Cooperatives, financial institutions, banks and poverty.

With the word 'financial association' nowadays, it has become a lovely name in the hearts of some people in the villages. Strengthen the national economy by establishing banks and financial institutions in Nepal under financial associations, enhancing public confidence in the country's overall banking and financial system, protecting and promoting the rights of depositors, and providing quality and reliable banking and financial services through healthy competition between banks and financial institutions. In order to create, establish, operate, manage, regulate, inspect and maintain financial stability of the financial institution, the Legislature-Parliament issued the Banking and Financial Institutions Act, 2073 in accordance with Article 296 (1) of the Constitution of Nepal 2072. Has been making amendments.

To uplift the members economically, socially and culturally by integrating the capital, technology and talents scattered among the Kaligarhs, farmers, workers, low income groups and marginalized communities or general consumers on the basis of self-reliance and reciprocity in accordance with the cooperative values, beliefs and principles. To regulate the promotion of cooperatives as community based, member centered, democratic, autonomous and autonomous organizations, to develop self-reliant, sustainable and socialism oriented national economy through cooperative farming, industry, goods and services business, Article 296 of the Constitution of Nepal 2072 (1). Accordingly, the Legislature-Parliament has issued the Cooperatives Act, 2074 BS and brought it into operation.

In particular, microfinance and cooperatives under financial institutions have been conducting various activities by providing loans to low income middle class and people living below the poverty line. We have all seen examples of some who have changed their lifestyles through this and others who have become homeless and displaced. Probably due to the cooperatives and various financial associations established to improve the living standards of the people living below the poverty line in the villages, the people who are running their daily lives with dignity in the society have not risen. Ironically, who is to blame for all this? This is a deep and profound subject. Although I am not an experienced and knowledgeable person of any cooperative, bank or financial institution, but the reality of what I have seen in the village, my experience and some examples I have experienced saddens my mind day by day.

In fact, there is no such thing as free investment by any person, cooperative, bank or financial association. In all these places, there is an organized investment of one or the other person. It is not my intention to call their investment a trade ferry, but the problem here is that the middle class Nepali people have illiteracy, poverty, unemployment, lack of knowledge about cooperatives and financial institutions, lack of accountability and so on. Monitoring, regulation, lack of knowledge among employees about cooperatives and financial associations, investing in any way and expecting high returns in a short period of time, invisible miscellaneous service charges, unnecessary hassle while disbursing loans, not understanding humanitarian sensitivities, monthly payments in the name of savings. There are various aspects of collecting money under different headings, especially problems in returning the savings, to the people who are in trouble to pay the interest.

This problem has now become a headache for various financial associations / institutions. How many people in the society have not been able to pay the monthly installment, leaving home, family, society, property and so on. It is found that people are fleeing and their responsibilities are becoming a problem for the loan guarantors and relatives. Now comes the establishment of banks and financial institutions to protect and promote the rights of depositors, to increase public confidence in the overall banking and financial system of the country, to provide quality and reliable banking and financial services through healthy competition between banks and financial institutions and farmers, artisans, workers, Established to function as a community-based, member-centered, democratic, autonomous and autonomous organization for the economic, social and cultural upliftment of its members by integrating capital, technology and talent scattered among low-income groups and marginalized communities or general consumers on the basis of self-reliance and reciprocity. Whether the cooperatives, financial associations and institutions have been established for the purpose or not.

Could all of these things have been done for the common man? Certainly not because we in the village society, when we could not pay the installments, the delegates would come to the house and pick up the televisions, laptops, goats, whatever they have and be despised by the society.

Here are some suggestions / advice to both parties for a long term solution. If we pay special attention to this, there would be some improvement.

For Cooperatives, Financial Associations:

1) The purpose of your association / organizationIt is established to act accordingly,

2) A committee is formed to monitor the implementation of various aspects of the knowledge and skills of the employees by conducting trainings, seminars and workshops to ensure that the social values, beliefs and principles of the society are fully responsible to the human beings. To do

3) To pay frequent attention to various issues including laws, regulations, directives, circulars issued by the Government of Nepal regarding cooperatives, financial associations and institutions.

4) When disbursing loan to any person through group or through various process, by giving general information about various related laws, rules, directives, circulars etc.

5) A special committee will be formed to monitor and evaluate the loan disbursed from cooperatives and financial institutions at least once a month to strengthen the morale and respect and also to respect the person concerned. To publicize it and annually select and reward the best entrepreneur in a fair way,

6) While disbursing the loan, the borrower disburses more than Rs. Only more debt flows,

7) To reduce the scope of paying unnecessary liabilities or burdens to the low income people by keeping group savings and savings under various headings as much as possible, and to provide the savings immediately if they demand repayment after repaying their obligation loan,

8) After the disbursement of the loan, the management of the products and various manufactured knowledge ships will be done by oneself at low cost and more motivation etc.

For debtors and members:

1) To work fully ready to become self-reliant by investing one's mind towards the purpose for which one has sought loan,

2) When borrowing from banks and financial institutions and co-operatives, do not carry unnecessary hassle and burden of borrowing as much as you can with your income and capacity.

3. While working, taking full care of one's self-respect, dignity and society, being fully responsible for the loan, from time to time, he went to the banks and financial institutions and cooperatives to meet with the head and talk about the problems he has faced.

4) Since it is customary to use some percentage of the loan taken from banks and financial institutions and cooperatives for household chores, meter interest and other transactions, do not do such work in any way. This loan is only for a short period of time. To act by word,

5) Paying frequent attention to various issues including laws, regulations, directives, circulars issued by the Government of Nepal regarding loans taken from banks and financial institutions and cooperatives,

6) To properly translate the progress and work done by the banks and financial associations and cooperatives from time to time for the monitoring and evaluation of the representatives and employees who have come for monitoring and evaluation.

7) To provide benefits and assistance to the farmers, artisans, workers, low income groups and marginalized communities or general consumers issued by the Government of Nepal at various times.

8) To demand full support from banks and financial associations and cooperatives in the management of their products and various manufactured knowledge skills and to earn income by marketing and managing them without any loss.

These include focusing on enhancing public confidence in the country's overall banking and financial system, protecting and promoting the rights of depositors, strengthening the national economy by providing quality and reliable banking and financial services through healthy competition between banks and financial institutions, and cooperative values. To uplift the members economically, socially and culturally by integrating the capital, technology and talents scattered among Kaligarh, farmers, workers, low income groups and marginalized communities or general consumers on the basis of self reliance and reciprocity, community based, member centered, democratic. Established to regulate the promotion of cooperatives as autonomous and self-governing organizations, to develop a self-reliant, sustainable and socialist-oriented national economy through cooperative farming, industry, goods and services business, .