'Deceitful co-ops should be shut down'

KATHMANDU, June 9:

Deputy Prime Minister and Home Minister Bam Dev Gautam has come down heavily against cooperatives fleecing poor people. “Cooperatives, particularly the credit and saving cooperatives, are swindling people.

They are charging as much as 20 percent interest rate on loans by taking loans from government banks at as low as 8 percent.

Such deceitful cooperatives should be shut down immediately,” Gautam said, speaking at the 21st AGM of Federation of Nepalese Cottage and Small industries in capital on Monday.

Similarly, Finance Minister Dr Ram Sharan Mahat said the governmetn was ready to provide soft loans to small and cottage industries.

Source: The Kathmandu Post