Kathmandu. The government has banned cooperatives including NEFSCUN from trading savings and loans. The government has amended the Cooperative Act through the chapter decree and has made it mandatory for the associations to close their business within the next 3 years.

“Notwithstanding anything contained elsewhere in this Section, cooperative associations shall not be allowed to carry out transactions of savings and loans,” the ordinance added. Provided that, at the time of commencement of this sub-section, the co-operative associations carrying on the business of savings and loans shall have to close the transaction within three years from the date of commencement of this sub-section