Around 11,600 savings and credit cooperatives across Nepal are currently in the registration process under the National Cooperative Regulatory Authority. The authority has initiated the process to make the cooperative sector more organized, transparent, and trustworthy.

According to the authority, nearly 3,000 cooperatives that applied online have already received operating licenses. Verification of documents and review processes are ongoing for the remaining 8,000 institutions.

The government established the National Cooperative Regulatory Authority a year ago after growing concerns over weak regulation and monitoring in the cooperative sector, which had put depositors’ savings at risk.

Authority Chairperson Dr. Khag Raj Sharma said the process of maintaining records of cooperatives operating under federal, provincial, and local jurisdictions has already begun.

Executive Director Keshav Raj Bhattarai stated that all cooperatives involved primarily in savings and credit transactions must obtain registration and licensing from the authority before continuing operations.

He added that 3,646 cooperatives that applied for licenses still have incomplete documentation, and their applications are currently under review.

To strengthen supervision and regulation of the sector, the authority has also signed a cooperation agreement with the Institute of Chartered Accountants of Nepal. The institute is expected to assist in reviewing the financial condition and transactions of cooperatives.