Rastriya Swatantra Party (RSP) has advised the government to stop registration of new saving and credit cooperatives for at least a year.
The party’s report about crisis in cooperatives and micro-finance institutions, and its resolution that RSP President Rabi Lamichhane, Vice-president Swarnim Wagle and other leaders handed over to Prime Minister (PM) Pushpa Kamal Dahal at Baluwatar on Tuesday has also urged the government to stop investment in non-productive sector like real estate.
The report, prepared by the party’s finance and policy department headed by Wagle, has also recommended to bring the Credit Information Bureau of Nepal into implementation and bring regulation of cooperatives with annual transaction of over Rs 500 million under the Nepal Rastra Bank (NRB).
It has also urged the government to immediately establish a fund like the Federal Deposit Insurance Corporation of America for security of deposits.
Accepting the report PM Dahal has claimed that he is more serious and active than anyone to resolve the micro-financial problems. “I am determined to provide justice to hundreds of thousands of depositors who have been duped,” he has stated. “I will also look at your recommendations. I want to resolve this problem as soon as possible. I also need your help in that.”