Nepal Rastra Bank to provide interest-free loans for rebuilding houses

May 8, 2015 13:09 IST

Nepal Rastra Bank on 7 May 2015 announced to provide interest-free loans for rebuilding houses. The bank will provide interest-free loans of up to 25 lakh nepali rupees in the Kathmandu Valley and 15 lakh nepali rupees for those outside the capital for house reconstruction.

Nepal Rastra Bank is the regulatory authority of the Nepalese economy.

The central bank also said the commercial banks and financial institutions could take a maximum interest of 2 per cent under home loan for such purposes.

Meanwhile, Nepal’s Parliament unanimously passed a resolution committing to work together in the reconstruction work in the aftermath of the earthquake that devastated central and eastern hilly parts of Nepal.

The earthquake on 25 April 2015 and another one the following day of 7.9 and 6.7 magnitude have claimed 7765 lives and have left over 16000 injured.

It is the central bank of Nepal. It supervises the banks and financial institutions in Nepal and guides monetary policy. Nepal Rastra Bank also oversees foreign exchange rates and the country's foreign exchange reserves and regulates the foreign exchange policy.

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