“Given the crunch of human resources, we are not in a position to properly monitor over 5,000 SCCs. So, NRB should regulate the SCCs,” Dhakal told Republica on Tuesday. [break]
Dhakal said analysis of financial statement submitted by more than 70 percent of SCCs in Kathmandu Valley showed that they have collected more than Rs 80 billion from their clients.
“As per our rough estimation, cooperatives have been mobilizing deposits of over Rs 100 billion in Kathmandu Valley alone, which means we have to keep a close tab on their activities so that depositors’ money is not misused,” Dhakal added.
The DoC has prepared an Organization and Management (O&M) proposing to increase their staff strength from existing 590 to 900 from and to expand the cooperative offices in 62 districts from the existing 38 districts.
SCCs in the capital, especially big cooperatives, have been challenging the government’s recently introduced mandatory provision that requires them to submit their monthly financial statements to the Division Cooperative Office (DCO).
Of the total around 2500 SCCs in the capital, only 40 percent or 1,062 SCCs had submitted their reports for the month between mid-February to mid-March at DCO, Kathmandu until Monday.
“Except three or four big SCCs, most of the SCCs that have mobilized huge amounts of money are deliberately ignoring our instruction to submit monthly reports,” said Keshab Bahadur Thapa Chief of DCO Kathmadu on Tuesday.
The Department of Cooperatives (DoC) about a month ago had directed all SCCs to submit their monthly financial status by the first week of the following month. DCO had also instructed all SCCs with transactions above Rs 50 million to submit the reports to DoC and NRB.
About 100 SCCs operating in the capital have transactions of more than Rs 50 million.
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