Nepal Government to Establish Dedicated Regulatory Body for Cooperatives

Nepal Government to Establish Dedicated Regulatory Body for Cooperatives

In a significant move to strengthen oversight and regulation, the Nepal government has announced plans to set up a dedicated regulatory body focused on the intensive supervision of cooperatives. This announcement came during the unveiling of the government’s policies and programs for the upcoming fiscal year, showcasing a commitment to enhance accountability and safeguard savings within the cooperative sector.

As part of the comprehensive strategy, the government outlined key initiatives aimed at protecting savings and investments in cooperatives. This strategy includes the establishment of the Cooperative Savings and Credit Protection Fund, the creation of a Cooperative Credit Information Center, and the implementation of a Cooperative Debt Recovery Tribunal. These measures are designed to ensure financial stability and resilience within cooperative institutions.

President Paudel stressed the importance of mandatory affiliation of cooperative organizations with the cooperative and poverty-related management and information system. This affiliation will streamline governance practices, improve transparency, and enhance accountability, ultimately benefiting members and stakeholders.

Moreover, the government has prioritized the consolidation of government-owned cooperatives to enhance efficiency and promote synergy. Encouraging mergers among savings and credit cooperatives will foster sustainability and strengthen the cooperative landscape, aligning with the government’s vision for a robust and resilient sector.

In a bid to address poverty and improve socio-economic conditions, the government aims to complete the identification process for impoverished households within the next fiscal year. Integrated programs focused on poverty alleviation will be implemented, including initiatives such as providing free insurance to identified households through local schemes. Additionally, support in the form of electric stoves and plumbing materials will be extended to families below the poverty line, enhancing their quality of life and socio-economic prospects.

Leave a Reply

Your email address will not be published. Required fields are marked *

Also Read

Auspicious Time for Dashain Tika 2081
News

Auspicious Time for Dashain Tika 2081

This year, the auspicious time for Dashain Tika is at 11:36 AM. According to the auspicious time announced by the Panchang Determination Committee on Friday, 11:36 AM on Vijaya Dashami is considered the most favorable time for receiving Tika. Vijaya Dashami falls on Saturday, Ashoj 26 (October 12). The Panchang Committee has stated that the […]

Read More
Nepal Initiates First Sovereign Credit Rating Process with Fitch Ratings
News

Nepal Initiates First Sovereign Credit Rating Process with Fitch Ratings

Nepal has embarked on securing its inaugural sovereign credit rating, with Fitch Ratings spearheading the effort. A Fitch Ratings team is currently on-site, conducting evaluations and engaging with key government entities, including the Ministry of Finance and Nepal Rastra Bank, as well as private sector companies, to gauge the nation’s economic position. Obtaining this credit […]

Read More
Inactive Cooperatives May Face Deregistration in Nepal
News

Inactive Cooperatives May Face Deregistration in Nepal

In a bold move to ensure transparency and accountability within Nepal’s cooperative sector, authorities have initiated stringent measures targeting inactive and non-responsive cooperative societies. The Kathmandu Metropolitan City (KMC) and the Madhes Provincial Government have taken decisive actions, issuing warnings and cancellation notices to cooperatives that have failed to maintain regular communication and reporting. The […]

Read More