Rampur – Finance Minister Dr. Prakasharan Mahat issued a stern warning against the misappropriation of savings held by cooperatives, asserting that those found guilty will face legal consequences. Speaking at the silver festival of Andhakarmukti Savings and Credit Cooperative Society, Minister Dr. Mahat emphasized the importance of safeguarding the trust placed by savers in cooperative institutions.
“Those who abuse the trust of savers may escape from the scope of the law for a moment, but they cannot escape forever,” declared Minister Dr. Mahat. He affirmed that individuals misusing public savings will be brought to the court of law, emphasizing the need to protect the hard-earned savings of the public.
Highlighting the essentf cooperatives in the economic and social transformation of the country, Minister Dr. Mahat stressed that without the active participation of private, public, and cooperative sectors, achieving such transformation would be impossible. He acknowledged the significant role played by cooperatives in accumulating savings earned by local people, contributing to social transformation.
Expressing the potential of cooperatives as instruments for the economic transformation of Nepal, Minister Dr. Mahat urged for their promotion, effective management, and regulation. He cited the Darkness Savings and Credit Cooperative Organization as an example, overcoming challenges through proper regulation and serving as a model for cooperatives across the country.
Discussing the cooperative model, Minister Dr. Mahat underscored its fundamental concept of mobilizing small savings at the local level to fulfill community needs and connect with livelihoods. Placing cooperatives under the Ministry of Cooperatives, he emphasized their grassroots leadership and contribution to local economic development.
Addressing concerns about the lack of regulation leading to issues in some cooperatives, Minister Dr. Mahat revealed progress in establishing a separate regulatory body during the budget preparation process. Acknowledging limitations in overseeing all aspects, he shared plans to form an alternative regulatory body distinct from the National Bank to address cooperative-related matters.
Dr. Mahat acknowledged the national significance of the cooperative issue and expressed satisfaction with the transparent operations of Andhakarmukti Savings and Loan Cooperative Society. Commending the cooperative for protecting depositors’ funds without any misuse, he highlighted the satisfaction of the local 11,000 members as a positive example for the cooperative sector.
