Cooperatives and microfinances will be strictly regulated: PM Dahal
KATHMANDU: Prime Minister Pushpa Kamal Dahal has pledged to investigate and take action against microfinance financial institutions that are violating existing laws and directives issued by Nepal Rastra Bank (NRB).
In response to questions from lawmakers at the House of Representatives (HoR) meeting on Thursday, PM Dahal confirmed that excess fees charged by microfinance institutions are being refunded to the relevant account holders.
He reiterated, "The directive to refund service charges exceeding the stipulated amount and deposit it into the borrower's account is being enforced. A dedicated desk has been established at the Microfinance Institutions Supervision Department to listen to and address complaints."
Furthermore, he stated that an agreement has been reached through discussions between the government, industrialists, businessmen, and concerned farmers' organisations to settle the outstanding payments to dairy farmers by April 3, for dues up to January 14, 2024, and to maintain regular payments thereafter.
PM Dahal also said that Lumbini Development Trust (LDT) Executive Committee has already implemented the directive related to leasing of land at Ramgram of Kapilvastu, which was issued by the HoR Public Account Committee.
He mentioned that the draft law for establishing a secondary regulatory body to oversee financial cooperative institutions is in the final stages of preparation.
No-objection Certificate mandatory for Nepalis travelling to Russia
PM Dahal has stated that the Russian government has been informed that recruitment of Nepali citizens into the Russian Army is unlawful, and a 'No-objection Certificate' has been made compulsory for those travelling to Russia.
In response to questions from lawmakers in the HoR, he clarified that diplomatic efforts have been intensified to request Russia not to recruit Nepali citizens into Russian Army and to repatriate those already recruited.
The Prime Minister also informed the Lower House that discussions are ongoing with officials from the relevant countries regarding the repatriation of bodies of Nepali citizens who were recruited into the Russian Army and subsequently killed in conflict. This includes providing compensation to the families of those killed and hurt, and repatriating Nepali citizens held captive by Ukrainian Army.
He added, "Recently, the Russian government has agreed to provide compensation and insurance amounts to the victims' families via Consular Service Department, depositing the amount into the bank account of the Nepali Embassy.
The No-objection Certificate has been made mandatory for Nepali citizens travelling to Russia. However, this does not apply to those pursuing higher education on scholarships or those conducting business and professions there," PM Dahal confirmed.
