34 thousand cooperatives collecting deposits worth Rs 3.4 kharba till Falgun 2075; Credit portfolio stands at Rs 3.3 kharba with a capital base of 76 arba

The number of cooperative companies in Nepal has reached 34 thousand 737 as of Falgun end FY 2075/76, with a total of 65 lakh 12 thousand 340 members.

The total share capital of these companies has been registered at Rs 76.34 arba. According to the economic survey of MoF, the cooperative companies have collected a total of Rs 3 kharba 45.59 arba worth of deposits till Falgun 2075/76, which was Rs 3.23 kharba for the corresponding period of last year. Similarly, they have disbursed loans and advances worth Rs 3.33 kharba, which was Rs 3 kharba for last year till Falgun.

Unlike other Banks and financial institutions, despite such huge market shares, cooperative companies aren't regulated as tightly. The cooperatives are the most diversely located financial institutions and mainly concentrated towards rural areas for multiple purposes. Thus, if these institutions can also be brought under the guardianship of Nepal Rastra Bank, more can be expected from them.