January 17, 2021 | Investopaper
Transaction between the cooperatives has started for the first time in Nepal. As per the provisions of Cooperatives Act 2074 and Cooperatives Rules 2075, inter-cooperative transaction has begun like in banks. The cooperatives were doing business from one cooperative to another as a loan. At present, inter-cooperative transaction has been started with the provision of exchanging checks of one cooperative with another through electronic means.
According to the statistics of the Department of Cooperatives, there are 29,886 cooperatives in the country. These cooperatives have 73 lakh members.
Until now, there was no system of exchanging checks of one cooperative with another. There is a provision in the Cooperative Rules 2075 that any cooperative across the country can deposit and withdraw money from its account through electronic system. The hub provides services including mobile banking, online payment services, utility payments, QR code payments, internal and external remittances. The hub will also provide internal remittance and external remittance services through cooperatives.