According to the authority, as of 17 Chaitra, 11,677 savings and credit cooperatives have been registered, and 1,834 cooperatives have been granted operating permits.
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Out of the 15,000 savings and credit cooperatives in operation, only 11.5 thousand have been registered with the National Cooperative Authority. According to the authority, as of 17 Chaitra, 11,677 savings and credit cooperatives have been registered, and 1,834 cooperatives have been granted operating permits.
The National Cooperative Regulatory Authority is an organization established to regulate savings and credit cooperatives. The previous government amended the Government Act 2074 through an ordinance to establish the authority to regulate savings and credit cooperatives.
It is mentioned that cooperatives must obtain operating permits from the authority within one year of the enactment of the said act. According to the act, one year expired yesterday, 17 Chaitra (Tuesday). For this reason, the authority has issued a notice stating that the deadline for listing has expired.
According to the authority, 802 cooperatives have been certified and operating permits are pending, while 3,993 cooperatives have been granted operating permits. The document verification process of the organization is in progress and the remaining 5,048 cooperatives have already received the 'OTP', informed Keshav Raj Bhattarai, Director and Spokesperson of the Authority. Bhattarai informed that the cooperatives that are in the document verification process and have only received the OTP will be allowed to operate within 30 days.
32,000 cooperatives, 15,000 savings and credit cooperatives
Currently, about 32,000 cooperatives of all types are operating across the country. Of these, about 15,000 are savings and credit cooperatives.
However, the Authority has urged the ministry to amend the Cooperative Act 2074 to amend the provision that the license must be obtained within one year of the promulgation of the act. A source informed that a draft of the relevant act amendment has also been sent for that.
The work of amending the act will be done by the Parliament. Therefore, experts say that its process will be somewhat lengthy. It is known that the process of registration and recording of cooperative organizations as per the ‘Registration and Recording Standards of Cooperative Organizations Mainly Engaged in Savings and Loans, 2082’ has started from 10 Mangsir 2082 and the extended period as per the provisions of Section 3(4) of the standards is till 17 Chaitra 2082,’ the Authority’s notice states, ‘During this period, all the cooperative organizations concerned will have to submit the bank voucher showing the payment of the prescribed fee for registration and the prescribed details.’
If an organization has paid the fee within the prescribed period but is yet to enter the complete details for any reason, the Authority has provided the facility to enter the complete details by 17 Baisakh 2083.
The Authority has stated that only those cooperative organizations that have entered the complete details within the prescribed period will be granted a license after verifying the details.
