Himal Press 
KATHMANDU: The government has said that it will take the necessary initiatives to address the problems seen in the banking, financial institutions, microfinance, and cooperative sectors.
The annual policies and programs for the upcoming fiscal year 2023/24, presented by President Ram Chandra Poudel in a joint session of both houses of the Federal Parliament on Tuesday, states that necessary initiatives will be taken to resolve the problems seen in the banking, financial institutions, microfinance, and cooperative sectors.
The government plans to implement legal and policy arrangements as well as bring some new provisions to address the problems seen in the banking and financial sectors.
“The financial sector will be made robust, competitive and reliable by strengthening regulation and supervision. Suggestions received from various studies conducted at different times will be gradually implemented to resolve the problems observed in banks, financial institutions, microfinance, cooperatives, insurance, and capital markets. Loans of microfinance borrowers will be rescheduled and restructured,” the policy document reads.
The government has said that needful arrangements will be made for cooperatives to operate in line with their objectives. Likewise, the government has said that it would establish a specialized regulatory body for intensive supervision and regulation of cooperative institutions.
Similarly, the policies and programs document states that the security of savings and investments in the cooperative sector will be ensured through a cooperative savings and credit protection fund, a cooperative credit information center, and a cooperative credit recovery adjudication mechanism.
