Minister for Land Management, Cooperatives and Poverty Alleviation, Shashi Shrestha, has urged cooperatives to be accountable to their members.
In her address to the 15th AGM of National Cooperative Bank Limited (NCBL), the Minister said the major responsibility of cooperatives was to win people’s trust becoming responsible to the community at all times.
As the Minister expressed, the establishment of fiscal discipline in the cooperative sector had been challenging as cooperatives failed to abide by the principles, objectives, and spirit of the association.
“Cooperatives are losing people’s trust,” she said.
She was of the view that they were responsible for minimizing risks in the cooperative sector, restoring people’s faith and trust in it and attracting investment. She further explained that the Constitution has recognized cooperatives as one of the pillars of economy and their role was always vital for the country’s economic development and prosperity.
The Minister urged NCBL to fully comply with the principles of cooperatives & existing laws, and to contribute to further effectiveness of the cooperative campaign.