Rs 110 million recovered from cooperative borrowers who missed repayment deadlines

The government has stepped up loan recovery, and about Rs 110 million has been collected from borrowers who took loans from cooperative institutions and have not repaid principal or interest even after their due dates.

According to Achyut Shrestha, chief of the Loan Recovery Tribunal Office, the amount has been recovered through settlements and enforcement of decisions in 27 complaints up to Asoj 15 of the current fiscal year.

The office, established on Asar 25 last year, is the first tribunal to recover loans that cooperatives have been unable to collect from borrowers. It has been empowered to take action and conclude loan recovery complaints from the outset.

Shrestha said the process begins when a cooperative institution files a complaint with the tribunal after failing to collect money from its borrowers.