Rs26.39 million returned to 1,754 cooperative victims in two months
Summary
Over 1,700 depositors of troubled cooperatives in Nepal have received Rs26.39 million in refunds in the last two months as part of a government-led recovery effort amid ongoing financial crisis in the sector.
Key Points
- More than 1,700 depositors from 10 troubled cooperatives have received Rs26.39 million in refunds by June 29.
- The Problematic Cooperative Management Committee recovered Rs43.28 million from borrowers and adjusted savings worth Rs17.95 million for some depositors.
- The government created a revolving fund with Rs600 million capital to facilitate refunds, consisting of government seed money and recovered loans.
- The total liabilities to be returned to about 76,000 depositors exceed Rs46 billion, with most affected being small depositors.
