Balen Shah directed the cooperative to submit the details within 30 days, if not action will be taken

Kathmandu: Mayor Balen Shah has directed the cooperatives of Kathmandu Metropolitan City to submit details within 30 days.

Keeping the notice issued by the Cooperative Department of the Metropolitan Municipality, Mayor Shah has asked for the information of the general meeting of the cooperatives, audit report and other details and has instructed to submit them within 30 days.

Recently, the metropolis has issued this information when the financial crisis has been created in the cooperatives and the news of extreme irregularities is becoming public. A warning has also been given that if the details are not submitted within 30 days from the date of issue of the notice, action will be taken as per the cooperative act of the metropolis.

He wrote on social media:

Let's avoid financial risk, let's save cooperatives from being in crisis

A request to shareholders and savers of cooperatives and organizations

The co-operative sector has also been affected by the increase in the prices of goods and services and the liquidity in the financial sector due to currency inflation. It is well known that the lack of liquidity has been created. The situation can be seen from the number of written and verbal complaints given by shareholders and directors in the Cooperative Department of the Metropolitan Corporation. At such a sensitive time, I request the cooperative organizations to conduct their operations in a responsible, honest, disciplined, transparent and lawful manner and maintain cooperative governance by operating and managing their members.

For this, let us fulfill our obligations and responsibilities specified by the law.

Request to cooperatives:

- At the specified time, attend the general meeting and inform all the share members about the real status and business of the organization. Increase contact and communication with share members regularly to ensure credibility and adoption.

- Do not do any business and investment outside of the designated work area.

- Maintain maximum liquidity by analyzing financial risk.

- Do not invest in unproductive areas after assessing the situation.

- Do not collect long-term deposits by showing the greed of higher interest rates to share members.

- When changing the board of directors, give responsibility only to those who have regular business dealings with the organization and have knowledge of the cooperative.

- Do not elect any person to the Board of Directors and Audit Committee without completing the legal process and without anyone's wish.

- Maintain good governance and transparency in the decision-making process and submit the progress report to the regulatory body within the specified time.

- When disbursing the loan, please provide the borrower's family details and identification of the single-family family, fill the form with interest and service fee in the prescribed format and pay only within the specified period.

- Disburse safe loans only after risk analysis. Make effective debt recovery plans by making risk reduction plans.

- Study and apply the appeals issued by the National Cooperative Federation, thematic associations for the success of the cooperative campaign.

- Provide regular cooperative education to your share members and savers.

A request to members/depositors

Cooperatives are not banks. These organizations are democratically controlled by the members. Cooperative governance requires continuous monitoring of members.

- It is mandatory to attend the general meeting of the cooperative organization. Get regular information about the organization's business.

- Please inform the department about cooperatives that do not hold regular general meetings.

- Get regular information about the conduct and honesty of the officers of the board of directors.

- Don't save too much for a long period of time for the sake of higher interest.

- Do not follow exaggerated rumors about cooperatives, but get information about the real situation.

- Do not do business with organizations that work outside of the scope of work.

- Do business with the organization only after identifying the officers of the board of directors, maintain regular communication and contact.

- When depositing periodic savings, take a deposit slip with a document signed by the responsible officer.

- When taking a loan, make a habit of taking a loan and paying it on time only by agreeing on the service fee and interest amount

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