Origianlly Published: July 05, 2005
Source: Kantipur Online, Nepal
In a bid to regulate micro-credit institutions and use them as an instrument to reduce poverty, the government is soon coming out with a new national micro-credit policy.
The final draft of the policy has already been approved by a steering committee formed under Deputy Governor of NRB, Executive Director of Microfinance Department of Nepal Rastra Bank (NRB), Krishna Kumar Pradhan told the Post.
"The draft will be forwarded to the Cabinet of Ministers in a few days time for enactment," he said, adding that the 'whole process should not take more than a few weeks time'.
According to Pradhan, the new policy, formulated in consultation with the representatives of Ministry of Finance, Ministry of Local Development, Ministry of Agriculture and Cooperatives, Poverty Alleviation Fund, NRB and private experts, will define roles and responsibilities of the government, the central bank, donor agencies which fund microfinance institutions (MFIs) and micro-credit institutions, as well, ending prevailing confusions over duties of each of the sector.
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