Kathmandu. A preliminary meeting is scheduled to be held in Kathmandu on January 29 to start the registration process of Nepal Cooperative Bank. The process has been taken forward to set up a bank to keep the financial transactions of about 35,000 cooperatives across the country.

Preparations have been made to go to the Department of Cooperatives for the registration process after concluding the preliminary meeting. The process of registering with the department and getting approval from the National Bank will be taken forward with the meeting. Necessary preparations have been completed for registration in the name of Nepal Cooperative Bank, said Surendra Bhandari, coordinator of the bank formation task force. According to him, the process will move forward immediately after the meeting and Sae Bank will be the largest bank in the cooperative sector in the country.

Five hundred and one cooperatives are required to register an organization. About a thousand of them are currently preparing to participate in the registration process. To be a member cooperative in the bank, the applicant cooperative must have been in profit for three consecutive years.