KATHMANDU: More than 6,000 depositors have sought the return of savings amounting to Rs 4.77 billion from cooperatives registered under the Kathmandu Metropolitan City, according to the Cooperative Division.
The increasing number of complaints reflects growing pressure on cooperatives to return deposits, officials said.
According to Chief of the Cooperative Division Dhruv Kumar Kafle, around 6,300 depositors have filed complaints since Baisakh 17, demanding repayment of their savings. Most of the claims range from Rs 100,000 to Rs 500,000.
He said that the majority of complainants are small-scale savers.
“Based on the complaints received, the number of small depositors depositing relatively small amounts is extremely high—around 500 to 1,000 complaints are being filed daily,” Kafle said.
According to the division, small depositors account for 78 percent of total complainants.
Meanwhile, the Kathmandu Metropolitan City Cooperative Division reported that Buddha Darshan Savings and Credit Cooperative Ltd. has recently returned savings to 34 depositors in two days.
The cooperative, based in Ward No. 6 of Kathmandu Metropolitan City, has started refunding deposits of up to Rs 150,000.
The institution has also announced plans to return deposits of up to Rs 500,000 within the next one month.
Authorities said coordination is underway with the Department of Cooperatives to facilitate both repayment of deposits and recovery of loans from borrowers.
The Cooperative Division is also mediating between cooperative operators and depositors through dialogue and settlement processes.
Chief Kafle said the division first collects formal complaints and then tries to facilitate discussions between both parties to reach an agreement.
“If settlement is not reached at the ward level mediation, we attempt further facilitation at the department level,” he said. “If operators refuse to cooperate, recommendations for legal action are also made.”
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