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Cooperatives to be developed as common public property: VP Jha

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Cooperatives to be developed as common public property: VP Jha
Cooperatives to be developed as common public property: VP Jha

Biratnagar, Dec 15: Vice-president Paramananda Jha has urged the cooperatives to be more dedicated towards their responsibility and maintaining dignity as cooperatives has an important role in the three-pillar economic policy.

Inaugurating the 11th Annual General Meeting (AGM) of the National Cooperative Bank here today, Vice-president Jha expressed that a large numbers of youths are migrated to the foreign land for employment and it could be stopped if the cooperatives easily provided loan in nominal interest to them.

He further pointed out the need of making the cooperatives more and more rural centric as common people are interested towards them these days.

He urged the cooperative runners to provide maximum benefit to the people maintaining their professional responsibility and integrity.

The Vice-president further said that the cooperatives should be developed as one of the pillars among the three-pillar economic policy.

Similarly, Nepal Rastra Bank (NRB) Governor Dr Yubraj Khatiwada pointed out the need of formulating a separate law to run the National Cooperatives Bank as the bank has high liquidity due to lack of clear policy to operate it.

Though the cooperatives are moving ahead towards the revolutionary change in economic and social sectors, it is yet to be materialized in reality, he added.

National Cooperative Board chairman and lawmaker Keshav Badal said that the cooperatives should be guided by its principles and responsibility.

Similarly, chairman at the National Cooperatives Bank Ramesh Prasad Pokharel presenting the annual report, said Rs 300 billion has been transacted through 31,000 cooperatives across the country. He further said that the Bank has a total share capital of Rs 660 million.

On the occasion, lawmakers Shakti Basnet and Omdevi Malla among others pointed out the need of expanding the cooperatives sector to the rural areas and making it accessible to the poor and the disadvantaged communities.

On the occasion VP Jha felicitated the excellent cooperatives from each development region.

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