Home Minister Khand lauds role played by cooperatives

KATHMANDU: Home Minister Bal Krishna Khand has said that the cooperatives have carried out works not done by the state.

Addressing the Fourth Savings and Credit Cooperative Societies (SACCOS) Summit in Kathmandu on Sunday, he said the cooperatives have played a significant role in uplifting the living standards of the citizens.

The Summit is organized by Nepal Federation of Savings and Credit Cooperative Unions Ltd (NEFSCUN) and co-organized by the Ministry of Land management, Cooperatives and Poverty Alleviation.

The Home Minister also applauded the cooperatives for their role in empowering the women and social reforms as well as in capacity enhancement and increasing access to wealth by mobilizing the scattered capital through savings and credit. He reiterated that the government was positive regarding the cooperative movement.

Home Minister Khand stressed on the need of investing the savings of the cooperatives in productive sectors for making a meaningful contribution to boosting the national economy.

Registrar at the Cooperatives Division Rudra Prasad Pandit said complaints have been found increasing as a result of increased investment in the unproductive sectors, charging high interest and service fees, among others . He urged the cooperatives to be sensitive on such complaints, cautioning them not to think of being banks.

Registrar Pandit also called on the cooperatives to strictly implement the 35-point integrated directives issued by the Division.

NEFSCUN Chairperson Minraj Kandel drew the attention of the Home Minister saying the government has increased the rate of income tax. He urged the government to maintain the previous rate of income tax and bring a separate Savings and credit Act for the regulation of the savings and credit cooperatives organizations.

NEFSCUN President Paritosh Poudyal pointed out the need of a separate SACCOS Act.

Representatives of around 700 savings and credit cooperatives limited from across the country are attending the two-day Summit.

The Fourth Summit has laid special emphasis on use of new technology by cooperatives and a better networked and sustainable campaign.