Nepal Rastra Bank Promoting E-Banking For #Social_Distancing

NRB Increases Limits On Digital Transactions in The Wake of COVID-19
NRB Increases Limits On Digital Transactions in The Wake of COVID-19

Kathmandu, March 28

As Banks shut down due to the imposing of lockdown, the only option for money transactions is E-Banking. People are counting on Digital Wallet and E-Banking for money transactions rather than cash. Using a digital wallet has not just helped them easier, as well as safe transactions. As virus transmission is possible from cash, everyone is promoting Digital Wallet use.  Nepal Rastra Bank has now extended its limits on digital transactions, to promote digital transactions.

Mobile Banking and QR Code Payment

For Mobile Banking, there has been an increase of Rs. 50,000 in the daily limit, making the total limit to Rs. 1lakh per day. The monthly limit has been extended to 10lakh from its previous deadline, which was about Rs. 50,000. The limits are the same for QR Code Payment.

Internet Banking

Merchant Payment

For internet banking, the transaction limit for merchant payment is set to Rs 10lakhs per day, keeping monthly transactions at Rs. 30 lakhs.

Account Transfer

For transactions between bank accounts, the daily limits are the same as merchant payment i.e., Rs. 10 lakhs, but the threshold limit per month is Rs. 50 lakhs.

Digital Wallets

Agents/ Subagent

The payment limit through agents and subagents will be Rs. Twenty-five thousand per day and monthly payment has increased to Rs. 1 lakh from Rs. 50,000.

Wallet transfer

Bank to wallet

The transaction through back to the portfolio will have a limitation of Rs. 1 lakh per day and Rs. 5 lakhs per month. A user can transfer Rs. 25000 per transaction.

Wallet to Banks and Wallet to Wallet

A user can now transfer upto to Rs. 5 lakhs per month from his digital wallet to his bank account. The daily limit has been set to Rs. 1 lakh while Rs. 25,000 is the maximum amount per transaction. The same deadlines are set for the wallet to wallet money transactions.

The new directives form NRB shows relative growth in every digital payment method. There has been mostly incremented in monthly limitation.

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