We will regulate cooperatives and micro-finances strictly: PM Dahal

KATHMANDU: Prime Minister Pushpa Kamal Dahal has expressed the commitment to probe and bring the micro-finance financial institutions that are carrying out works in contravention to the prevailing laws and directives issued by the Nepal Rastra Bank under the purview of action.

Responding to the queries by lawmakers in the meeting of the House of Representatives today, he said the extra fees stipulated by the micro-finances are being returned to the account holders concerned.

“The directive to return the service charge more than the stipulated amount and deposit that in the account of the borrower is being implemented. A separate desk has been set up at the Micro-finance Institutions Supervision Department to hear and address the complaints,” PM Dahal reiterated.

He added that an agreement has been reached by holding talks between the government, industrialists- businessmen and farmers organizations concerned to pay within April 3 the dairy farmers their remaining dues as of January 14, 2024, and to continue the remaining regular payments.

The PM informed that the Lumbini Development Trust (LDT) Executive Committee has already implemented the directive related to the leasing of land at Ramgram of Kapilvastu, which was issued by the House of Representatives, Public Account Committee.

He also stated that the draft of the law for forming a second order regulatory body for the regulation of financial cooperative institutions is in final stages of making.

No-objection Certificate has been mandatory for traveling to Russia

Meanwhile, the PM said the Russian government has already been informed that recruitment of Nepali citizens in the Russian Army is illegal, and that ‘No-objection Certificate’ has been made mandatory for those traveling to Russia.

Responding to the lawmakers’ questions in the HoR, he made it clear that diplomatic efforts have been stepped up asking Russia not to recruit the Nepali citizens in the Russian Army and to send those already recruited to Nepal.

The Prime Minister also informed the House that talks are on with the officials of the countries concerned in connection with repatriation of the bodies of Nepali citizens recruited in the Russian Army and killed in the conflict, providing compensation to the families of those killed and the injured ones, and bringing home the Nepali citizens held hostage by the Ukrainian Army.

“Lately the Russian government has agreed to provide, through the Consular Service Department, the compensation and insurance amount to the victims’ families, depositing the amount in the bank account of the Nepali Embassy. The No-objection Certificate has been made mandatory to those Nepali citizens if they have to travel to Russia. However, it does not apply in the case of those studying in higher education on scholarship and those doing business and professions there,” the PM explained.