NRB Increasing Transaction Limit on Electronic Payments

NRB Increasing Transaction Limit on Electronic Payments

Nepal Rastra Bank has indicated to increase the limit of electronic payment. Announcing the semi-annual review report of the monetary policy for the fiscal year 2077/78, the central bank said that it would review the transaction limit in a timely manner to encourage electronic payment transactions.

NRB has already given in-principle approval to Nepal Clearing House Limited to set up a national payment switch to strengthen the payment system and maintain records of all types of electronic transactions.

The service charges charged by banks and financial institutions, payment service providers and payment system operators for providing electronic payment services have also been reviewed. In addition, the central bank has also made public the draft of the relevant criteria to manage the payments made through Quick Response (QR) code in electronic payments.

It will be finalized soon based on the opinions and suggestions of the stakeholders. Similarly, the NRB report states that necessary policy arrangements will be made for the promotion of electronic transactions including QR code.

NRB, which has been promoting and promoting e-commerce, has also announced that certain expenses incurred in e-literacy will be calculated under corporate social responsibility.