Depositors' money should not be risked: NC President Deuba

File photo of Sher Bahadur Deuba

PATAN (LALITPUR), FEBRUARY 2: Nepali Congress President and former Prime Minister Sher Bahadur Deuba has stressed that money deposited by the public in cooperatives must not be embezzled.

Speaking at a daylong seminar on "Nepali Congress and Cooperatives" in Sanepa today, organized by his party, Deuba highlighted the enduring relevance of the economic policies and cooperative principles advocated by BP Koirala in 2016 BS. He emphasized that public, private, and cooperative sectors serve as pillars of the national economy.

"Cooperatives must operate in line with their core values and principles to ensure economic prosperity," Deuba stated, adding that depositors' funds should not be put at risk. He also noted that the government has introduced a new act favorable to cooperatives.

Former government secretary Gopinath Mainali remarked that cooperative board members and general members should not be the same individuals, as a lack of self-regulation has contributed to existing challenges. He warned against treating cooperatives as finance companies, stressing the need for transparency and public trust.

Another former secretary, Rameshwor Khanal, however, pointed out that cooperatives operating in rural areas continue to function effectively.