Kathmandu. Cooperative monitoring will be done in coordination with Nepal Rastra Bank and Cooperative Department. With the cooperation and coordination of the department and the National Bank, the monitoring of cooperative societies with a share capital of more than 50 million rupees will be conducted from Sunday. It is said that discussions have already been held for that.

Earlier, the Ministry requested the National Bank for the regulation of large cooperatives, but the National Bank said that it would not monitor alone, but the monitoring will be done in collaboration between the two.

Deputy Director Dr. Rastra Bank for technical assistance in monitoring cooperatives. Ramesh Choulagai, Ramakrishna Rai of non-banking financial institutions and Ramesh Paudel of microfinance department have been sent. Similarly, the department will also send a team under the coordination of Deputy Director Tolraj Upadhyay. Tolraj Upadhyay, information officer of the department, said that the group will monitor the big cooperatives of Kathmandu Valley under the first phase.

Yes, how are the financial statements of the organizations? How has compliance been followed in the financial statements? Whether it is possible to give only a few suggestions or if there is a big problem, we will look at all these issues," said Dr. Chaulagai said.

At present, there is a provision that the National Bank should regulate cooperatives with a capital of more than 500 million. However, if the National Bank cannot regulate cooperatives alone, it will be monitored jointly later.

Earlier, a working group formed by the government to identify and solve the problems of cooperatives suggested that the National Bank should regulate large cooperatives. According to the same suggestion, a few weeks ago, the Ministry of Land Management, Cooperatives and Poverty Alleviation also recommended the National Bank for monitoring and inspection of large cooperatives.

The Ministry has organized Shree Laliguras Multipurpose Cooperative, Gorkha Saving and Credit, Ideal Yamuna, Our Multipurpose, Kantipur Savings and Loan Cooperative, Gautam Shree Multipurpose, National Cooperative Bank, Nepal Savings and Credit Central Cooperative, Shubratna Savings and Credit Cooperative and Nepal Multipurpose Central. The Ministry requested the National Bank to monitor the cooperatives. However, since the National Bank said that it cannot monitor these cooperatives alone, joint monitoring will be done.

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