Digitalization in Banking

21 Feb 2021, Kathmandu

Although Digitalization in Banking has been around for years, it has not been able to find sense. However, there was a large rise in its use in the aftermath of the Corona outbreak.

Governor Maha Prasad Adhikari has made expected efforts to build and encourage the digital economy and the financial system in Nepal. No service charges were charged for electronic transactions during the high-pressure time of the Corona crisis. At present, this service is not costly except for regular charges.

Even for ATM use, the cost of using the ATM of any bank in any bank has been reduced from Rs 50 to Rs 20. The Central Bank has given high priority to the development of the electronic banking and payment system and has also strengthened the legal, political, and institutional arrangements for its implementation.

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Governor Adhikari is optimistic that agriculture, health, education, energy, tourism, finance, and the country’s overall economic and social growth will take a leap through digital business.

It is therefore continuously taking the initiative of growing digital business from small businesses to different grocery stores. It is committed to linking farmers to e-commerce by extending the digital infrastructure, limited to urban areas, to rural areas.

With the use of modern technology, the governor himself has been charged with providing financial services, insurance, agricultural information, and information to farmers.

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He has promoted digital business across the country, concentrating on building public trust in the use of technology. Governor Adhikari also said that NRB has taken the initiative to introduce the electronic banking and payment system by giving high priority to its growth.

Digital business is booming as the governor has campaigned for digital transactions without using the notes he has signed and using QR codes all over the place. Governor officials seem to be very involved in this work.

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