Kathmandu Metropolitan City Sees Only 667 Cooperatives Renewed Out of 1,912

Kathmandu Metropolitan City has reported that only 667 cooperatives out of 1,912 registered within the city limits have renewed their registration in the fiscal year 2082-83.

The Metropolitan City views this as an indication that most cooperatives are either unregulated or inactive. The Cooperative Department presented its annual progress report to acting chief Sunita Dangol on Friday, revealing this information.

According to department chief Dhruvakumar Kafle, last year, 1,312 debtors of 103 cooperatives were facilitated to repay their loans through SMS and correspondence. Similarly, 58 cooperatives have been able to resolve disputes between savers and management through mediation.

Acting chief Dangol directed the department to identify potential problems and take timely legal, administrative, and practical measures to ensure the safety of savers’ money without waiting for complaints.

The Metropolitan City reported that 10,234 savers have filed complaints demanding the return of their savings amounting to over Rs 8.19 billion. Consequently, 915 cooperatives have been recommended for action, and correspondence has been sent to the Kathmandu District Police Office to take action against 987 cooperatives.

The department has also intensified monitoring of 40 cooperatives, conducted a detailed inspection of 163 institutions, and approved the amendment of regulations for 70 institutions. Additionally, a public notice has been issued to prohibit cooperatives from collecting savings by enrolling non-Nepali citizens as members.