Governor Nepal slams wrongdoing in micro hydropower sector

Governor of Nepal Rastra Bank (NRB) Dr Chiranjivi Nepal has called for ending the malpractices and anomalies prevailing the micro hydropower sector in the country.

Inaugurating a national campaign spearheaded by Media International in promotion of financial literacy in Palpa on Friday, Governor Nepal said, "It has been found that as many as 10 micro hydro power projects have been granting loan to a single individual. Such malpractices should be curbed."

Stating that such activities were prevailing in the micro hydro power projects by breaching the necessary procedures, Nepal asserted that none should do financial dealing recklessly.

"One could be successful if s/he could mobilize money in the right manner," he said, inspiring the aspiring entrepreneurs who are starting their entrepreneurship journey, the Governor motivated,

Referencing those successful entrepreneurs at home and abroad who started from a humble background and went on to make fortune, the Governor encouraged, "One should not feel sorry for being born into the poor families. S/he should attain success through entrepreneurship."

Similarly, NRB’s Bhairahawa Chief Rajendra Bhattarai shared that campaign to merge banks with little capital amount was underway.

Likewise, Palpa Chamber of Commerce and Industry’s President Raju Maharjan said that although the government had pledged loan at subsided rate it was not translated into action yet.