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NRB Increases Daily & Monthly Limits on Digital Transactions in Response to COVID-19

Nepal Rastra Bank (NRB), the central bank of Nepal, has issued a new dictum yesterday which hereby increases the digital transaction limits considering the current Covid-19 outbreak crisis. In order for people to adhere to the current online banking standards and reduce human interaction as much as possible, NRB has decided to advance this directive.

The previous directive had a strict routine for the daily and monthly limits which had a downfall impact on the volume of digital transactions. As per the new instructions, the transaction restrictions on mobile and internet banking, and fund transfer through digital wallets are made more flexible.

The newly issued directive will follow this particular schematic from here on out:

Transactions from Mobile and Internet Banking

Method of Transaction Daily Limit Monthly Limit
Mobile Banking (QR Code Included) Rs. 1,00,000 Rs. 10,00,000
Internet Banking (Merchant Payment) Rs. 10,00,000 Rs. 30,00,000
Internet Banking (Account Transfer) Rs. 10,00,000 Rs. 50,00,000

Fund Transfer Through Digital Wallets

Fund Transfer/Payments Per Transaction Daily Limit Monthly Limit
Agent/Sub Agent to Wallet Rs. 25,000 Rs. 1,00,000
Bank to Wallets Rs. 25,000 Rs. 1,00,000 Rs. 5,00,000
Wallet to Banks Rs. 25,000 Rs. 1,00,000 Rs. 5,00,000
Wallet to Wallet Rs. 25,000 Rs 1,00,000 Rs. 5,00,000

You can read the full NRB directive below:

READ ALSO: covidnepal.org – An Open Source Platform for COVID-19 for Nepal by Fusemachines

Furthermore, Nepal Bankers Association has decided not to charge fees on transaction made through mobile and internet banking.

Even better, the association has decided to charge no fees while doing inter-bank transactions to further support the government’s decisions. This also typically means that you can now withdraw money from any ATM of any bank; totally free of charges.

Below is the official notice:

Finally, do note that all of these efforts are being done in-order to encourage as less human interaction as possible during this calamity phase. So, do try to use these directives to your best to keep yourself as well as the people around you safe!

READ ALSO: Amidst Covid-19 Outbreak, Internet Speed Becomes Slow in Nepal. Demand and Supply Dilemma!

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