Govt Forms Taskforce to Study Problems of Microfinance Sector   

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Govt Forms Taskforce to Study Problems of Microfinance Sector   

March 16: The Ministry of Finance has formed a seven-member taskforce to identify the problems surfaced in the microfinance sector and to recommend measures to resolve the problems.    
Finance Minister Barshaman Pun on Friday constituted the seven-member committee under the leadership of deputy governor of the Nepal Rastra Bank.    
The committee comprises the central bank's executive director to look after microfinance sector and joint secretary and under-secretary looking after the financial sector at the Ministry of Finance.    
Likewise, Punaram (Maniram) Gyawali, Kshetra Bahadur Moktan and Luja Rai representing the microfinance victims struggle committee are also the members of the taskforce.    
Revenue Secretary Dr Ram Prasad Ghimire informed that the name of the taskforce coordinator will be decided by the Nepal Rastra Bank from among the two deputy governors.    
The taskforce has been directed to submit a report within 60 days after determining the problems of the microfinance sector.    
Acting on the report of the taskforce, necessary policy and legal reforms will be made for the regulation of microfinance institutions, the Ministry of Finance said.    
On Friday, the government had reached a six-point agreement with the agitating microfinance victims. Point 5 of the agreement states that a taskforce would be formed to identify the problems of the sector and provide solutions. With the signing of the agreement, the agitating parties have withdrawn all the protest programmes.    
The Microfinance Victims' Struggle Committee has been arguing that the borrowers have been facing problems in repaying loans due the earthquake, economic blockade and Covid-19 pandemic. -- RSS

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