Following the government’s announcement to initiate the refund process for savers affected by cooperatives starting from the upcoming Jestha, small savers have expressed hope for relief. However, some large savers remain skeptical about the assurance of their funds being returned. On Tuesday, Minister for Land Management, Cooperatives, and Poverty Alleviation, Pratibha Rawal, stated that repayments to savers will commence from the first week of Jestha.
According to the Problematic Cooperative Management Committee, approximately 76,000 savers are owed about NPR 4.6 billion. While the committee has prioritized refunds for small savers in its plan, some large savers have criticized the government’s proposed strategy, stating that it does not appear to provide relief to all affected parties. Kushalbh KC, president of the National Campaign for Cooperative Saver Protection, argued, “The government should not differentiate between small and large savers.”
Dilliraj Acharya, chairman of the Problematic Cooperative Management Committee, explained that any confusion might stem from misunderstanding, not from the government’s plan being unclear. He confirmed that the government will prioritize small savers in the refund process. KC emphasized that “the government must ensure justice and a sense of fairness for all cooperative victims, including large savers.”
Large savers trapped in cooperatives declared problematic by the government have expressed concerns that the plan appears to complicate the issue further, potentially delaying the process. Chairman Acharya acknowledged challenges in loan recovery and noted that legally, it is not feasible to refund savings without first recovering loans.
