With more than 31000 cooperative registered in the country, around 19000 are working in Savings and credit services of which 12000 are Savings and Credit Cooperatives (SACCOS). Many of them are located in remote and less accessible areas, focus areas for Sakchyam Therefore; they have very important roles to play in improving access to finance in such areas. In order for Sakchyam to ensure improved access to finance in its programme areas, working with these cooperatives who are engaged in Savings and credit is indispensable. There are two kinds of Cooperatives that are engaged in Savings and credit; SACCOS and multipurpose cooperative and most of the multipurpose cooperative are located in remote areas and are serving poor and small farmers. Therefore, partnership with cooperatives in general and with multipurpose cooperatives in particular gives Sakchyam an impetus to meet its main objectives of improving outreach to poor and small farmers in remote and less accessible areas. Cooperatives also have potential to diversify the financial products such as remittance, micro insurance etc.
Meso Level Institutions
Nepal Rastra Bank
NRB, the central bank of Nepal, established in 1956 under the Nepal Rastra Bank Act 1955 is the monetary, regulatory and supervisory authority of banks and financial institutions. The new Nepal Rastra Bank Act 2002 which replaces the erstwhile Act has ensured operational autonomy and independence to the Bank. Key objectives of the Bank are to achieve price and balance of payments stability, manage liquidity and ensure financial stability, develop a sound payments system, and promote financial services. The Board of Directors, chaired by the Governor, is the apex body of policy making and the Governor also discharges his duty as the chief executive of the Bank.
Sakchyam Steering Committee
The objective of the steering committee is to provide inputs on major strategic issues such as: over all approach, methodology, project partnerships, and the monitoring and management of risks, quality and timeliness of project deliverables. The steering committee has no fiduciary responsibility. A steering committee is proposed to be formed to provide overall guidance and steer to the programme. The steering committee is chaired by The Joint Secretary, economic policy and analysis division, ministry of finance and comprises representatives from Nepal Rastra Bank, Registrar Department of Cooperatives, National Planning Commission and DFID. The steering committee will provide strategic guidance to the programme; approve annual plans, programmes and budget and periodically review the progress of the programme.