Five cooperatives to merge to create 'National Ideal Yamuna'

By A Staff Reporter

Kathmandu, Aug 29 : Five cooperatives operating at different locations in Kathmandu are going to merge with each other and create the 'National Ideal Yamuna Cooperative'. 

Ideal Yamuna Multipurpose Cooperative, National Namobuddha Savings and Credit Cooperative, Citizen Welfare Multipurpose Cooperative, Satkar Savings and Credit Cooperative, and Ghedung Multipurpose Cooperative Limited on Saturday reached an agreement to merge with each other.

After the merger, the turnover of the organization will reach Rs. 9 billion. According to the organization, its savings will reach Rs. 4.63 billion and loan size Rs. 4.99 billion. Similarly, the total assets of the organization will reach Rs. 7.58 billion

According to the agreement, the name of the cooperative after the merger will be National Idol Yamuna Savings and Credit Cooperative Organisation Limited.

Similarly, after the merger, the cooperative organization's share capital will reach Rs. 308.1 million, the number 35,020, and debtor members 6,858. 

After the merger, the organization's reserve fund will reach Rs. 146.6 million and the credit risk fund 124.2 million. Likewise, the liquidity amount will be Rs. 1.13 billion. 

Speaking at the merger agreement program, Minraj Kandel, President of the National Cooperative Federation of Nepal, said that a larger cooperative could provide its services better. 

"The federation is continuously advocating for the closure of saving and credit cooperatives in the municipalities," he said. 

Similarly, he said that other organizations should also continue the integration campaign, and the directors should also work for the benefit of the members.

Chairman of National Cooperative Bank, KB Uprety, claimed that there was no problem in the return of savings in cooperatives and said that banks and financial institutions had spread the rumors. 

He claimed that only less than 1 percent of the cooperative organizations in Nepal have problems, and said that the problems are seen in such organizations because they do not know how to manage finances or cannot implement the laws and regulations.

Similarly, the Cooperatives Registrar of Bagmati province, Narayan Gyawali, said that there has been a problem of infiltration of middlemen in the cooperative campaign and urged all to unite and solve this problem.