Cooperative Returns Savings to 34 Depositors

Kathmandu. Under the supervision of the Kathmandu Metropolitan City, Cooperative Department, Buddha Darshan Saving and Credit Cooperative Limited has returned savings to 34 depositors.

The cooperative operating in Kamapa-6 returned savings to 70 member depositors who had saved up to Rs 150,000 today, the Kamapa Cooperative Department informed. The cooperative has a plan to return savings up to Rs 500,000 to depositors within the next 1 month. The Cooperative Department is facilitating both the savings return and loan recovery processes. Regarding the facilitation process for returning savings, Department Chief Dhruvkumar Kafle said, "We take applications with claims. We try to facilitate discussions and settlements between the cooperative's directors and those demanding savings back. As per the decision of the cooperative's board of directors, we send messages and requests to the debtors via SMS, registered letter, and public notice to repay loans." If it is not resolved through ward-level mediation, the department tries to mediate. If the cooperative's directors are reluctant to come into contact, recommendations for action are made. If the debtor does not repay the loan, a recommendation for action is sent to the relevant body. Through this process, savings and loans are returned in a lump sum or in installments. In the case of cooperatives that have closed down, for those who do not come into contact, information is given via SMS and letters, and recommendations for action are sent.

This process results in the return of savings and loans either in a lump sum or in installments. For those who have closed down the institution, for those who do not come into contact, information is given via SMS and letters, and recommendations for action are sent.