Cooperative victims ink 8-point deal with govt

By A Staff Reporter,Kathmandu, Mar. 22: An 8-point deal has been inked between the government and the agitating cooperative savers. With the deal, the cooperative victims have suspended their protests effective from Thursday. 

In the agreement, the government has agreed to proceed with the process of refunding the money of the savers by forming a powerful committee.

Spokesperson for the Ministry of Land Management, Cooperatives and Poverty Alleviation Ganesh Prasad Bhatta said that during the talks held at the Ministry of Land Management, Cooperatives and Poverty Alleviation on Thursday, an agreement was sealed with the National Campaign for the Protection of Cooperative Savers to check the accounts of problematic cooperatives.

The agreement was signed in the presence of Minister for Land Management, Cooperatives and Poverty Alleviation Balaram Adhikari.

The victims of cooperatives had been staging protests in Kathmandu and other cities for a long time demanding that cooperatives should refund their savings.

According to the agreement, the management committee of the problematic cooperatives will be strengthened and the assets and liabilities of the problematic cooperatives will be managed so as to promptly refund the savings to the victims. 

Bhatta said that according to the recommendation of the committee, action would be taken against the directors, managers and employees of cooperatives who committed offenses according to section 122 of the Cooperative Act 2074.

It is also mentioned in the agreement to immediately establish a savings and credit protection fund, a credit information centre and a credit recovery tribunal to implement the recommendations given by the Cooperative Sector Reform Task Force-2080.

Both the parties have also agreed to begin the process to amend the National Cooperative Act and Regulations to address the problems seen in the cooperative sector.

To address the demands of the victims of the cooperative sector through the cooperative law and regulations, it has been agreed to proceed with the process of amending the laws and regulations as soon as possible.

According to the Ministry, it has been agreed to proceed with the law drafting process to immediately establish an independent, autonomous and effective regulatory body for the regulation and supervision of the cooperative sector.

Likewise, the two sides agreed to suspend the protests launched on behalf of the National Campaign for the Protection of Cooperative Savers.

Earlier, the government had formed a committee under the coordinator of joint secretary at the Ministry of Land Management, Cooperatives and Poverty Alleviation Krishna Prasad Sapkota to hold talks with the agitating victims of cooperatives.