Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has made a new provision allowing borrowers to remove their names from the blacklist.

Nepal Rastra Bank (NRB) has issued a unified directive to banks and financial institutions (BFIs) to remove them from the blacklist if they accept non-banking assets in such a way that they can recover all the liabilities they receive. In doing so, the borrower will also have to take an undertaking that he has relinquished his right to the property. This is a new arrangement made by the Rastra Bank.

Similarly, if any person, firm, company or corporate body which should not have been included in the blacklist by mistake has been included in the blacklist or defaulter list, the executive chief of the concerned licensed institution shall remove the blacklist immediately without any record.

Thus, a person, firm, company or corporate body removed from the blacklist by mistake shall not be deemed to have been included in the blacklist.

The licensed institution shall submit the details of the person, firm, company or corporate organization that has been inadvertently included in the blacklist and removed from the blacklist to its Board of Directors on a quarterly basis.