The government has decided to blacklist 11 financially troubled cooperatives which have been unable to pay back the money of their member depositors.
Issuing a public notice on Tuesday, the Ministry of Land Management, Cooperatives and Poverty Alleviation (MoLMCPA) asked the officials of the cooperatives concerned to report to the ministry in the next 15 days or it will blacklist. According to the MoLMCPA, it was compelled to make the move after these cooperatives ignored the ministry’s letters to clear their financial liabilities on time.
The ministry plans to blacklist Standard Savings and Credit Cooperative, Pacific Savings and Investment Cooperative, Prabhu Savings and Credit Cooperative, Kohinoor Hill Savings and Credit Cooperative, Consumer Savings and Credit Cooperative and Kuber Savings and Credit Cooperative. Likewise, Chartered Savings and Credit Cooperative, Vegas Savings and Credit Cooperative, Standard Multipurpose Savings and Credit Cooperative, Societal Savings and Credit Cooperative and Lunibha Savings and Credit Cooperative are also on the list of cooperatives facing government action.
