Committee submits report on problematic cooperatives to Minister Shrestha

KATHMANDU: Problematic Cooperative Management Committee today submitted a report about the problematic cooperatives to Minister for Land Management, Cooperatives and Poverty Alleviation Sashi Shrestha. The committee submitted the reports on Oriental Co-operative, Societal Saving and Credit Cooperative and Jhigu Luniva Multipurpose Co-operative among the cooperatives declared problematic by the ministry. On the occasion, Minister Shrestha urged the authorities to adhere to the basic values, norms and principles of the cooperatives and make arrangements to provide funds to the claimants on the basis of certain principles and criteria. Minister Shrestha stressed the need to work out an action plan to prevent problems in the cooperatives. She said that the ministry was ready to take necessary legal and policy arrangements. The committee has concluded that the cooperatives are facing problems as they have acted contrary to the legal responsibility of promoting good governance in the cooperatives by adopting the concepts of self-accountability, honesty and mutual assistance with the values, beliefs and principles of the cooperatives. The report shows that problem has arisen as the cooperatives have misused the savings of the depositors against the purpose and principle of the cooperative in direct violation of the law, without keeping collateral or security while giving loans or maintaining a high value of collateral and setting up an artificial business. Chairperson of the committee, Kashiraj Dahal, expressed his commitment to work to solve the problems of troubled cooperatives by formulating principles and criteria. READ ALSO:

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