Kathmandu. A total of Rs 923.47 billion has been disbursed through cooperatives across the country.
According to the Economic Survey 2081/82 released by the Ministry of Finance, a large amount of credit has been disbursed from cooperatives. According to the survey, rs 1,125.28 billion has been mobilised in the cooperative sector. Of this, Rs 923.47 billion has been disbursed.
Similarly, the economic survey has shown that the number of people working in the cooperative sector has decreased. As of June 2018, there were 94,002 direct employment in the cooperative sector, while 90,265 such jobs were available as of February 2081.
A total of 17,696 cooperatives had joined the cooperative and poverty information management system till June 2081, taking the number to 18,899 as of February 2081.
According to the Economic Survey, billions of savings of the general public are yet to be raised. Of the 22 cooperatives declared problematic, only three have been cleared while 19 are yet to pay their assets and liabilities.
So far, out of the total 62,710 claimants, 7,155 members have withdrawn all their savings while about 1,000 partial savings have been withdrawn. The remaining members have not been able to return their savings.
According to the Economic Survey, the claim made by the aggrieved savers is Rs 39.93 billion, out of which Rs 841 million has been returned till Mid-February of the current fiscal year and Rs 1.67 billion till February 2081.
The number of co-operative societies stood at 32,965 in February 2018. During this period, the number of shareholders stood at 10,905,192 and the share capital was Rs 143.29 billion.
The National Cooperative Regulatory Authority has already been established by amending the Cooperative Act, 2074 BS to regulate the cooperative societies dealing with the main transactions of savings and loans to solve the existing problems seen in the cooperative sector. But the AUTHORITY is yet to get a leader or an office-bearer. As a result, the work is not being done effectively.
It has been more than a year since the committee submitted its report after an inquiry committee was formed on May 15, 2081 to solve the problems seen in the cooperative sector. According to the report, former Home Minister Rabi Lamichhane is still in jail in the name of investigation on charges of misappropriating billions of rupees of cooperative savers.
The government is yet to arrest those who misappropriated billions of rupees of big cooperative savers, including Jibi Rai.
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