The commission has suggested making the role of the National Cooperative Authority effective in regulating savings and credit cooperatives.
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The Commission to Inquiry into the Situation in Cooperatives has suggested abolishing the current Cooperative Department. The Commission has suggested making the role of the National Cooperative Authority effective in regulating savings and credit cooperatives. The Commission has suggested maintaining a small-sized 'Cooperative Division' for policy and legal work in the Ministry of Cooperatives for the remaining cooperatives.
'It would be appropriate to abolish the existing Cooperative Department, maintain a small-sized 'Cooperative Division' for policy and legal work in the ministry, and assign it the responsibility of promoting and supervising cooperatives other than those engaged in the main business of savings and credit,' the Commission has said. 'Government agencies concerned with the supervision and monitoring of such cooperatives should make legal arrangements according to their geographical scope.'
The Commission has also said that the amount of the Cooperative Promotion Fund should be brought under the National Cooperative Regulatory Authority and spent on inspection of cooperatives, capacity development and other cooperative promotion-related activities.
Similarly, the Commission suggests that cooperative training centers be brought under the authority and that they be given emphasis on conducting capacity building training on financial literacy, cooperative management, loan management, and financial analysis for directors, employees, and members.
