a policy to keep the interest rate within the intended limit, taking into account both the current impact of the interest rate and historical experience. Similar demands have been made for banks and financial organizations to lower their current spread rate and boost the loan's base rate by at least a certain percentage.

Businessmen have also highlighted the fact that by reducing the costs incurred by banks and financial institutions, the Aadhaar rate can be decreased. Businessmen have also claimed that the interest rate on loans provided to commercial banks by Nepal Rastra Bank has increased in comparison to earlier times. They are asking the Central Bank to act to extend the time during the loan interest payment term due to the challenging circumstances facing the nation.