Kathmandu.If the cooperative’s loan is not repaid, the bank account of the guarantor will also be frozen. The Office of the Troubled Cooperative Management Committee under the Ministry of Land Management, Cooperatives and Poverty Alleviation has issued a notice to freeze the bank accounts of defaulters, guarantors and designated relatives.

If the borrower does not repay the loan as per the rules or does not come in contact, the entire obligation to repay the loan will be the responsibility of the guarantor and the bank account of both the bank will be frozen until the loan is repaid. ।

Similarly, the committee has stated that it does not have the authority to waive the remaining interest or compensation on the loan taken from the problematic cooperative.The committee has also made it clear that no action will be taken on the applications filed in this regard. The interest and compensation of the loan will be calculated at the rate of 16 percent from July 17, 2019 and in the case of the previous one, it will be as mentioned in the Tamasuk. The compensation will be 5 percent of the remaining interest.

If the total amount is saved up to Rs. 5 lakhs by adjusting the loan and savings, the entire amount and in case of more, 50% can be matched with the loan (Maximum which does not exceed Rs. 50 lakhs). However, in this adjustment, the borrower will have to pay 20 percent of his total amount to the bank and the remaining 80 percent will be adjusted.

Savers with savings of Rs 10 million or more must fill out a self-declaration form and submit it to the committee. According to the committee, further process would be forwarded only after studying and scrutinizing the forms received.

Here is the 12-point notice issued by the committee:

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