Kathmandu: Mero Microfinance has issued a 35-day notice to 402 borrowers who have failed to repay their loans.
As the borrowers did not repay the principal and interest within the stipulated time, the institution issued the notice on September 1, calling for repayment within 35 days.
While publishing the 35-day repayment notice, the microfinance institution also made public the three-generation details of the borrowers.
The notice states that the borrowers must settle their dues within 35 days. Otherwise, under Section 57 of the Bank and Financial Institutions Act, 2016, the names of the borrowers and guarantors will be blacklisted and they will be deprived of any services provided by the state.
The notice further mentions that passports will be blocked and confiscated, and both movable and immovable collateral assets will be seized and sold.
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