NC’s ‘zero tolerance’ policy against cooperative fraud: NRB entry into savings and loans, property of government fraudsters
लगानी न्यूज
Kathmandu. KATHMANDU: The Nepali Congress (NC) has made various promises to regulate the ‘zero tolerance’ policy against fraud and protection of savers through the National Cooperative Regulatory Authority.
The Nepali Congress has put forward the policy of zero tolerance against fraud and effective implementation of the savings security fund to address the challenges seen in the cooperative sector in view of the election to the House of Representatives scheduled for March 4. Addressing the current challenges in the cooperative sector, the NC is determined to make cooperatives risk-free, digital, production-oriented and reliable foundation of economy through strong regulation and corporate governance.
According to the pledge made public by the Nepali Congress for the election, the Nepal Rastra Bank will make arrangements to regulate the loan and savings cooperatives with a turnover of more than Rs 250 million.TAG_OPEN_div_18 Likewise, the NC has pledged to implement an oversight system with technical human resources and digital technology to eliminate duplication among the federal, provincial and local levels and make the regulation effective.
The party has said that it will make arrangements for transparent accounting, regular auditing, digital tracking, early warning system of risk and action against fraudsters to protect the money of the savers. “In order to return the savings of the savers of the problematic cooperatives, we will repay the amount of small savers up to five lakh rupees through the authority by issuing internal bonds under the guarantee of the government.” We facilitate the return of the savings of large savers by disclosing the source of the tax as per the law. We will legally ensure that the property of those who swindle the cooperative’s money is confiscated and the savings are returned,” the affidavit reads.
The Congress has pledged to set up separate working groups on the basis of the latest transactions in the case of problematic savings and loan cooperatives, and to give them the authority to recommend re-operation or liquidation.TAG_OPEN_div_14 “We will make legal provisions such as freezing the bank accounts of borrowers who deliberately do not repay loans, banning them from government services and barring them from contesting in elections. “We will take action against the tendency of running cooperatives like private businesses, capturing interest groups and taking decisions against the interests of the members,” reads the manifesto.
The NC has also stated that the federal government will formulate the regulation and standards of the cooperatives on the basis of the provision in the Schedule of the constitution, the provincial and local levels will make the registration and records of the cooperatives and the good governance system effective.TAG_OPEN_div_12 Similarly, the Congress has also promised to make insurance of savings and credit cooperatives up to a certain limit mandatory.
The Nepali Congress has pledged to implement an integrated digital system where the regulatory body can carry out real-time monitoring by making it mandatory to fully document the transactions and information systems of all cooperatives.TAG_OPEN_div_10 The party has also made an election promise to strictly implement the concept of ‘one person, one microfinance’ to end the situation of one person taking loans from multiple microfinance and getting entangled in the cycle of loans.
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