Govt to form dedicated regulatory body for cooperatives’ supervision and regulation


May 14, 2024


Govt to form dedicated regulatory body for cooperatives’ supervision and regulation

President Ram Chandra Paudel (C) unveiling the government's policies and program in the Parliament on Tuesday.

KATHMANDU: The government has announced to establish a dedicated regulatory body dedicated to the intensive supervision and regulation of cooperatives.

Unveiling the government’s policies and programs for the upcoming fiscal year on Tuesday, President Ram Chandra Paudel made the announcement.

In addition to this, the government has outlined a comprehensive strategy to safeguard the savings and investments in the cooperative sector.

This strategy entails the creation of the Cooperative Savings and Credit Protection Fund, the establishment of a Cooperative Credit Information Center, and the implementation of a Cooperative Debt Recovery Tribunal, it said.

President Paudel also emphasized the mandatory affiliation of cooperative organizations with the cooperative and poverty-related management and information system, ensuring streamlined governance and accountability within the sector.

Furthermore, the government has also decided to facilitate the consolidation of government-owned cooperatives, fostering efficiency and synergy.

Underlining the importance of consolidation, the government has sought to encourage the merger of savings and credit cooperatives, promoting sustainability and resilience within the cooperative landscape.

Moreover, the government’s policies and programs has also underscored the completion of the identification process for impoverished households within the next fiscal year.

Integrated programs targeting poverty alleviation will be executed, including the provision of free insurance to identified households through local initiatives, according to the policies and programs.

Additional support, such as electric stoves and plumbing materials, will be extended to families below the poverty line, augmenting their quality of life and socio-economic prospects.