Kathmandu, May 11: The government has announced that loans issued by problematic cooperatives will be recovered and the collected funds will be paid back to depositors in the upcoming fiscal year 2083/84 BS.
The plan has been incorporated in the government's annual policies and programmes for the upcoming fiscal year presented by President Ramchandra Paudel at the joint meeting of the Federal Parliament today.
Unveiling the policies and programmes, President Paudel stated that the government would address long-standing problems faced by victims of fraudulent and troubled cooperatives who have not yet received their deposits back.
Under this policy, the government will establish an Integrated Depositors Protection Fund aimed at returning savings to members of the crisis-hit cooperatives.
The government plans to recover outstanding cooperative loans and mobilize the collected amount into the fund to compensate depositors duped by fraudulent cooperatives.
A revolving fund has already been set up to facilitate the return of savings from problematic cooperatives. It has also allocated Rs 250 million as seed capital for the current fiscal year, as mentioned in the policies and programmes document.
The newly released policies and programmes document also outlined the government's plans to further strengthen the National Cooperatives Regulatory Authority for effective regulation and management of the cooperative institutions.
Furthermore, the government has pledged to fully comply with international anti-money laundering standards by implementing a risk-based regulatory, supervision and prosecution system.
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