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Rule 72
Special provisions related to inspection and monitoring
: (1) According to sub-section (4) of section 97 of the Act, in the case of the following co-operative organizations which mainly deal in savings and credit, a joint team of the Ministry, Nepal Rastra Bank, Department, State Government and local level has been formed as follows. Arrangements for intensive monitoring will be arranged:-
(a) 'On behalf of the local level and the cooperative regulatory body of the state government of cooperatives with savings liabilities of more than five million rupees within the regulatory jurisdiction of the local level,
(b) On behalf of local level or provincial government cooperative regulatory bodies and departments of cooperatives with savings liabilities of more than twenty five crore rupees within the regulatory jurisdiction of local level or provincial government,
(c) The local level of the cooperative organization or the cooperative regulatory body of the state government with a savings obligation of more than fifty million rupees, - Dept. and On behalf of Nepal Rastra Bank. However, intensive monitoring by the department of any cooperative organization with a turnover of more than fifty million rupees will not be a hindrance.
(2) A cooperative organization that deals mainly with savings and credit must join the integrated management information system approved by the Ministry within one year from the date of commencement of this regulation if the savings liability is five million rupees or more, or within three years if the savings liability is less than that.
(3) Cooperative organizations must comply with the standards set by the department in terms of security, financial structure, level of assets, liquidity, investment areas, etc.
(4) Based on the information system as per sub-rule (2), the department may regularly monitor the status of compliance with the standards set as per sub-rule (3) and issue immediate instructions if found to be non-compliant.
(5) Other arrangements related to inspection and monitoring in accordance with this rule shall be in accordance with the procedures approved by the Ministry.
(6) According to sub-rule (5): While approving the procedure, the Ministry may consult Nepal Rastra Bank.
(a) 'On behalf of the local level and the cooperative regulatory body of the state government of cooperatives with savings liabilities of more than five million rupees within the regulatory jurisdiction of the local level,
(b) On behalf of local level or provincial government cooperative regulatory bodies and departments of cooperatives with savings liabilities of more than twenty five crore rupees within the regulatory jurisdiction of local level or provincial government,
(c) The local level of the cooperative organization or the cooperative regulatory body of the state government with a savings obligation of more than fifty million rupees, - Dept. and On behalf of Nepal Rastra Bank. However, intensive monitoring by the department of any cooperative organization with a turnover of more than fifty million rupees will not be a hindrance.
(2) A cooperative organization that deals mainly with savings and credit must join the integrated management information system approved by the Ministry within one year from the date of commencement of this regulation if the savings liability is five million rupees or more, or within three years if the savings liability is less than that.
(3) Cooperative organizations must comply with the standards set by the department in terms of security, financial structure, level of assets, liquidity, investment areas, etc.
(4) Based on the information system as per sub-rule (2), the department may regularly monitor the status of compliance with the standards set as per sub-rule (3) and issue immediate instructions if found to be non-compliant.
(5) Other arrangements related to inspection and monitoring in accordance with this rule shall be in accordance with the procedures approved by the Ministry.
(6) According to sub-rule (5): While approving the procedure, the Ministry may consult Nepal Rastra Bank.