KATHMANDU: The Problematic Cooperative Management Committee, has reported that deposits have been fully refunded to 6,155 depositors so far.
At a program held in Kathmandu on Tuesday, Minister of Land Management, Cooperatives, and Poverty Alleviation Balaram Adhikari announced that 1.48 billion rupees has been refunded to these depositors from troubled cooperatives.
Additionally, partial refunds exceeding 30 million rupees have been issued to 438 depositors.
Minister Adhikari stated that deposits totaling 38.42 billion rupees are still owed to 56,605 depositors in problematic cooperatives.
To expedite the process, he explained that assets of these cooperatives would be sold, auctioned, or exchanged if necessary.
Similarly, properties of borrowers who have defaulted on loans from these cooperatives will also be auctioned.
He noted that the process has already begun to declare several cooperatives as problematic.
Currently, there are 19 cooperatives pending asset management and liability clearance. Three cooperatives have already completed their obligations by returning funds to depositors.
Minister Adhikari shared that nine additional cooperatives are expected to be cleared by the end of the fiscal year.
Furthermore, final recovery action will be taken against 13,075 borrowers, aiming to collect 23.62 billion rupees.
At the event, some depositors received refunds from problematic cooperatives.
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