Regulate The Errant Cooperatives

Until few years in the past, political leaders, government officials and cooperative campaigners used to deliver lengthy speeches, highlighting cooperatives as an important means of socio-economic development in Nepal. The Constitution of Nepal, 2015 recognises cooperatives as one of the three pillars for the development of national economy, with the remaining two being public and private sectors. In line with this constitutional recognition, the government has embraced the policy of promoting cooperatives to advance the process of economic development. But many cooperatives have now been going through obstacles. The common people, as depositors, are forced to bear the brunt of this problem as they are unable to get their deposits back. In the aftermath of COVID-19, a lot of depositors associated with numerous cooperatives across the country have failed to return their money.