Kathmandu. Buddha Darshan Savings and Credit Cooperative Limited has returned the savings amount of 34 savers in the presence of the Kathmandu Metropolitan City Cooperative Department.

The cooperatives operating in Ward 6 of the metropolis had summoned 70 saver members who had saved up to Rs 150,000 to the department. Of those invited, 34 withdrew their savings. According to Rabin Lama, vice-president of the cooperative, some savers did not come today after listening to others. He said he would ask them to take it back.

The cooperative plans to refund the amount to the savers who save up to Rs 5 lakh within the next one month. In the case of big savers, we are preparing to coordinate with the Department of Cooperatives to remind the borrowers and return the savings to the savers, said Vice-Chairman Lama.

Lama said that those who save less in cooperatives have deposited up to Rs 1,115 while those who save more have deposited up to Rs 8 million.

The Department of Cooperatives is facilitating both the savings and loan recovery process. Dhruba Kumar Kafle, chief of the department, said about the facilitation process to be carried out for the return of the savings amount. We try to negotiate and negotiate between the directors of the organization and those seeking the return of savings. As per the decision request of the Board of Directors of the organization, we send messages and requests to the borrower to repay the loan through SMS, registry letter and public notice. ’

This process starts from the ward. After submitting the application addressed to the ward chairperson, the process of discussion and reconciliation will be started through the ward women’s network. Kafle said that the Department of Legal Affairs will recommend if an application is received within the deadline in case of cheque bounce of cooperatives or cheque bounce of borrowers.

If it is not resolved through ward level mediation, the department will try to reconcile. In this case, action is recommended if the director of the organization refuses to come in contact. If the borrower does not repay the loan, a recommendation will be sent to the concerned body for action.

Through this process, the savings amount and loan are returned in lump sum or installment. In case of those who have closed the organization, those who have not come in contact are informed through SMS and letter and sent for action.

As many as 726 cooperatives in Kathmandu Metropolitan City are in contact. A total of 1,186 organisations are out of contact.

Ward Women’s Network Assigned the Responsibility of Cooperative Department to Manage Cooperative Institutions

The Cooperative Department of the metropolis has sent a letter to the Ward Women Network to play the role of support and coordination to maintain the principles of cooperatives, business promotion and good governance.

According to Kafle, the work details related to cooperatives have been added to the network with the objective of resolving the problem through collective interest, coordination and reconciliation.

Coordinators and members of the Ward Women’s Network will be involved in this work. Representatives of the cooperatives will be present on behalf of the cooperative, borrowers themselves in the case of borrowers and savers themselves will participate in the mediation and discussion.

For this, the Kathmandu Metropolitan City (KMC) will take a single or joint application for the refund of the savings amount of the savers belonging to the cooperatives falling under the jurisdiction of the concerned ward. The cooperative or borrower will be called through SMS portal or by contacting them through correspondence. For the purpose of reconciliation, the name of the organization, address, details of the amount claimed, contact number and record will be taken. Along with discussion and reconciliation, it will facilitate the collection of loans from the borrowers who have not repaid the loan by taking loans from the cooperatives.

After the notice is sent from the ward, if the borrowers do not show any interest in repaying the loan or do not come in contact with it, it will suggest to the ward chairperson and the department as to what restrictions can be imposed on the public basic services of such borrowers. The concerned borrowers shall be informed of the provisions of such action.

The Department of Cooperatives will be informed about the financial condition of the cooperatives within the ward, the repayment of savings, loan recovery and the problems related to the welfare of the members. Good governance, transparency and accountability will be maintained in cooperatives. It will coordinate with the authorities to solve the problems related to cooperatives.

Under the financial governance of the cooperatives, the general meeting will keep information about the provisions related to financial proposals, auditing, regularity of annual tax filing at the tax office.