"Govt plans to introduce microfinance fund in upcoming budget"

KATHMANDU, MARCH 30 : Ministry of Finance has organised a discussion program with the stakeholders belonging to banking, finance and insurance sectors.During the program in the capital on Monday, they discussed about the subjects to be incorporated in the plans and programmes, and national budget for the coming fiscal year 2022/23.   

Minister for Finance, Janardan Sharma, said that the government is planning to come up with the idea  of microfinance fund in the new budget  to facilitate general public to acquire concessional loans.  He also expressed discontent over the current banking system of the deposit and withdrawal of cash, "The system is pretty hassle-some that has forced general public to stock their money in home,"adding, "As such, I urge the bankers to do the needful to attract more public fund."     

Speaking during the  function, Min Banadur Shrestha, force vice-president of the National Planning Commission, suggested the minstry to adopt some proactive measures to support the economy suffering the widening Balance of Payment (BoP) deficit, dwindling remmittance inflow etc. Such measures, according to him, could well be attracting foreign investment in stock market and controlling bank interest rate, among others.

Similaly, Banker Anil Shah, remarked that  a new provision shall be introduced while re-issuing labour pemit. This is about making it mandaroty for migrant Nepali workers to send cerain percentage of their income through the formal banking channel. "This will discourage the Hundi practice and increase the inflow of remmitance."