Kathmandu. KATHMANDU: The National Cooperative Regulatory Authority (NCRA) has launched a software system for registering and documenting the cooperatives involved in the main transaction of savings and loans.

The NRA has started the registration and documentation of cooperatives through an online system without the physical presence of the cooperatives’ directors and management.

Chairman of the National Cooperative Regulatory Authority (NCRA) Dr Khaga Raj Sharma said that cooperatives can also become members of the Credit Information Centre. He also said that the issue of inclusion in the deposit and loan guarantee fund would be facilitated.

“We will pay attention in terms of securing the credit of cooperatives, we will carry out savings and loan transactions as per the Cooperative Act, we will coordinate and facilitate multi-purpose and agricultural cooperatives, we will end the situation of cooperative victims coming to the streets every day by adopting various measures to solve the problem,” he said.

Sharma stressed on bringing cooperatives into a certain system by paying attention to the issue of money laundering and stressed the need for resolving the problems surfaced in the past together.

National Cooperatives Federation vice-chair DB Basnet urged the authorities to smoothly manage the system so that the system would work as per the number of cooperatives. He urged the NRA employees to help and coordinate with the cooperatives to facilitate the registration of the NRA.

Chief Executive Officer of the National Cooperatives Bank, Badri Guragain, expressed the belief that the data management and money laundering system would be helpful in the system. He urged the government to further improve the existing system and make it easy and effective.

The government had constituted the Cooperative Regulation Authority on January 28, 2081 to regulate, supervise and monitor the cooperatives registered throughout the country with the main objective of carrying out savings and loan transactions.