"File a complaint against microfinance companies charging interest rate of over 15 percent"

KATHMANDU, FEBRUARY 28: Nepal Rastra Bank has urged the general public to register a complaint against any microfinance company charging an interest rate of more than 15 percent. There is no legal provision that allows such a company to do so  As such, issuing a public notice today, the NRB stated," We request each and everyone to register a complaint against microfinance imposing over 15 percent as an interest rate. Such an imposition is illicit."

According to the central bank, the complaint can be registered at its Financial Customer Protection Unit. As per the directive  of the NRB, microfinance companies are allowed to charge 15 percent as an interest rate and 1.5 percent as a service charge. However, many of them are violating the directive by charging more than the set limits in a shady manner.