Cooperative Problem Management Committee Reports Rs 46 Billion Savings Return Pending for 76,000 Depositors

Kathmandu. The Problematic Cooperative Management Committee has stated that approximately Rs 46 billion in savings is pending for 76,000 depositors. Issuing a press release on Tuesday, the committee stated that approximately Rs 46 billion in savings is pending for 76,000 depositors in problematic cooperatives.

The committee is committed to identifying, resolving, and managing the various problems of cooperatives declared problematic, informed Rabin Dhakal, member secretary of the committee.

The committee has been continuously engaged in debt recovery and savings reconciliation, as well as restructuring internal operations, discussions with various stakeholders, and formulating action plans, according to the press release. The process of returning savings to claimant depositors will begin from the first week of Jestha.

The committee has stated that Rs 350 million has been deposited in the account of the Problematic Cooperative Management Committee so far.

The committee's work plan has also been made public to inform depositors about the committee's performance plan and working style, and to draw the attention and caution of debtors towards loan repayment.

• A policy will be adopted to start returning savings and prioritize loan recovery,
• The process of returning savings to claimant depositors will begin from the first week of Jestha,
• The time for claimant depositors who have missed their claims to re-claim will be opened in the first week of Shrawan,
• A scientific and just procedure will be developed for savings reconciliation,
• If the amount allocated by the Government of Nepal to the revolving fund is insufficient from the committee's fund, it will be spent only as a loan,
• The committee will adopt strict policies as per the law for loan recovery,
• Debtors who express written commitment to repay loans in installments and deposit a certain loan amount will be given appropriate time,
• Among the pressure-inducing activities for loan recovery, the three-generation details of debtors will be published and the names of family members will also be included in the blacklist,
• Grievance management and information dissemination will be done regularly.