KATHMANDU, May 8: A total of 11,600 cooperatives across Nepal are currently in the process of registration with the National Cooperative Regulatory Authority (NCRA), as the government moves to bring savings and credit cooperatives under a stricter regulatory framework.
The NCRA has initiated the registration drive with the objective of making the cooperative sector more organized, transparent, and credible, particularly focusing on cooperatives whose primary business is savings and credit operations.
According to the NCRA, around 3,000 cooperatives that applied online have already received operating licenses, while the remaining institutions are undergoing verification of documents and financial details. Officials said incomplete applications are being reviewed, and additional documents are being requested where necessary.
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The government established the NCRA about a year ago after growing concerns over weak regulation, monitoring, and supervision in the sector, which had increasingly put depositors’ money at risk.
Chairman of the NCRA, Dr Khagraj Sharma, said that the process of maintaining records of cooperatives operating under federal, provincial, and local jurisdictions has already begun.
Executive Director Keshav Raj Bhattarai said all cooperatives engaged primarily in savings and credit activities must now register with the Authority and obtain a licence before continuing operations.
He added that 3,646 cooperatives that have applied for licences are still awaiting approval due to incomplete documentation.
In a move to strengthen oversight, the Authority has also signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants of Nepal. Under the agreement, the institute will provide technical support in auditing cooperatives’ financial transactions and assessing their financial health.
