Kathmandu. Minister for Land Management, Cooperatives and Poverty Alleviation, Balram Adhikari, has said that the Cooperatives Act, 2074 BS would be amended to make the cooperative sector more systematic.

Speaking at a prize distribution ceremony organized on the occasion of the 15th foundation day of the Cooperative Journalists Society here today, he opined that the cooperative sector would be changed in a timely manner as it was necessary to discipline and organize it so that there was no legal problem. Minister Adhikari said that after the amendment of the Cooperative Act, the working procedure will also be prepared accordingly.

Minister Adhikari said that the cooperative regulatory authority, debt recovery tribunal and other structures have already been formed to manage the problems in the cooperative sector.

Chairperson of The Cooperative Federation, Om Devi Malla, said that the government should also pay attention to how to raise money, saying that the problem was due to non-payment of loans taken from cooperatives to do business and business. He said that the cooperatives have also done positive work and the negative issues should be corrected.

Chairman of Nepal Savings and Credit Central Cooperative Association Limited (NAFSCOON) Chandra Prasad Dhakal said that the cooperative sector is expected to improve after the formation of the Cooperative Regulatory Authority as per the suggestions given by the parliamentary inquiry committee.

He urged the government to expedite the work as most of the work has not been done even after a year. He was of the view that although a new directive has also come from the AUTHORITY, there is still no clear definition of savings loan.

On the occasion, various personalities who contributed to the cooperative sector were honoured and rewarded.