Minister Ingnam said that now is the time to seriously consider the suffering of cooperative savers as a situation has arisen that has forced them to take to the streets.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Minister for Land Management, Cooperatives and Poverty Alleviation Kumar Ingnam has said that the state should take responsibility for the loss of billions of rupees of savers due to the failure of government agencies to strictly regulate cooperatives in the past.
Speaking on the occasion of the anniversary of the National Cooperative Authority, Minister Innam mentioned that the weak state mechanism is the main reason for the situation seen in the cooperative sector. He also said that the extreme disorder is seen in the cooperative sector today because the cooperative operators have accessed the state mechanism and have done mischief.
He said, 'Many savers in cooperatives have become victims. Not only savers, but also borrowers are crying today. Various records show that borrowers are also sinking. It is not clear who the loan was given to, who made the deposit. The identity of the borrower is not revealed. Even though some borrowers have deposited money, their records are not mentioned anywhere.'
Minister Innam said that since a situation has arisen where savers of cooperatives have to come out on the streets, now is the time to think seriously about their suffering. He informed that learning from past weaknesses, the government has now started strict regulation on cooperatives and has brought all the transactions of cooperatives under the supervision of the state. He said, 'The process of returning the money of the sinking savers has been initiated.'
Minister Ingnam also claimed that the government is seriously working towards bringing back to Nepal, as far as possible, the directors who absconded with the cooperative's money and returning the money to the savers.
