The total savings of citizens in cooperative organizations across the country are 1.125 trillion rupees. The National Cooperative Authority has stated that 1.125 trillion rupees have been collected in savings (deposits) and 923 billion rupees have been invested in loans in about 32,000 cooperative organizations in operation.

The 'Status Report on the Cooperative Sector' made public by the authority shows that 10.9 million citizens are affiliated with cooperative organizations so far, and 90,265 people are directly employed. 'The seven-decade-long cooperative campaign has become an important basis and medium for the country's socio-economic mobilization. The role played by the cooperative sector in raising the basic living standards of the people in a country with a predominantly rural economy is commendable,' the status report on the cooperative sector says.

The numerical and quantitative expansion of the cooperative sector, which is recognized as an important pillar of the economy in the constitution, has not been satisfactory. Various types of complications have also developed in this sector. The position paper concludes that the current situation has arisen due to various complications and problems that have arisen in the cooperative sector over the seven decades of development. ‘Some cooperatives are unable to return the savings of savers, there is no significant progress in the recovery of loan investments made to members, there are shortcomings in the observance of the values ​​and principles of cooperatives, there is a big difference in the essence and behavior of cooperatives, and the lack of quality cooperative education has led to a lack of attraction and responsibility towards cooperatives,’ the position paper states. ‘Due to the increasing problems and complications, there has also been a misconception that the entire cooperative sector has become problematic.’ In this situation, the authority needs to be more active in reducing the risks of the cooperative sector in the coming days.’

According to government data, the number of cooperatives, which were less than one thousand by the time the Cooperative Act 2048 was issued, has now reached 32,965. Of these, it is estimated that about 14,000 are cooperatives that operate savings and loans. Experts estimate that the number of cooperatives that mainly deal in savings and loans is more than 14,000, as some of the registered thematic and multi-purpose cooperatives are also engaged in savings and loans. ‘It is estimated that the entire cooperative sector spread across the country has mobilized about 1268 billion rupees in capital through shares and savings, directly employing about 90,000 people and making more than 10.9 million people members of cooperatives,’ the position paper says. ‘However, there is a need to ensure the method and source of accurate and regular data collection on cooperatives.’

The federal government has so far declared 23 cooperatives problematic. Of these, three have had their assets and liabilities paid. These cooperatives are organizations with few savers and low total savings. Currently, the assets and liabilities of 20 cooperatives are under the responsibility of the working committee. 74,307 members of these cooperatives have demanded the return of savings worth 44.489 billion rupees. Of that, the office has stated that 4.12 billion 6.6 million 5.654 crore rupees have been returned so far. It has been 8 years since the formation of the problematic cooperative management committee. During this period, most of the savers of problematic cooperatives have not been able to get their money back.

According to the special parliamentary investigation committee on the misuse of cooperative savings, which was previously formed under the coordination of UML leader Surya Thapa, 40 cooperatives operating in major cities alone have misappropriated 87.89 billion rupees from the general public. 40 cooperatives, including 22 problematic and 18 that have raised public questions, have a liability of 87.89 billion rupees, including savings of 71.30 billion rupees. However, the report states that the basis for raising interest on loans, investments made elsewhere, and non-banking assets is weak.

Of the 22 problematic cooperatives, 13 have disbursed loans of 21.37 billion rupees against the law. 18 cooperatives that have raised public questions have disbursed loans of 32.40 billion rupees. Of these, 6 cooperatives have disbursed Rs 6.85 billion 24 million 14 thousand to individuals and organizations related to the Gorkha Media Network. The report mentions that 31 cooperatives, including 18 and 13, have disbursed Rs 53.78 billion 51 million 16 thousand 196. In addition, eight problematic cooperatives have invested Rs 2.73 billion 360 thousand. 159.398 million have been invested from 18 cooperatives that have raised public questions. A total of Rs 2.88 billion 97 million 59 thousand have been embezzled in the name of investment. In a decade, 669 people have been arrested by the police, 1,540 are absconding. Most of them are rich and powerful.

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15 thousand savings and loan cooperatives, only 11.5 thousand registered with the Authority

11 thousand 677 savings and loan cooperatives have been registered with the National Cooperative Authority. The Authority has granted operating permission to 1,834 cooperatives till Tuesday.

Keshav Raj Bhattarai, Director and Spokesperson of the National Cooperative Regulatory Authority, informed that the certification work of 82 cooperatives has been completed and only the operation permit remains to be issued, 3,993 cooperatives are in the process of document verification, and the remaining 5,048 cooperatives have already received the 'OTP'. Bhattarai informed that the cooperatives that are in the process of document verification and have only received the OTP will be granted the operation permit within 30 days.

Currently, about 32,000 cooperatives of all types are in operation. Of these, about 15,000 are savings and credit cooperatives. The National Cooperative Regulatory Authority is an organization established mainly for the regulation of savings and credit cooperatives. The previous government amended the Government Act 2074 through an ordinance to establish the Authority for the regulation of savings and credit cooperatives. In which it is mentioned that cooperatives should obtain an operation permit from the Authority within one year of the implementation of the said act. That one year has ended on Chaitra 17 (Tuesday). For this reason, the authority has issued a notice stating that the deadline for listing has expired. However, the authority has urged the ministry to amend the Cooperatives Act 2074 BS to amend the provision that permits must be obtained within one year of the act's promulgation. A draft of the relevant act amendment has also been sent to the source for that.