DPM Gautam urges FIs to invest in productive sectors

Kathmandu, Aug. 16: Deputy Prime Minister and Minister for Home Affairs, Bamdev Gautam, has stressed the financial institutions (FIs) and the cooperatives to invest in productive sectors.

Addressing a programme organised to mark the 27^th institution day of the Nepal Federation of Savings and Credit Cooperatives Unions Ltd (NEFSCUN) here on Saturday, DPM Gautam said the cooperatives have made a significant contribution to the national economy.

The savings and credit cooperatives institutions have made a big contribution to improving the economic status of the people in the villages, he stressed.

Pointing out the need of increasing the productivity through the mechanization of the agriculture sector bringing the farmers in the country into the cooperatives, he said, “It is necessary to invest in the productive sectors to rise above poverty and the cooperatives should strive for that.”

Minister for Youth and Sports Purushottam Poudel said that the cooperatives play an important role in developing the rural economy and expressed the government’s commitment to provide the necessary cooperation for the promotion, regulation and management of the cooperatives.

Governor of Nepal Rastra Bank (NRB) Dr Yubaraj Khatiwada stressed the need of correcting the shortcomings seen in the cooperative institutions. He called for rapid development of cooperatives in the rural areas where there is no presence of cooperatives and not registering cooperatives in areas where they are already concentrated.

Chairman of NEFSCUN and CA member Keshav Badal underlined the need of opening division cooperative offices in the 74 districts and setting up cooperatives training centres in all the 14 zones.

At the function, DPM Gautam handed over the Access Brand certificates to the Bindabasini Cooperatives Ltd. and the Community Cooperatives Ltd. based in Kavre, the Janasachetana Savings and Credit Cooperatives Ltd. based in Dolakha, the Siddhi Ganesh Savings and Credit Cooperatives Ltd based in Bhaktapur and the Scope SACCOS based in Lalitpur.

Co-chairman of the National Cooperatives Development Board Saroj Sharma, Registrar of the Cooperatives Department Bishnu Hari Poudel, Secretary at the Ministry of Cooperatives and Poverty Alleviation Suresh Man Shrestha, Vice-chairman of the Asian Credit Federation and National Cooperatives Association Minraj Kandel and NEFSCUN general secretary Paritosh Poudyal urged for following the principles and the norms and values of cooperatives while operating the cooperatives. Chairman of NEFSCUN Rishiraj Ghimire presided over the programme.