Kathmandu. The Ministry of Land, Cooperatives and Poverty Alleviation is to manage Rs 250 million as seed capital in a revolving fund to return the savings of the cooperatives victims. The Ministry has requested the Ministry of Finance to provide funds for the same.

The Ministry has prepared necessary procedures for the return of the money to the affected citizens and for the operation of the revolving fund. Ministry’s Joint Secretary and Spokesperson Ganesh Prasad Bhatta said that the Ministry is preparing to return the amount on the basis of the documents of the victims.

It is stated that the financial resources will be managed by returning the deposits of the savers to the cooperatives and depositing the amount earned by auctioning the cooperative back into the same fund. In the first phase, the money will be returned soon to the savers of cooperatives that have been declared problematic.

He said that such homework is being done to guarantee the state to the victim’s family. According to him, there is a plan to return the money of the savers who have deposited a large amount of money gradually as the resources are managed in the fund. Co-operatives operating in the interest of the co-operative members based on the ideals and principles of cooperatives in the community have made good progress, while most of the cooperatives that collect savings against the principle and provide loans are in trouble.

Aggrieved savers who collected deposits in cooperatives and could not get their money back have been launching a national campaign by forming various committees to get back their money. The victims had been demanding the return of their money and action against the fraudsters.

The government has given priority to the issue of resolving the cooperative problem. As many as 11,600 cooperatives are in the process of being registered with the National Cooperative Regulatory Authority (NCRA).

The NRA has been registering and issuing license to cooperatives across the country with the objective of making the cooperative sector systematic, transparent and credible. Cooperatives are registered separately under the three tiers of government, so there is a problem in regulation.