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Loan defaulters will not get state award

Loan defaulters will not be able to get any state award and to participate in any state program.

In addition to, loan defaulters will not be able to hold any position in any professional, commercial, social, cultural and political organization.

To make effective this, the government is going to formulate the Finance Company Act-2020, and it will replace the Financial Institutions Act-1993.

Financial Institution Division of the Ministry of Finance has already made the draft of law.

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