Government Moves to Address Cooperatives' Challenges ➤

Government Moves to Address Cooperatives’ Challenges

Legal Review and Depositor Assistance Announced Amidst Sector Concerns

In a significant move to tackle the issues plaguing the financial cooperatives sector, the government has announced its decision to review the legal framework governing these institutions. Additionally, it has pledged to assist in addressing the concerns of depositors in these cooperatives, ensuring their interests are safeguarded.

The announcements were made by Minister of Communications and Information Technology and Government Spokesperson, Rekha Sharma, following yesterday’s cabinet meeting held at the Office of the Prime Minister and the Council of Ministers.

Legal Review and Depositor Assistance

Recognizing the need for robust regulations and mechanisms to protect the interests of depositors, the government has committed to undertaking a comprehensive review of the legal framework governing financial cooperatives. This move aims to identify and address any loopholes or weaknesses that may have contributed to the challenges faced by the sector.

Furthermore, the government has pledged to provide assistance to depositors who have been affected by the issues in these cooperatives. The specific measures and modalities of this assistance will be outlined in due course, ensuring that the concerns of depositors are addressed promptly and effectively.

High Court Appointment

In another key decision, the cabinet has appointed Sudarshan Dev Bhatt, a judge of the Patan High Court, as the chairperson of the appeals committee. This appointment entrusts Bhatt with additional responsibilities at the same court, reflecting the government’s commitment to strengthening the judicial system.

Wildfire Control Measures

Amidst the ongoing challenges posed by wildfires across the country, the government has instructed relevant agencies to take decisive action to minimize the damage caused by these incidents and bring them under control. This directive underscores the priority placed on safeguarding the environment and protecting communities from the devastating effects of wildfires.

The government’s initiatives to address the issues in the financial cooperatives sector, coupled with the High Court appointment and measures to combat wildfires, demonstrate its commitment to addressing pressing concerns and ensuring the well-being of the people and the nation’s financial stability.