Nepal Government to Establish Dedicated Regulatory Body for Cooperatives ➤

Nepal Government to Establish Dedicated Regulatory Body for Cooperatives

President Ram Chandra Paudel unveils robust policies to ensure intensive supervision, protection of savings, and poverty alleviation in the cooperative sector

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.