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Chapter 7 Mobilisation of Saving and Credits

Section 51: Reference interest rate may be determined

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1) The Registrar may, on the recommendation of the following committee, determine the reference interest rate and the upper ceiling of a transaction referred to in sub-Section (4) of Section 41 for the purpose of Cooperative Organization in the context of savings and credit:

(a) Registrar Convener
(b) Representative, Ministry Member
(c) Representative, Ministry of Finance Member
(d) Representative, Nepal Rastra Bank Member
(e) Representative, National Cooperative Development Board Member
(f) Chairperson, National Federation of Cooperatives or Director Representative designated by him or her Member
(g) Representative, National Cooperatives Bank Member
(h) Chairperson of Federation or a director designated by him or her and two persons from central Sectoral associations Member
(i) Deputy-Registrar, Department of Cooperative Member-Secretary

2) The reference interest rate determined pursuant to sub-Section (1) shall be the directive interest rate for Cooperative Organization.

3) The bases and procedures for determining the reference interest rate shall be as specified in the bylaws of the concerned Organization.

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