The government and cooperative victims have signed a seven-point Memorandum of Understanding (MoU).

According to the MoU, the depositors of the cooperative organizations have suspended their sit-in protest, which was taking place in Maitighar Mandala on Thursday.

A discussion was held at Singha Durbar on Thursday involving the Minister for Land, Cooperative, and Poverty Alleviation, Ranjeeta Shrestha, Secretary Gokarna Mani Duwadi, Registrar at the Department of Cooperatives, Nawaraj Ghimire, and the cooperative victims.

As per the MoU, the Ministry will take immediate steps to establish a savings and credit security fund to safeguard the deposit amount of cooperative members.

Additionally, the ministry will initiate the process of setting up a credit information center and credit settlement tribunal to ensure the effectiveness and efficiency of credit settlements for cooperative organizations.

The cooperative sector reform recommendation task force will now include representation from the depositors who were staging sit-in protests.

The agreement also calls for necessary groundwork on legal reforms, involving the ministry, cooperative department, and the embattling management committee.

With inputs from RSS