National seminar of co-op managers concludes issuing 12-point commitment

The national seminar (CEO Workshop) of cooperative management chiefs has concluded today, issuing a 12-point joint commitment.

The seminar has expressed commitment for fostering a secure saving and credit campaign through a responsible and accountable management.

The two-day symposium was jointly organised by the Ministry of Land Management and Cooperatives, the Department of Cooperatives and Nepal Federation of Savings and Credit Cooperative Unions Ltd (NEFSCUN).

Similarly, among the commitments include upgrading the savings and credit cooperatives’ services and advocating for formulation of the Savings and Credit Cooperatives Act for preparing the policy-level environment for institutional sustainability and separate identity.

It is also stated in the joint commitment that the integrated self-regulation guidelines issued for NEFSCUN members would be abided by and institutional development and consolidation would be carried out by participating in the upgrading programmes developed for technology transfer.

A self-awareness facilitation system would be developed and implemented for the security of cooperative institutions which have been in crisis due to various reasons including the liquidity after the COVID-19.

Similarly, commitment has been made to enforcing the minimum conditions of service and facilities, and protection determined by the Labour Act for adopting an uninterrupted system, process and technology for the development of professional human resources on the basis of the norms and principles of cooperatives.

The CEOs of cooperatives have also agreed on fully enforcing the regulatory arrangements made for the savings and credit cooperatives, on getting on board the stabilization fund by maintaining minimum 5 per cent institutional capital for risk management and on regularly supervising the risks.

Commitments also include increasing the use of technology for delivering the financial services to all the communities and sections at minimum cost, cooperative having transactions exceeding Rs 50 million compulsorily establishing business development service desk for increasing production and productivity and providing business development service to the members through human resource management.

Likewise, the seminar has expressed commitment to provide services by using technology, maintaining good governance and the management becoming responsible in building the image of the cooperative.

The CEOs of around 450 savings and credit cooperatives throughout the country had participated in the workshop seminar.