Defaulters of troubled cooperative institutions will get an exemption on interest and penalties if they clear their loan principal and interest by Bhadra 31 (mid-September).
According to a notice issued by the Office of the Management Committee for Troubled Cooperatives under the Bagmati Province Ministry of Cooperatives and Poverty Alleviation, borrowers of cooperatives declared troubled will not have to pay additional interest or penalties if they settle the dues by the deadline.
The notice states that members who pay their loans based on the outstanding principal and interest as of the day before the cooperative was declared troubled will be exempted from paying any interest and penalties accrued after that date, provided the payment is made by the end of Bhadra.
However, if borrowers fail to clear their dues by Bhadra 31, the office will calculate and recover the entire amount, including interest and penalties.
So far, five cooperatives operating within Bagmati Province have been declared troubled. Among them:
- Civil Cooperative – declared troubled on Bhadra 21, 2080
- Darshan Cooperative – on Kartik 21, 2081
- National Namobuddha Cooperative, Laligurans Cooperative, and Sumeru Cooperative – on Poush 28, 2081
