Nepal, Probably the only country in the world where banks are free to make any amount of profit by imposing high-interest rates on making lenders homeless or out of business.
In such context, The businessmen of Surkhet have closed the market saying that the banks have arbitrarily increased the interest on loans.
They say that the private sector is collapsing due to the autocracy of banks.
With the decision to close the market by the private sector, the provincial capital Birendranagar has been deserted since Friday morning.
Laxman Kandel, president of the Surkhet Industry and Commerce Association, said that the bank is increasing the interest on loan investments on almost a monthly basis, charging many fees in the name of service fees and imposing more financial burden.
In addition, he said that the program of continuous mental pressure for interest installments is discouraging to the entire region. The United Businessmen’s Struggle Committee is conducting a phased protest against the bank.
Accordingly, on Friday, the banks closed Surkhet against the forcefully increased interest rates and mental torture given for interest installments.
Similarly, they appealed to all including traders, businessmen, and general service users not to pay the amounts in quarterly installments that should be paid to the banks by the end of October.