Savings returned to 48 cooperative depositors

By A Staff Reporter, Kathmandu, July 26: The Problematic Cooperative Management Committee has returned savings of around Rs. 1.2 million to 48 savers of cooperatives that have been declared problematic.

According to the committee, senior citizens aged 70 and above, depositors suffering from life-threatening diseases certified by an authorised medical doctor, single women, persons with complete disabilities, and depositors with savings of more than Rs. 500,000 are eligible to receive a refund of up to 50 per cent of their deposits at a time, subject to a maximum of Rs. 50,000.

The committee refunded Rs. 25,000 each to 48 depositors—37 from Kantipur Savings and Credit Cooperative, four from Gautamshree Multipurpose Cooperative, three from Krishi Bikas Multipurpose Cooperative, two from Ideal Yamuna Multipurpose Cooperative and two from Pashupati Savings and Credit Cooperative.

According to the committee, the process of refunding deposits will continue regularly in the coming days based on applications and claims submitted by depositors and in accordance with the prescribed priority criteria.

The committee said it had refunded the deposits based on the claims and priorities of depositors in line with the Cooperative Act, 2074 BS, the Supreme Court's directive order, and the government's 100-day action plan.