Depositors seek Rs 7 billion from Civil Cooperatives

Kathmandu, Nov. 12: The depositors have sought Rs 7 billion of their deposits from Civil Cooperatives Financial Institution, which was declared problematic cooperatives by the Bagmati Province Government.     

The 35-day-long timeline given to the depositors by the Problematic Cooperatives Management Committee Office of the Bagmati Province Government to submit applications putting forth their claims for the deposits ended on Monday.     

Committee Chair and Senior Advocate Prabhat Adhikari told the RSS that some 1,600 depositors have submitted their applications seeking Rs 7 billion in total.     

The Civil Cooperatives was declared the problematic cooperatives on September 7, 2023.     

The Chair of Civil Cooperatives Limited, Ichchharaj Tamang, is in jail. Tamang alone is reported to have taken loans worth Rs 7 billion from the Civil Cooperatives.(RSS)