Patan (Lalitpur): Nepali Congress President and former Prime Minister Sher Bahadur Deuba has emphasized that the money deposited by the common people in cooperatives must not be embezzled.

Speaking at the inauguration of a daylong seminar on 'Nepali Congress and Cooperatives' organized by his party in Sanepa today, Deuba highlighted the continued relevance of BP Koirala’s economic policy from 2016 BS, which emphasized the importance of public, private, and cooperative initiatives as the three main pillars of the national economy.

"Cooperatives must operate based on their core values and principles to ensure economic prosperity," Deuba stated, stressing that depositors’ money should not be put at risk. He also noted that the government has introduced a new law that is favorable for cooperatives.

Former government secretary Gopinath Mainali, who was also present at the seminar, pointed out that cooperative board members and general members should not be the same individuals, as a lack of self-regulation has led to current challenges in the sector.

He further emphasized the need to distinguish between cooperatives and financial businesses, stating, "It is concerning that cooperatives are being treated like finance companies. To maintain credibility, cooperatives must earn the people's trust, and public awareness is crucial in achieving this."

Another former government secretary, Rameshwor Khanal, however, noted that cooperatives operating in rural areas are still functioning effectively.