KATHMANDU, JUNE 12

Home Minister Bal Krishna Khand has said that cooperatives have carried out works neglected by the state. Addressing the Fourth Savings and Credit Cooperative Societies Summit here today, he said the cooperatives had played a significant role in uplifting the living standards of citizens. The Summit is organised by Nepal Federation of Savings and Credit Cooperative Unions Ltd and co-organised by the Ministry of Land management, Cooperatives and Poverty Alleviation.

The home minister also applauded the cooperatives for their role in empowering women and making social reforms as well as in prioritising capacity enhancement and increasing access to wealth by mobilising the scattered capital through savings and credit. He reiterated that the government was positive towards the cooperative movement.

Home Minister Khand stressed the need to invest the savings of cooperatives in productive sectors to make a meaningful contribution in a bid to boost the national economy. Registrar at the Cooperatives Division Rudra Prasad Pandit said complaints such as investing in unproductive sector, charging high interest and service fees, among others, had been found to be increasing. He urged the cooperatives to be sensitive to such complaints and cautioned them not to think as if they owned the banks.

Registrar Pandit also called on the cooperatives to strictly implement the 35-point integrated directives issued by the Division.

NEFSCUN chairperson Minraj Kandel drew the attention of the home minister, citing that the government had increased the rate of income tax. He urged the government to maintain the previous rate of income tax and bring a separate Savings and Credit Act for regulation of the savings and credit cooperatives organisations.

NEFSCUN President Paritosh Poudyal emphasised the need of a separate SAC- COS Act. Representatives of around 700 savings and credit cooperatives limited from across the country are attending the two-day Summit.

He also applauded the cooperatives for their role in empowering women

A version of this article appears in the print on June 13, 2022, of The Himalayan Times.