Kathmandu. The government is preparing to return the savings of the cooperatives with an amount of one lakh rupees or less.

The Ministry of Land, Cooperatives and Poverty Alleviation has prepared a working procedure with the objective of returning the savings of the cooperative victims.

The victims who have been trapped in a small amount have been sent to the Ministry of Finance by creating a revolving fund and preparing a working procedure to return the money. Joint-Spokesperson at the Ministry of Finance, Damodar Wagle, said that the savings would be returned to the victims after obtaining the approval from the Ministry of Finance.

According to him, the money will be returned soon to the small savers in the first phase to guarantee the state to the victim’s family. The Ministry of Finance will deposit a certain amount in the revolving fund as seed capital. The money will be provided to the savers of cooperatives that have been declared problematic. The money received from the auction of these cooperatives will be deposited back in the same fund and the financial resources will be managed.

The aggrieved savers have been launching a national campaign by forming various committees to get their money back. There are around 34,000 cooperatives operating across the country. There is a problem in regulation as these cooperatives are registered separately under the three tiers of government. The victims had been demanding the return of their money and action against the fraudsters.

Co-operatives operating in the interest of co-operative members based on the ideals and principles of co-operatives in the community have made good progress, while most of the cooperatives that collect savings against the principles and provide loans are in trouble.