Govt. to update Cooperatives policy

Kathmandu: The government is to make a provision to ensure that the financial cooperatives are operated as per their purpose of establishment.

Furthermore, the cooperatives policy will be updated, with the provision for a specialized regulatory body for intensive supervision and regulation of the cooperatives. Given the recent scandals involving financial cooperatives in the country, the Government has also decided to establish the Cooperative Savings and Credit Security Fund, Cooperative Credit Information Centre, and Cooperative Debt Recovery Tribunal to protect the savings and investments of the cooperatives.

According to the policy and program of the government for the next financial year, read out by President Ramchandra Paudel today, arrangements will be made for the cooperatives for compulsory affiliation with the Cooperative and Poverty Management Information System.

Meanwhile, the savings and credit cooperatives operating in the will be encouraged to merge.