Cabinet Approves Draft Bill for Cooperative Societies

The Council of Ministers has granted its theoretical approval for the drafting of a bill concerning cooperative societies. This decision aims to amend and consolidate existing laws governing cooperatives in Nepal. The proposed legislation is expected to streamline regulations, enhance governance, and promote the growth of the cooperative sector. Minister of Communications and Information Technology, Dr. Vikram Timilsina, announced the decision following the cabinet meeting. The bill will address various aspects of cooperative operations, including regulation and supervision, particularly for savings and credit cooperatives. This legislative initiative is crucial for strengthening the cooperative movement, which plays a significant role in Nepal's economy.

The Cabinet's approval of a draft bill for cooperative societies signifies legislative efforts to modernize and strengthen Nepal's cooperative sector.