According to the Problematic Cooperative Management Committee, the process of returning the savings of small savers with savings claims of less than Rs 10,000 from 20 cooperatives declared problematic is being carried out in a phased manner.
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The government has clarified that the amount received from the recovery of loans from troubled cooperatives has been returned to the affected savers.
The Problematic Cooperative Management Committee under the Ministry of Land Management, Cooperatives, Federal Affairs and General Administration has issued a statement, drawing attention to the public complaints and confusion that savings were returned from the state treasury.
According to the Problematic Cooperative Management Committee, the work of returning the savings of small savers with savings claims of less than 10 thousand from 20 cooperatives declared problematic is being carried out in a phased manner. However, a revolving fund has not been established so far.
According to the committee, the work of returning the savings to the savers of the concerned cooperatives from the amount received from the recovery of loans from troubled cooperatives and asset management is being carried out continuously in accordance with the prevailing legal provisions.
The press release states, ‘Until now, the committee has not established a revolving fund and operated the account, however, the work of returning savings to the savers of the cooperatives concerned from the amount received from debt recovery and asset management from problematic cooperatives is being continuously carried out in accordance with the prevailing legal provisions.’
To implement the provisions in point no. 99 of the 100 work lists approved by the Council of Ministers on Chaitra 13, 2082, the Council of Ministers has issued the ‘Working Procedures for the Establishment and Operation of the Revolving Fund for Returning Savings of Members of Problematic Cooperatives, 2083’ under the Problematic Cooperative Management Committee.
The committee has stated that it is working by giving priority to debt recovery and that the amount recovered from the debtors of the cooperatives concerned by the committee so far is being returned to the savers of the same cooperative.
