Kathmandu. The government-owned Rastriya Banijya Bank Limited has made public the names of hundreds of women entrepreneurs who have not paid principal and interest for a long time by taking loans without collateral. The bank has issued a public notice warning that if all the dues are not cleared within 35 days, strict legal action will be taken against the borrowers and personal guarantors.

The bank, in a notice published on November 3, 2083, has stated that if the loan is not repaid within the stipulated time, the names of the borrowers and guarantors will be blacklisted and the passports will be recommended for forfeiture.

The government had implemented the ‘Integrated Procedures on Interest Subsidy for Concessional Loans, 2075’ with the objective of expanding women’s access to finance, increasing investment in productive sectors and developing entrepreneurship. Under the same procedure, the Rastriya Banijya Bank had been providing concessional loans without collateral under the title of Women Entrepreneurship Development Loan.

However, the bank has made public the names of the borrowers saying that they did not pay the principal and interest as per the agreement after taking the loan, did not contact the concerned branch and ignored the repeated verbal and written reminders.

According to the notice issued by the Loan Recovery Department of the bank, the borrower and the individual guarantor should be present at the concerned branch office within 35 days from the date of publication of the notice and pay all the principal, interest, damages, interest and other fees.

If the bank fails to clear the dues within the stipulated time, it will start the process of blacklisting the names of borrowers, proprietors and individual guarantors as per the provision of Credit Information Center.

Likewise, the bank has warned to recommend action as per Clause 869 C of the Nepal Rastra Bank Act, 2058 BS, forward the process for freezing or confiscating the passports of the borrowers and guarantors and recommend to the bodies concerned to ban them from traveling abroad.

Besides, the notice states that the bank and financial institutions would freeze the bank accounts and movable and immovable properties of the borrowers, write to the bodies concerned to deprive them of social, public and civic facilities to be provided by the state and move ahead with the process of collecting dues through auction as per the Clause 57 of the Bank and Financial Institutions Act, 2073.

The list made public by the bank includes women entrepreneurs and their firms who have taken loans from various branches from east to west. The list includes borrowers who have taken loans from branches like Dhankuta, Itahari, Gaighat, Udayapur, Nuwakot, Dhading, Hetauda, Teku of Kathmandu, Surkhet, Ghorahi, Tulsipur, Dadeldhura and Dhangadhi.

According to the details made public, the loans have been taken for the operation of agricultural farms, garment and tailoring shops, beauty parlours, eateries, fruit and vegetable business, goat farming, poultry and dairy industries.

The bank has expedited the recovery process after problems were seen in the payment of the subsidized loan provided with the objective of promoting women entrepreneurship and increasing economic self-reliance.

If the bank fails to clear the dues within the stipulated time, all the expenses incurred in the legal process will be recovered from the concerned borrowers and guarantors.