Nepal Rastra Bank publishes major amendments in Unified Directives, 2075; Non-payment of credit card bill will also land you in blacklist

Nepal Rastra Bank (NRB) has published a summary of all the amendments made in the Unified Directives, 2075 in the course of implementing Unified Directives, 2076.

According to the amendments made, now the individuals not repaying credit card loan will also be added to the black list, which previously was limited to bank loans. In order to implement this NRB has also instructed BFIs to provide information regarding more than 1 lakh credit card limit users to the Credit Information Bureau.

Similarly, any loan taken from banks can't be re-lent to another party. In occurrence of such case, the loan will be considered Non-performing Loan (NPL).

The NRB has also extended the time period from immediate to within working days for banks to release collateral after the loan amount has been fully secured.

Likewise, NRB has also opened the way for B and C class financial institutions (development banks and finance companies) to issue Mutual Funds in the market.

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