Problematic Cooperatives Management Committee Returns Savings to Depositors

Kathmandu. The Problematic Cooperatives Management Committee is managing the assets and liabilities of cooperatives declared problematic by the Government of Nepal and regularly returning funds to depositors. Savings are being returned by prioritizing according to the Cooperatives Act, 2074, the directive order of the Supreme Court, and the 100-point declaration of the Government of Nepal.

The committee has been providing funds once a year to depositors who are senior citizens aged 70 years, depositors with life-threatening diseases certified by a licensed doctor, single women, and fully disabled or incapacitated depositors. Similarly, for depositors with savings of more than five hundred thousand rupees, the process of regularly returning savings has been started, with a maximum of 50 percent not exceeding at one time.

Based on this priority, on Shrawan 8, a total of 1.2 million rupees in savings was returned to 48 depositors from 5 different cooperatives. Accordingly, there were 37 depositors from Kantipur Saving and Credit Co-operative Ltd., 4 from Gautamshree Multipurpose Cooperative Institution Ltd., 3 from Krishi Bikas Multipurpose Cooperative Institution Ltd., 2 from Ideal Yamuna Multipurpose Cooperative Institution Ltd., and 2 depositors from Pashupati Saving and Credit Co-operative Ltd.

They were returned 25,000 rupees per person. The committee has stated that the savings return process for depositors who have received priority will be regularly carried out after verifying the applications and claims received from the depositors.