Problematic Cooperatives Committee Recovers Rs 12 Million, Returns Small Savers’ Money

The Problematic Cooperatives Management Committee has continued the process of returning money to small savers by prioritizing loan recovery. According to the committee, more than Rs 12 million was recovered from borrowers of problematic cooperative institutions in the month of Jestha, while around Rs 5.9 million was returned to savers. In Jestha 2083, the committee returned deposits to 1,452 savers from eight cooperative institutions who had savings of less than Rs 10,000.

During the same period, Rs 5.904 million was returned to savers, while deposits worth Rs 5.151 million belonging to 122 savers were adjusted. The committee also recovered Rs 12.046 million in loans from borrowers of 12 problematic cooperatives. It has said that procedures related to deposit return, loan recovery and asset management have been implemented to make the management of the cooperative sector more organized. The committee is regularly identifying borrowers of problematic cooperatives, collecting details required for legal processes and preparing three-generation records of borrowers. Out of around 44,000 claim applications received for deposit return, verification is being carried out in phases. The committee has also mobilized teams to search and manage assets linked to operators, managers and former officials of problematic cooperatives accused of deposit misuse.