Govt will strictly regulate cooperatives and micro-finances: PM Dahal « Khabarhub
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Govt will strictly regulate cooperatives and micro-finances: PM Dahal

07 March 2024  

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KATHMANDU: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has committed to investigating and taking action against micro-finance institutions that violate existing laws and directives issued by the Nepal Rastra Bank.

Addressing lawmakers’ queries in the House of Representatives meeting today, he mentioned that excess fees charged by micro-finances beyond the stipulated amount are being returned to the respective account holders.

“The directive to refund service charges exceeding the stipulated amount and deposit them into the borrower’s account is being enforced. A dedicated desk has been established at the Micro-finance Institutions Supervision Department to address complaints,” reiterated PM Dahal.

He further informed that an agreement has been reached among the government, industrialists, businessmen, and concerned farmers’ organizations to settle the remaining dues of dairy farmers by April 3, 2024 (as of January 14, 2024) and continue regular payments.

PM Dahal disclosed that the Lumbini Development Trust (LDT) Executive Committee has implemented the directive related to leasing land at Ramgram in Kapilvastu, issued by the House of Representatives Public Account Committee.

Additionally, he stated that the draft law for forming a second-order regulatory body for financial cooperative institutions is in its final stages.

“No-objection Certificate has been made mandatory for traveling to Russia,” PM Dahal announced.

Simultaneously, he conveyed that the Russian government has been informed that recruiting Nepali citizens into the Russian Army is illegal.

He emphasized the necessity of a ‘No-objection Certificate’ for those traveling to Russia.

Responding to lawmakers’ questions in the HoR, he clarified that diplomatic efforts are underway to discourage Russia from recruiting Nepali citizens and to repatriate those already recruited.

Talks with officials from concerned countries are ongoing regarding repatriation, compensation for families of those killed, and bringing home Nepali citizens held hostage by the Ukrainian Army.

“Recently, the Russian government agreed to provide compensation and insurance amounts through the Consular Service Department to victims’ families, depositing the funds into the Nepali Embassy’s bank account. The No-objection Certificate has become mandatory for Nepali citizens traveling to Russia, except for those studying on scholarships or engaged in business and professions,” explained the PM.


Publish Date : 07 March 2024 17:31 PM

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