Kathmandu. KATHMANDU: The National Cooperative Regulatory Authority (NCRA) has directed the cooperatives doing the main business of savings and loans to subscribe to the Credit Information Centre.
The NRA issued a circular in the name of cooperatives in this regard. Clause 81 of the Cooperative Act, 2074 (with amendment) states that the cooperatives carrying out the main transaction of savings and credit shall obtain membership of the Credit Information Centre established in accordance with the prevailing laws and exchange information related to loan transactions on a regular basis.
Accordingly, the NRA held meetings and discussions with the Credit Information Center in a phased manner to make necessary technical and operational preparations and facilitation to connect the cooperatives doing the main business of savings and credit with the Credit Information Center. After this, the Credit Information Center had requested the NRA to facilitate the cooperatives involved in the main transaction of savings and loans for membership.
On the basis of this, the board meeting of the NRA held on November 9 decided to call on all the cooperatives doing the main business of savings and loan to be affiliated to the Credit Information Center. In order to implement this decision, the NRA has directed all cooperatives to compulsorily subscribe to the Credit Information Center.
Now, after the Credit Information Center issues the notice, the cooperatives have to apply and complete the necessary process to get membership. In addition, the NRA has also requested the Credit Information Center to provide membership to cooperatives.
