KATHMANDU, Sept 13: The Task Force formed by the government to recommend measures to curb loan sharks has submitted its report to Home Minister Bal Krishna Khand.  

Coordinator of the task force Dr Bhishma Kumar Bhusal submitted the report to Minister Khand on Monday. 

According to the report, a total of 2,289 complaints were received relating to the loan shark and of them 59 cases were settled while seven cases were lodged in the concerned courts. Likewise, police have been probing into seven other issues.

The report stated that there are 33 loan sharks having more than four complaints accusing them of charging exorbitant interest rates on the poor people.  

The report has mentioned the compulsions of the poor people to seek loan with loan sharks, reasons behind poor access of bank and financial institutions to poor farmers, processes to receive loans from such informal channels, vicious cycle of exorbitant interest, international practices on the actions against the loan sharks and other issues have been included in the report. 

As per the recommendations made in the report, the local administration would also continue the investigation processes against the complaints received on this crime.  

The recommendations of the Task Force vary from political commitment to the government's policy and program, awareness raising and legal reforms, financial literacy and fiscal access and others.

The government had formed the task force a month ago seeking recommendations to curb loan sharks.

 
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