KMC shows concern after citizens duped by cooperatives

The Kathmandu Metropolitan City (KMC) has shown its concern on regulating the cooperatives under its jurisdiction in view of the increasing incidences of depositors being cheated at the hand of the cooperatives.

The KMC’s Cooperatives Department has through a notice today directed the cooperatives to hold their Annual General Meeting on the designated time in the presence of all their share members.

The metropolis has also urged the cooperatives to provide it with information on their actual condition and transactions.

Mayor Balen Shah has also urged the cooperatives to inform KMC information about their actual status and transactions. “Let us be spared from financial risk and let us save cooperatives from crisis,” he wrote on his social media wall.

He stated that the cooperative sector has also been hit by the liquidity crisis due to the inflation and deflation. According to him, the KMC’s Cooperative Department is ‘flooded with’ written and oral complaints by share members and managers against cooperatives.

Mayor Shah has urged the cooperatives for keeping the cooperative good governance by carrying out their operation and management in a responsible, honest, disciplined, transparent manner following the due process and becoming member-centric, in such a sensitive time.