Interest and penalty waiver offered to borrowers who repay loans by Bhadra-end
Borrowers of cooperatives declared “troubled” in Bagmati Province can now benefit from an interest and penalty waiver if they repay their outstanding principal and interest by Bhadra 31. The Office of the Troubled Cooperative Management Committee, under the Ministry of Cooperatives and Poverty Alleviation of Bagmati Province, issued a public notice announcing this relief measure.
According to the committee, if borrowers settle their loans — taken before the cooperative was declared troubled — by Bhadra 31, all additional interest and penalty charges incurred after the declaration will be waived. However, those who fail to repay within the given period will be liable to pay the full principal, accrued interest, and penalties.
So far, five cooperatives within Bagmati Province have been officially declared troubled: Civil Cooperative, Darshan Cooperative, National Namobuddha Cooperative, Laligurans Cooperative, and Sumeru Cooperative.
In addition, if cooperatives face difficulties recovering loans, they can now initiate legal proceedings through the Credit Recovery Tribunal. As per departmental directives, legal action may be taken against defaulters in accordance with existing laws to recover dues.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
