17 cooperatives put in blacklist on charge of banking frauds in the past 11 months

Published On: June 26, 2022 06:25 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, June 26: The Credit Information Bureau (CIB) Nepal blacklisted four cooperatives in the past two weeks after they failed to pay loans taken from banks and financial institutions and National Cooperative Bank within the stipulated time.

According to the records of the CIB Nepal, Chandani Multipurpose Cooperative, Jeevan Sundar Agriculture Cooperative, Smriti Savings and Credit Cooperative and Tirimiri Savings and Credit Cooperative landed in blacklists in the past nine days.  

At a time when a number of cooperatives are being charged for embezzling their depositors’ money, the member-based organizations are lately found defaulting banks’ loans as well.

During mid-July and mid-June of the current fiscal year, the CIB Nepal recorded 17 cooperatives in blacklists. Of them, three are multipurpose cooperatives, two are agricultural cooperatives and the rest others are savings and credit cooperatives. 

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