KATHMANDU: Six thousand savers have submitted applications to the Cooperatives Department of Kathmandu Metropolitan City (KMC), requesting necessary assistance to recover their savings amounting to Rs 5.27 billion.

The Cooperatives Department informed that the number of applicants seeking refunds has been increasing.

Savers have been demanding the return of their money since April 29.

Dhruba Kumar Kafle, head of the department, shared that around 30 people file complaints daily, with a majority of the applicants being small savers.

These small savers have deposited amounts ranging from Rs 100,000 to Rs 500,000.

Recently, KMC has initiated the process of refunding savers of problematic cooperatives based on the complaints received.

Just a few days ago, KMC stated that it had successfully refunded 34 savers through Buddha Darshan Saving and Credit Cooperative Limited.

The cooperative returned money to savers who had deposited up to Rs 150,000.

According to the department, there is a plan to refund those who have saved up to Rs 500,000 within the next month.

Department Chief Kafle also informed that coordination is underway to refund large savers by advancing the loan recovery process.

The Cooperatives Department has been registering complaints, facilitating discussions, and arranging settlements between cooperative directors and savers.

The department stated that if an agreement cannot be reached, cases will be recommended for necessary legal action.

Currently, there are 1,912 cooperatives operating within KMC.

Out of the total number of cooperatives, only 50 percent regularly submit reports of their Annual General Meetings (AGM).

KMC is set to initiate legal action against those registered cooperatives that fail to conduct regular general meetings.