5th July 2022, Kathmandu
Deposit of the ESG Retirement Fund to Citizen Investment Trust (CIT) on behalf of the employees of any firm or company can now be done through any of the bank branches and the CORPORATEPAY system.
The respective companies can now make a bulk deposit to CIT on behalf of their employee based on the Submission Number and Office Code of the company generated through CIT’s e-service portal (http://eservice.nlk.org.np/), from its bank branch and from CORPORATEPAY system.
The deposit of the amount up to Rs. 20 Lakh can be done in real-time whereas amounts higher than and up to Rs. 20 crores can be deposited on a deferred basis.
The institutional clients can provide the CIT payment details to their bank, which can initiate the transactions on behalf of the respective institution.
The institutional clients can also use the CORPORATEPAY system to make such payments directly from their bank accounts.
For all such payments, the client details at CIT are automatically updated. Logging in to https://corporatepay.connectips.com, the institutions can directly make such payments through their bank accounts linked in CORPORATEPAY by selecting CIT Phatbari under Government Payment available under the Service Payment option.
Enabling retirement fund deposits at CIT through bank branches and CORPORATEPAY is expected to benefit more than 3 lakh institutions and support CIT in its drive towards automation. This was earlier done through cheques and deposits at the specific bank with manual reconciliation and reporting.
CIT has been using NCHL systems through its settlement banks for repayment of loans against deposits from its account holders through connect-IPS, mobile banking, and bank branches.
It has also been using NCHL systems for direct account deposit of the disbursements made by CIT to the beneficiaries.