Mainly for the regulation of savings and credit cooperatives, the government is going to establish a powerful authority through an ordinance. Sources said that although the time frame for establishing the authority is not specified in the ordinance, it will be established as soon as possible.

The main responsibility of the Authority will be to create/implement national standards in matters such as registration, regulation, supervision, monitoring and reporting system of cooperative organizations that deal mainly with savings and loans.

'Issuing regulatory standards (prudential standards) in relation to the operation of cooperatives that deal mainly with savings and loans,' the work and duties of the authority are mentioned in the regulations, 'to perform necessary actions to ensure the safety of savers, to monitor and inspect the cooperatives on a regular basis' , receiving complaints, investigating the received complaints and giving instructions to the related organizations. The authority has also been given the authority to implement/have the management information reporting system of the cooperative at the union, state and local levels is

The authority has been given the authority to act like the district court in accordance with the prevailing law in handling and settling the complaints of misappropriation of savings before the authority.

'To make a person appear before the authority to make a statement or to take information, to understand a witness, to order to submit any written document in the government, state government or any agency or public institution at the government, state government or local level, to conduct an on-site inspection and to order to submit evidence Authority has the right to give.

'Economics, commerce, management, accounting, law or co-operatives with at least a master's degree and working in a gazetted first class or equivalent or having at least 15 years of work experience in international or national level banks or financial institutions or cooperatives The government will appoint the chairman of the authority.

There is a provision in the ordinance to appoint a person with the same educational qualification and 10 years of work experience as an expert member. The Executive Director of Nepal Rastra Bank, Joint Secretary in charge of cooperative sector of the Ministry of Cooperatives and one Chartered Accountant with at least 10 years of work experience are the members of the Authority.