The central bank has categorised Covid-19 hit sectors into three segments – highly-affected, semi-affected and least-affected – on the basis of the level of impact, and postponed their loan and interest installment payment schedule.
Issuing a circular today, the central bank classified crisis-hit sectors to provide relief provisions, announced through the Monetary Policy for fiscal year 2020-21, on priority basis. According to the circular, tourism industry – including hotels, restaurants, trekking, travel agencies, home stay and resorts – aviation and transportation, entertainment hubs, poultry farming, bee-keeping and livestock farming and foreign employment recruiting agencies are the sectors highly affected by Covid-19.
Likewise, plastic and home appliances manufacturers, traders, educational institutions and child-care centres, beauty parlours and hair salons, consultancy service providers, hospitals and clinics, construction sector, media houses, pharmaceutical producers, under-construction hydropower and renewable energy projects as businesses are the semi-affected by Covid-19.
Similarly, hydel projects that are already connected to the national grid, e-commerce businesses, essential goods producers, importing trade, petroleum industry, advertising services, internet and telecommunication service providers, liquor and tobacco business and gold and other jewellery business are the least affected sectors by the coronavirus crisis, according to the central bank.
The sectors most hit by the Covid-19 will get loan payment – including instalment and interest payment – period extended by one year, whereas sectors moderately and least affected by Covid-19 will get loan payment period extended by nine months and six months, respectively, the circular reads, adding that the loan repayment period can be extended by two years for the tourist standard hotels.
The central bank has – through the unified directive – also tightened criteria for issuing personal, individual loans and has made it mandatory for individual borrowers to clearly disclose the purpose of the loan. Amending its Unified Directive-2019, the central bank has made disclosure of purpose compulsory on overdraft loans of up to Rs 5 million. “Earlier, Banks and Financial Institutions (BFIs) were allowed to disburse overdraft loans under ‘personal purpose’ heading, within the limit fixed by the central bank.”
The central bank has also reduced or exempted the service charges levied by the BFIs for issuing cheques and statements, and service charges for issuing loan, and so on. The customers have been complaining that the BFIs have been charging them for every services they seek.
Issuing a circular today, the central bank classified crisis-hit sectors to provide relief provisions, announced through the Monetary Policy for fiscal year 2020-21, on priority basis. According to the circular, tourism industry – including hotels, restaurants, trekking, travel agencies, home stay and resorts – aviation and transportation, entertainment hubs, poultry farming, bee-keeping and livestock farming and foreign employment recruiting agencies are the sectors highly affected by Covid-19.
Likewise, plastic and home appliances manufacturers, traders, educational institutions and child-care centres, beauty parlours and hair salons, consultancy service providers, hospitals and clinics, construction sector, media houses, pharmaceutical producers, under-construction hydropower and renewable energy projects as businesses are the semi-affected by Covid-19.
Similarly, hydel projects that are already connected to the national grid, e-commerce businesses, essential goods producers, importing trade, petroleum industry, advertising services, internet and telecommunication service providers, liquor and tobacco business and gold and other jewellery business are the least affected sectors by the coronavirus crisis, according to the central bank.
The sectors most hit by the Covid-19 will get loan payment – including instalment and interest payment – period extended by one year, whereas sectors moderately and least affected by Covid-19 will get loan payment period extended by nine months and six months, respectively, the circular reads, adding that the loan repayment period can be extended by two years for the tourist standard hotels.
The central bank has – through the unified directive – also tightened criteria for issuing personal, individual loans and has made it mandatory for individual borrowers to clearly disclose the purpose of the loan. Amending its Unified Directive-2019, the central bank has made disclosure of purpose compulsory on overdraft loans of up to Rs 5 million. “Earlier, Banks and Financial Institutions (BFIs) were allowed to disburse overdraft loans under ‘personal purpose’ heading, within the limit fixed by the central bank.”
The central bank has also reduced or exempted the service charges levied by the BFIs for issuing cheques and statements, and service charges for issuing loan, and so on. The customers have been complaining that the BFIs have been charging them for every services they seek.
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