Loan shark victims to call off protests, 5-point deal inked with government

Kathmandu: Representatives of loan sharking victims and government officials have inked a five-point deal on Saturday evening.

The 5-point agreement was signed at Home Ministry after the negotiation between government officials and representatives of loan shark victims. The Home Minister Narayan Kaji Shreshtha, along with other officials, was also present during the negotiation.

After the government pledged to form a high-level inquiry commission to investigate the problems of predatory lending, the representative agreed to the 5-point deal. According to the deal, the loan shark victims will call off their protests.

In today’s talks, it was also agreed to request the government to speed up the process of criminalizing unethical lending by amending related laws.

Similarly, the agreement includes the point to recommend the government to form coordination/facilitation committee at district level to address the complaints of loan shark victims. As per the agreement, such committee will support and coordinate the inquiry commission, collect complaints and grievances from victims, assist in evidence collection, facilitate free legal aid and conduct awareness activities.

The high-level inquiry commission will comprise police personnel, district government attorneys, heads of land revenue and survey office, representatives of banks and financial institutions and representatives of loan shark victims as its members.