Cooperative Ordinance Seeks To End Anomalies

The government has recently come up with the ordinance on cooperatives to amend the Cooperative Act, 2074 to make reforms in the cooperative sector as the existing mechanism of regulating, supervising and monitoring cooperatives has miserably failed, giving rise to anomalies in the cooperative sector. As per the provisions, the existing National Cooperative Development Board will be replaced by the National Cooperative Regulatory Authority, which will be a powerful and autonomous body. All the savings and credit cooperative societies (SACCOS’s), operating at federal, provincial and local levels, will have to be registered under the Authority within a year.