KATHMANDU, Aug 10: The Problematic Cooperative Management Committee has so far returned savings to around 4,000 depositors through full repayment, partial repayment and adjustment of savings, the committee said.
The committee currently faces a liability of around Rs 46 billion owed to 76,000 depositors.
According to committee chair Dilli Raj Acharya, Rs 420 million has so far been collected from various troubled cooperatives, including Rs 120 million from Kantipur Cooperative alone.
Cooperative crisis: Depositors struggle as promised refunds rem...
Acharya said preparations are underway to distribute funds before the upcoming Dashain to depositors of cooperatives with liabilities ranging from Rs 10 million to Rs 120 million. In
Small depositors with savings of Rs 10,000 or less, senior citizens, single women, people with severe disabilities and those suffering from illnesses have been given priority in the refund process.
At present, Kantipur depositors are receiving Rs 25,000 each, while Gorkha Savings depositors are receiving Rs 17,000 and Pacific depositors Rs 12,600, Acharya said.
The committee has collected 350 land ownership certificates to auction assets of borrowers and recover funds, with the auction process already underway.
The committee plans to collect more than Rs 1 billion every six months and distribute the recovered amount among depositors on a pro-rata basis.
However, Acharya said existing legal and policy barriers remain major challenges to the refund process, including restrictions on returning funds while cases remain under consideration in courts.
