RSP submits cooperatives study report to PM Dahal

KATHMANDU: Rastriya Swatantra Party (RSP) submitted a study report to Prime Minister Pushpa Kamal Dahal on Tuesday, recommending short-term, medium, and long-term measures to address the problems facing cooperatives and microfinance institutions in the country.

The study was conducted by a team led by its Vice President, Dr. Swarnim Wagle, according to the RSP.

Among other recommendations, RSP has suggested suspending the registration of saving and credit cooperatives for a year, stopping the expansion of cooperative branch offices in the name of service centers, and bringing cooperatives with turnovers of Rs 500 million or more under the regulation of the Nepal Rastra Bank. Likewise, it has suggested the formation of a Cooperatives Deposit and Credit Guarantee Fund to safeguard commoners’ money parked in saving and credit cooperatives.

Speaking to the media after submitting the study report to Prime Minister Dahal, RSP President Rabi Lamichhane said RSP felt its responsibility to suggest measures to the government to address the problems instead of using it for political gains. “In the report, we have suggested various policy measures that can be taken to address the problems,” Lamichhane added.

Similarly, Dr. Wagle said his team has studied the reasons that cooperatives and microfinance institutions are facing.