NRB withdraws some names from blacklist

KATHMANDU, FEB 16: 

The central bank has withdrawn names from the list of wilful defaulters through a ministerial level decision.

The names of Biratnagar’s Subarna Bhakta Joshi and Prakash Bhakta Joshi, Rajbiraj’s Kishor Pradhan, Tankisinwari’s Sushmita Koirala and Kathmandu’s Ananda Bhandari have been withdrawn from the black list. They were blacklisted three years back for failing to repay money borrowed from Rastriya Banijya Bank. 

Nepal Rastra Bank (NRB) had intensified the loan recovery process of the state owned banks since a few years back. NRB seizes passports and takes legal action against those wilful defaulters whose loans exceed Rs 10 million. The large number of wilful defaulters in the two government owned commercial banks –– Nepal Bank and Rastriya Banijya Bank –– had pushed the banks to the brink of collapse. 

In the monetary policy of 2010-11, the central bank had even announced about preparing an action plan to punish the wilful defaulters. 

In 2009, the Wilful Defaulter Action Monitoring Committee had recovered substantial amounts of bad loans. The then Maoist-led government had formed the committee to monitor and expedite legal action against them.

Source: THT