Kathmandu, July 14 -- More than 1,700 depositors of troubled cooperative institutions have received around Rs26 million in refunds over the past two months, according to data from the Problematic Cooperative Management Committee.

The committee, which has been overseeing the assets, liabilities and loan recovery of crisis-hit cooperatives, said 1,754 depositors from 10 of the 23 cooperatives declared problematic by the federal government received Rs26.39 million by June 29.

The government established a revolving fund after amending the Cooperatives Act through an ordinance to facilitate refunds to depositors. The fund consists of government seed money, which will be reimbursed later, and money recovered from loans issued by troubled coop...