Nepal Rastra Bank (NRB) has started the ‘Payment System Oversight Framework’ under which it is to extend its oversight activities over payment systems, payment service providers, and instruments that they issue including cards, mobile banking, internet banking and e-money, among others, reports My Republica.
- This framework, released by the NRB’s Payment Systems Department, has been released in a wake of the unsafe payment system that may stifle the stability and potential of an economy.
- The framework includes regulations, incentives, sanctions, monitoring, onsite and off-site inspection, assessment and analysis, policy dialogue, enforcement and remedies.
Why it matters:
It is a part of NRB’s objective to ensure sound legal foundation of payment systems and enhance their risk management and control.
What they are saying:
- According to a document by the NRB, the effective oversight of the payment system infrastructure would ensure the safety, security and reliability of financial transactions, which are vital to monetary and financial stability.
- “Moreover, this will ensure that the payment systems in the country are of world class standard and also meet domestic and regional payment system requirements”, read the document.
- Going Cashless in Nepal – Is Cashless Future a Possibility?
- Nepal Rastra Bank Proposes New Limits on Monetary Transactions
- Electronic Payment System the Major Bottleneck For E-commerce in Nepal
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