Kathmandu, May 13 -- Depositors with cooperatives risk losing their savings as many of these institutions are on shaky ground due to vague government policies, lack of monitoring by local units and slow implementation of the Copomis software designed to keep track of their financial dealings.
So far, the Ministry of Land Management, Cooperatives and Poverty Alleviation has declared 11 savings and credit cooperatives in the Kathmandu Valley problematic after they failed to pay back their depositors' money. The Problematic Cooperatives Asset Management Committee has been working to liquidate their assets to raise cash to pay off creditors.
Committee spokesperson Rewati Raman Pokharel said the number of problematic cooperatives could rise sh...