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:
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!
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