The Nepali Parliamentary Public Account Committee (PAC) has directed all banks to formulate a plan of action within three weeks for recovering bad loans, which have crossed 35 billion Nepali rupees (500 million U.S. dollars), a leading newspaper, The Himalayan Times, reported on Monday.

The PAC on Sunday held a discussion on the hurdles in recovering all non-performing loans with various government officials, including the governor of Nepal Rastra Bank, the central bank of the country, Bijaya Nath Bhattarai and Finance Secretary Vidhyadhar Mallik.

PAC Chairman Chitra Bahadur KC, while giving direction to the government officials, said such a plan of action will comprise, among other things, strategies to be adopted by banks and the value of collateral.

Source: Xinhua