Government Commission Finds Cooperative Sector in Crisis Due to Financial Irregularities and Weak Regulation
Summary
A government commission finds Nepal's cooperative sector in crisis due to financial irregularities, weak regulation, and poor governance, urging reforms and tighter supervision.
Key Points
- The government commission concludes the cooperative sector is facing a crisis due to financial irregularities and weak regulations.
- There is weak coordination and unclear authority among federal, provincial, and local levels affecting governance.
- Cooperative institutions have diverted from core principles, focusing excessively on savings and loan transactions.
- Recommendations include tightening registration, controlling branch expansion, and improving regulatory and monitoring mechanisms.
