Kathmandu. Vice-Chairman of the National Planning Commission, Dr. Gunakar Bhatta said that the microfinance sector is now at a critical stage and there is growing concern about its stability.

He said this while addressing a programme organized to mark the 11th memorial day of Dr Harihar Dev Panta on Sunday.

He said that questions have started coming up about how to maintain the microfinance sector in the coming days and how to overcome the challenges in it.

Dr Bhatta said that the time has come to amend the microfinance policy introduced by Nepal Rastra Bank 20 years ago.

Dr Bhatta said that the contribution of microfinance is important to protect small entrepreneurs.

He said that the contribution of microfinance has been immense in alleviating poverty in the society, in the backward classes and areas and in increasing financial literacy.

He recalled that Dr Harihar had made a huge contribution to the development of micro enterprises through microfinance.

He expressed happiness that his son Janardan Dev Pant had followed the pace of work done by Dr Harihar.

Former chairman of the then Insurance Committee, Fatta Bahadur KC, said that microfinance has helped a lot in poverty reduction in Nepal. He said that Panta’s guidance was needed more in Nepal’s microfinance sector after the pandemic like Corona.

He said that the contribution of Dr Panta should be remembered at a time when the microfinance sector was under attack from all sides.

On the occasion, former chairman of the Securities Board of Nepal Rewat Bahadur Karki remembered Dr Pant as a person who worked without any interest. He claimed that Panta’s contribution was not only for the poor but also for the welfare of the country.

Pant recalled that even when he was in the NRB, he was more like an institution than an individual.

He said that there is a fear that microfinance will also be here and there when the policies are on the rise from time to time in Nepal.

On the occasion, Chairman of Nirdhan Utthan Laghubitta Bittiya Sanstha Janardan Dev Pant said that the microfinance sector should be reached to the target group by overcoming the challenges.

He said happiness, peace and prosperity could be achieved through micro finance.