Banks profited by more than 20% on interest rates: Anjan Shrestha

KATHMANDU:Anjan Shrestha, a candidate for senior vice president in the Federation of Nepal Chamber of Commerce and Industry (FNCCI) elections, claims that banks and financial institutions have profited by more than 20% on interest rates. In a program held in Chandrauta, Kapilvastu, Lumbini Province, he stated that the economy is in trouble and that the government must act quickly to improve it.

When government spending is low, there is a lack of liquidity in the market, and it is difficult to build capital when industry and business are collapsing, according to Shrestha. He claimed that the bank's premium interest rate charged to industrialists was excessive and demanded it immediately.

"Industrilists are being hurt by enforcing the decades-old black market law, which states that they cannot take more than 20% of the profit, but the government and regulators don't care when the bank charges a premium of up to 60% on the interest rate," said Shrestha, a candidate for senior vice president.

He stated that the private sector has made significant contributions to the economy, and that as its role grows, the private sector must relinquish its rights. Shrestha stated that he is increasing his investment in Lumbini province, has invested in infrastructure, and plans to establish an automobile assembly industry. Senior Vice President candidate Anjan Shrestha stated that he has long contributed to the Federation and that it is now his turn to lead.

"I am young, but I have been involved with institutions for a long time." "It matured me, and based on that experience, I assumed leadership," Shrestha said.