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Rule 23
Basis and procedure of reference interest rate
: (1) The committee as per section 51 of the Act shall take the following basis while determining the reference interest rate :-
(a) Average interest rate of institutions and associations affiliated to the central subject association dealing with savings and loans, (b) Average interest rate of co-operative banks,
(c) Average interest rate of licensed banks of "A" category according to the law related to banks and financial institutions,
(d) Interest rates: Regarding the study reports done by Nepal Government ministries, agencies, Nepal Rastra Bank,
(e) National Federation of Cooperatives, suggestions received from subject central associations,
(f)/ Other grounds deemed appropriate by the Reference Interest Rate Determination Committee.
(2) While determining the reference interest rate as per sub-rule (1): Generally the following principles shall be followed :-
(a). Generally higher than the weighted average interest rate on savings,
(b) generally less than the weighted average interest rate in installments,
(c) The difference between the interest rates of savings and loans decreased to less than six percent. (3) While determining the reference interest rate in accordance with this rule, separate rates can be established for urban and rural areas depending on the type and purpose of savings and loans.
(4) The reference interest rate determined in accordance with this rule shall be reviewed as necessary.
(5) The decision of the committee under section 51 of the Act shall be made by the majority of the members present at the meeting.
(6) The committee according to section 51 of the Act shall annually evaluate the reference interest rate compliance situation and submit a report to the Ministry with necessary suggestions regarding the reference interest rate.
(7) In addition to sending the reference interest rate determination information to the Ministry and Nepal Rastra Bank according to this rule, it must also be published in one of the national daily newspapers.
(8) The National Federation of Cooperatives and Centrally Subject Cooperatives shall inform their members about the reference interest rate determination and also monitor the compliance status.
(a) Average interest rate of institutions and associations affiliated to the central subject association dealing with savings and loans, (b) Average interest rate of co-operative banks,
(c) Average interest rate of licensed banks of "A" category according to the law related to banks and financial institutions,
(d) Interest rates: Regarding the study reports done by Nepal Government ministries, agencies, Nepal Rastra Bank,
(e) National Federation of Cooperatives, suggestions received from subject central associations,
(f)/ Other grounds deemed appropriate by the Reference Interest Rate Determination Committee.
(2) While determining the reference interest rate as per sub-rule (1): Generally the following principles shall be followed :-
(a). Generally higher than the weighted average interest rate on savings,
(b) generally less than the weighted average interest rate in installments,
(c) The difference between the interest rates of savings and loans decreased to less than six percent. (3) While determining the reference interest rate in accordance with this rule, separate rates can be established for urban and rural areas depending on the type and purpose of savings and loans.
(4) The reference interest rate determined in accordance with this rule shall be reviewed as necessary.
(5) The decision of the committee under section 51 of the Act shall be made by the majority of the members present at the meeting.
(6) The committee according to section 51 of the Act shall annually evaluate the reference interest rate compliance situation and submit a report to the Ministry with necessary suggestions regarding the reference interest rate.
(7) In addition to sending the reference interest rate determination information to the Ministry and Nepal Rastra Bank according to this rule, it must also be published in one of the national daily newspapers.
(8) The National Federation of Cooperatives and Centrally Subject Cooperatives shall inform their members about the reference interest rate determination and also monitor the compliance status.