KATHMANDU, July 14: The Problematic Cooperative Management Committee (PCMC) under the Bagmati Province government has started returning deposits to small savers of five troubled savings and credit cooperatives.
Bagmati Province Chief Minister Indra Bahadur Baniya launched the refund process during a program organized in Lalitpur on Tuesday. On the occasion, the PCMC returned a total of Rs 1.7 million to 42 affected depositors.
The PCMC has declared five cooperatives as problematic. They are Darshan Savings and Credit Cooperative, Sumeru Savings and Credit Cooperative, National Namobuddha Savings and Credit Cooperative, Laligurans Savings and Credit Cooperative, and Civil Savings and Credit Cooperative.
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According to the PCMC, it plans to refund deposits to 1,766 depositors of these cooperatives.
Last month, the committee published the details of 114 major borrowers of the five cooperatives, asking them to repay their loans immediately.
Chief Minister Baniya said strict action would be taken against directors of cooperatives who misuse depositors' savings.
According to the provincial PCMC, 14,064 depositors have filed claims totaling Rs 22.38 billion to recover their savings from the five problematic cooperatives.
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