Government begins refund of small depositors of troubled cooperatives
▸ Part of: Government begins refunding small depositors of troubled cooperatives
The government has commenced returning deposits to small savers affected by troubled cooperatives, with the Problematic Cooperative Management Committee refunding money to 378 depositors from three cooperatives on Monday. Priority is being given to depositors with smaller savings, with refunds to be processed gradually. Approximately 76,000 depositors are owed around Rs 46 billion in total, with most being small depositors (less than Rs 500,000). The recovery of loans from cooperatives is being accelerated to facilitate deposit refunds, and borrowers have begun repaying dues.
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