KATHMANDU, Sept 5: The Department of Cooperatives (DoC) has endorsed new guidelines for the cooperatives looking for their merger. The new guidelines seek to prevent rampant merging of cooperatives in the aftermath of the cooperatives facing financial problems.
KATHMANDU, August 17: The Department of Cooperatives (DoC) has barred cooperatives from issuing loans in real estate businesses, citing soaring liquidity crisis and increasing number of cooperatives falling into problems due to their excessive exposure on realty investment.
KATHMANDU, August 12: The National Cooperative Federation of Nepal (NCF) has urged its member cooperatives not to distribute cash dividends to their members, citing the ongoing liquidity shortage in the cooperatives.
KATHMANDU, August 8: Due to the current liquidity crisis in the country’s financial sector, the member-savers of cooperatives will be able to withdraw only 5 percent of their deposits at a time. The umbrella organizations of the cooperatives have made such a call saying that when all the members demand the return of the savings kept in the cooperatives, there will be an imbalance in the payment process.
KATHMANDU, July 30: Gautam Shree Multipurpose Cooperative of Kathmandu is accused of not returning the money deposited by its members as directors of the cooperatives are suspected to have embezzled the depositors’ money.
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.
KATHMANDU, Feb 20: Cooperatives look forward to raising their reference interest rate to 16.22 percent from the current 14.75 percent per annum, citing a surge in the banks’ interest rates in recent days.
KATHMANDU, Feb 15: The government has made it mandatory for cooperatives to invest at least 51 percent of their lending in the production sectors in a bid to restrict rampant lending by the organizations to private companies.
KATHMANDU, Feb 7: Nepal Cooperative Bank Limited (NCBL), has stepped up preparations to receive the operating license from Nepal Rastra Bank, claiming it has to deal with the financial matters of around 30,000 cooperatives operating across the country.
KATHMANDU, Jan 28: An agreement has been signed between the government and the Nepal Agricultural Cooperative Central Federation Ltd (NACCFL) for the capacity building of 100 cooperatives in eight districts of Karnali (Salyan, Jajarkot, Jumla, Dailekh, Kalikot, West Rukum, Surkhet and Mugu).
KATHMANDU, Jan 9: The government has ruled out raising the reference interest rate for cooperatives at a time when the cooperatives operators have been lobbying the government bodies to hike the interest rate.
KATHMANDU, Dec 20: While many Valley-based cooperatives time and again court controversies for embezzling depositors’ money, a number of cooperatives operating in the country’s rural areas have been providing low-income and economically disadvantaged people an easy access to financial resources.
KATHMANDU, Dec 13: Cooperatives, member-based local organizations that are supposed to work in the interest of the general public, have instead been found cheating the small savers time and again, thanks to poor monitoring by the regulator.
KATHMANDU, September 15: The Kathmandu Metropolitan City (KMC) registered complaints against 27 cooperatives accused of embezzling their members’ deposits worth around Rs 440 million in the last fiscal year.
KATHMANDU, July 27: Insurance businesses and cooperatives with larger transactions are now required to abide by the anti-money laundering (AML) system as the regulators of these sectors have asked these businesses to come within the framework from the fiscal year 2021/22.
Cooperatives in Nepal offer a wide range of services, including savings and credit, insurance and non-financial services. Their achievements in the field of socio-economic development of the members indicate that they can grow as cooperative players in the development of Nepal.
KATHMANDU, Sept 24: Cooperatives played a notable role in bringing farm products from the rural to the urban areas, which helped maintain the supply and price stability of the essentials in the market, said the stakeholders of the sector.
KATHMANDU, Aug 23: The government has identified cooperatives as one of the three pillars of the Nepali economy, which have been handling a large chunk of financial resources of the country. However the sector has been left less integrated to banks and financial institutions that has led to high exposure of risks, said stakeholders of the cooperatives sector.
KATHMANDU, Aug 11: The government has come up with yet another directive for the monitoring and regulation of savings and credit cooperatives at a time when the oversight agencies have been struggling to enforce the provisions made in similar other laws for the sector.
KATHMANDU, Sept 12: Minister for Land Management, Cooperatives and Poverty Alleviation Padma Kumari Aryal said the government has adopted a policy to increase the number of agro-based cooperatives by slashing savings cooperatives.
CHITWAN, April 21: Former Prime Minister and Nepal Communist Party Chairman Pushpa Kamal Dahal has said cooperatives' role should be augmented to ensure economic prosperity and socialism-oriented State with social justice.
CHITWAN, Aug 5: Prabhat Didibahini Savings and Credits Co-operative of Bharatpur Metropolitan City-12 was robbed on July 29. Head of the co-operative Saraswati Kalita Shah said that Rs 548,660 in cash was looted from a metal safe in the co-operative office.
KATHMANDU, July 24: Nepal Rastra Bank (NRB) has released all 14 cooperatives that had received the license to carry out limited banking services from its supervisory and regulatory domain. The NRB and other stakeholders have urged the government to form a separate ‘second-tier institution’ to supervise and regulate those cooperatives as well as other companies that provide banking and financial services.
KATHMANDU, July 8: Minister for Agriculture, Land Management and Cooperatives Chakrapani Khanal has said that land fragmentation has become a big challenge to the government's efforts of increasing agro production.
BANEPA, Jun 1: Minister of State for Communications and Information Technology, Gokul Prasad Baskota, has sought a proper guidance from the cooperatives movement to the government when constitution has set its target of developing a socialism-oriented national economy.