NBA is Certain that One Bad Event Cannot Ruin the Positive Connection that Banks, Financial Institution and Microfinance Companies Have With Their Customers
With respect to numerous disparaging remarks and agitational statements made by some people against banks, financial institutions, and microfinance organizations as well as the threatening gestures and disorderly behavior used to intimidate the staff, Nepal Bankers Association in coordination with Development Bankers Association, Nepal Microfinance Association, and Nepal Finance Association has released a statement regarding their view in the ongoing matter. According to them, the state's focus has moved to timely management of the chaotic situation in which people are taking the law into their own hands while disguising their actions as resistance.
Nepal Bankers Association denounce the recent opinions from a few individuals calling for the disobedience of the banking norms and boycotting of the interest payment.
Stating that both the debtors and the BFIs should remain honest and committed to the crores of depositors after they have drawn loans out of the hard-earned money of these crores of depositors, the bankers association has urged all the clients to behave responsibly and not to promote any mistrust and hatred against banking industry and the employees, as per the media statement.
Banks and other financial institutions have been able to mobilize more than Rs 4,800 Arba in loans through more than 18 lakh borrowers while also gathering more than Rs 5,400 Arba in deposits through more than 4.83 crore deposit accounts. Over 53,000 new direct employments have been generated by the industry. Altogether banks and other financial institutions paid more than Rs 34 Arba in taxes to the government last year and immediately provided borrowers with an interest rate discount of more than Rs 10 Arba during the covid pandemic. Microfinance organizations have helped more than 32 lakh borrowers and nearly 60 lakh deposit accounts in rural regions of the nation, in addition to creating more than 23,000 direct jobs.
We are certain that one bad event cannot ruin the positive connection that banks, financial institutions, and microfinance organizations have with their clients. The borrower's first responsibility after obtaining a loan from a bank, financial institution, or microfinance organization is without a question to make timely payments on the loan installments. We ask everyone to be aware of the fact that taking loans from banks and other financial institutions subject to various conditions and not paying them back later is anarchy. This kind of behavior is not in anyone's interest, it creates an uncomfortable environment, and it can have a negative impact on economic activities.
Since banks and other financial and microfinance institutions have been offering banking services in accordance with numerous laws and regulations established by regulatory bodies and are always mindful of the rights and interests of their clients, they should refrain from engaging in any illegal activity and instead consult with the appropriate institutions if there are any issues before moving forward. We ask that something helpful be done. Additionally, we anticipate that with the support and collaboration of all parties, the banking industry will continue to grow and contribute to the nation's economic development.
