Bagmati Province Government Begins Returning Savings to Small Depositors of Problematic Cooperatives

Kathmandu. The Bagmati Province government has started returning savings to small depositors of five problematic savings and credit cooperative societies.  

On Tuesday, Chief Minister Indra Bahadur Baniyan inaugurated the savings return program by distributing approximately 1.7 million rupees to 42 depositors at the Bagmati Province Good Governance Center in Jawalakhel.  

The office of the Problematic Cooperative Management Committee of the province had declared Civil Savings and Credit Cooperative Society, Darshan Savings and Credit Cooperative Society, Sumeru Savings and Credit Cooperative Society, National Namobuddha Savings and Credit Cooperative Society, and Laligurans Savings and Credit Cooperative Society as problematic cooperatives.

Speaking at the savings return inauguration program, Chief Minister Baniyan informed that 14,064 depositors from the five problematic cooperatives have claimed their savings back. According to him, the total savings of 51,190 members in these five cooperative societies amount to approximately 31.06 billion rupees. Of this, claims for the return of savings worth 22.38 billion rupees have been received, he informed.

He stated that in the first phase, priority is being given to small depositors with savings ranging from 10,000 to 100,000 rupees. Acknowledging that the depositors' funds have become insecure due to the lack of effective monitoring despite the state granting permission to cooperatives, he mentioned that the regulation and monitoring of the cooperative sector will be further tightened in the coming days.

Speaking at the program, he said, 'The state grants permission to cooperatives, but due to the lack of effective monitoring, the depositors' savings have become insecure. Therefore, the state must take this seriously now.' He stated that among the 14,000 depositors, those with savings between 10,000 and 100,000 rupees, who have saved through great struggle in their lives, are being returned their funds. He added that currently, approximately 1.7 million rupees are being distributed to 42 individuals with savings between 10,000 and 100,000 rupees.

He stated that in the coming days, the remaining amounts for the depositors will be returned by recovering funds from the debtors and operators of the cooperatives.