Govt announces refund initiative for co-operative savers, introduces regulatory measures

KATHMANDU: In a bid to empower co-operative savers and bolster financial security, the government has unveiled a groundbreaking refund initiative for savers of cooperative organizations.

Finance Minister Barshman Pun made the announcement as part of the next year’s budget, outlining plans to reimburse savings up to 5 lakhs to eligible co-operative savers by utilizing the mortgage of the directors.

Under this scheme, the government aims to provide relief and financial stability to savers by utilizing the mortgage assets of cooperative directors. This initiative underscores the government’s commitment to safeguarding the interests of cooperative members and ensuring equitable access to financial resources.

Moreover, Minister Pun revealed plans to establish a dedicated government regulatory body tasked with overseeing and regulating cooperative organizations. This regulatory framework seeks to enhance transparency, accountability, and efficiency within the cooperative sector, fostering a conducive environment for sustainable growth and development.

In addition to regulatory measures, the government intends to incentivize mergers among cooperative entities to promote consolidation and streamline operations. By encouraging mergers, the government aims to optimize resources, mitigate risks, and enhance the overall competitiveness and resilience of cooperative organizations.

The announcement of these initiatives reflects the government’s proactive approach towards fostering a vibrant and inclusive cooperative sector that serves as a catalyst for economic empowerment and community development.

Through strategic interventions and regulatory reforms, the government aims to unlock the full potential of cooperative organizations, ultimately benefiting savers and promoting financial well-being across the nation.