Monday, January 14, 2019

Central bank asks BFIs to submit lending details

The central bank has directed the banks and financial institutions (BFIs) to submit the details of all the loans and facilities – they have approved – to it.
Issuing a notice today the central bank has urged all the ‘A’, ‘B’ and ‘C’ class banks and financial institutions to provide to it information also on outstanding total loans beyond 90 days repayment deadline. "The BFIs should also provide information to the central bank, if the loan is not repaid within 15 days from the date of the completion of ever quarter," the directives reads, adding that the BFIs should also provide information – of the changes made to the details sent to it, if any changes are made or if the loans were cleared, if the loans the repayment deadline of which had been missed became regular or if the deadline was extended and if it was re-tabulated – to the central bank within 15 days.
Nepal Rastra Bank (NRB) has also made strict provision for acquiring the customers’ details. "The BFIs should take all the details of customers including the copy of their citizenship certificate and details of their three generations," it further adds. "A copy of details, address and agreement made with a person receiving authority to carry out transactions on behalf of a private institution and a partnership firm should also be kept."
The central bank has also asked them to notify within three days, if one intends to seek information about borrowers and customers before releasing loan, renewing the outstanding loan and reconstructing and re-tabulation.

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