Kathmandu: The government has established the National Cooperative Regulatory Authority to regulate savings and credit cooperatives.

The National Cooperative Regulatory Authority established in Pulchowk, Lalitpur was inaugurated by Minister for Land Management, Cooperatives and Poverty Alleviation Balram Adhikari. Addressing the inauguration ceremony, Minister Adhikari said that the authority should do its work based on the current needs and demands, and that cooperatives will be regulated and irregularities will be investigated once the authority is formed.

Since the authority is autonomous and empowered, there will be no interference from anywhere, and the office of the authority was established for the reform of the cooperative sector through an ordinance made to amend some Nepal Acts related to cooperatives.

The authority will regulate cooperatives that conduct savings and credit transactions within the jurisdiction of the federal, provincial and local levels. The authority has been given the power to take action against cooperatives that do not comply with the rules.