NRB to Introduce National Payment Gateway Within 18 Months

To monitor the digital payment system of the entire country, Nepal Rastra Bank (NRB) is preparing to introduce a national payment gateway, reports RSS.

At a recent program for the development of Financial Technology in Nepal, Deputy Governor of the central bank Chinta Mani Shiwakoti said that the service would help in the real-time gross settlement. He further added that the service would come into effect within the next 18 months.

Shiwakoti said, “All payment systems will be monitored, and all payments of the VAT, income tax, and excise duty can be made digitally, once the service comes into operation.”

He also informed that NRB is going to make new laws to facilitate the digital payment. He said, “The bank is preparing the draft of the Act related to the issue.”