FNCCI announces protest against high interest rate of BFIs

Kathmandu / Nov 4: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Province 1 chapter is set to start a protest stating that businesses had to be closed down due to the high interest charged by the banks and financial institutions (BFIs).

A working committee meeting of the FNCCI of Province 1 held on November 4 decided to start a protest against the high interest rates from November 8. The federation announced the protest programs through a press release on Friday.

It is mentioned in the statement that on November 8, a memorandum will be given to the banks and financial institutions of the district and city through all the district administration offices of Province 1. Similarly, on November 9, no transactions in the banks, silent procession with placards, sit-in at Biratnagar Chief Minister’s Office and Nepal Rastra Bank (NRB) office and submission of a memorandum on November 10 has been announced.

The statement signed by Radha Raman Bhandari, Executive Director of FNCCI, Province 1, says that they have decided to gather at the central office of the federation to pressurize against the impractical policy of NRB.