Microfinance institutions agree to return 1.6 billion rupees in service charges to respective consumers within a week

Kathmandu: Microfinance institutions have agreed to return 1.6 billion rupees to concerned customers within a week that were collected under the heading of service charge.

The microfinance institutions also decided not to charge more than 1.5 per cent annual service fee from the service seekers.

The agreement was reached during a meeting held at the Finance Ministry in the presence of Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel and the other stakeholders today.

On the occasion, Finance Minister Paudel directed Nepal Rastra Bank to submit a report after a study to address the problems faced by the microfinance institutions.