Kathmandu, Oct 29: The Office of the Problematic Cooperative Management Committee has shared that the full deposits of over 6,000 members from the crisis-hit cooperatives have been returned.
As of October 28 (Sunday), partial payments have been made to 438 claimants. During a programme held today, it was revealed that Rs 1 billion 515.3 million has been paid to the depositors by collecting funds from the borrowers of problematic cooperatives.
On the occasion, Minister for Land Management, Cooperatives and Poverty Alleviation Balaram Adhikari said that amendments to the law are being prepared to address the issues faced by cooperatives. He also stated that measures are being taken to freeze the property and passports of family members involved in fraudulent activities.
Minister Adhikari also said that the Ministry is planning to identify other problematic cooperatives.
Secretary at the Ministry, Mr Arjun Prasad Pokharel, said that efforts are being made to amend the laws to ensure the return of savings and prevent future issues in the sector.
Secretary Pokharel pledged to uphold the agreement made with the victims of the financial cooperatives, emphasizing that no further struggles would be necessary to address the cooperative issues.
Committee Chair Shriman Kumar Gautam said that efforts are ongoing to resolve the problems of the remaining 19 troubled cooperatives after successfully returning the savings of the victims from the three embattled ones.
It was disclosed that a public notice has been issued to the borrowers of the remaining 19 cooperatives, requiring them to repay their loans by October 31. Measures are in place to freeze the property and passports of these borrowers.
Gautam said that after the Tihar festival, the property and passports of family members of borrowers who have defaulted on the loan will be frozen. #cooperative #nepal #repay
