NRB To Make BFIs Spend Certain Share Of Profit On IT Security

NRB to launch National payment gateway soon

September 23, 2019, Kathmandu, Nepal

Nepal Rastra Bank’s Governor Dr. Chiranjibi Nepal has suggested increasing profits by investing in Information Security Sector.

Referring to the ATM hack case that occurred 19 days ago, Governor Nepal warned that the profits earned within the last four years could disappear within a minute if the investment in IT isn’t increased substantially.

While speaking at events hosted by the National Banking Institute (NBI) on Thursday, Governor Nepal said, “Cyber-attacks can happen anywhere and anytime. Therefore, we should increase investment in information technology, Investment in IT is sure to yield profit, so to maximize profits, the investment needs to be increased.”

Governor Nepal said that ‘cyber risk’ would cause problems on financial stability. This risk leads to the insecurity of citizen’s money and property; hence, to ensure secure financial security in the country, the investment in IT field needs to be increased.

He added, “New technologies are being introduced all over the world. Every three months, something new is taking place. We are a developing country. ‘We don’t know’ isn’t sufficient now. It is impossible to say that you do not know about something in IT, given the current status of the world.”

Governor Nepal also informed that Nepal Rastra Bank recently launched RTGS service and soon the ‘National Payment Gateway’ is to be initiated as well.

Once all 28 commercial banks fully implement the RTGS system, the customers will be able to make financial transactions without the need of cheques. The RTGS users will be able to fill up forms that permit the transfer to their recipient.

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