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NRB Approves Nepal Telecom to Operate Mobile Money in Nepal

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22 March 2021, Kathmandu

Nepal Rastra Bank (NRB) has finally given approval to Nepal Telecom to operate its Mobile Money from its subsidiary company Nepal Digital Payments Company Limited.

Nepal Digital Payment Company is a joint venture with Nepal Telecom (NT) and Rastriya Banijya Bank (RBB). Nepal Telecom can now formally start its own mobile money service, which may start within a month.

With the start Mobile Money service, customers can easily buy goods and products without the hassle of taking cash in the pocket. Most of the services in Nepal now have cashless services.

The company applied to the NRB for a license in January 2021. The NRB finally approved the NT request application after evaluating the company’s overall system.

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Mobile Money Service:

Mobile Money Service is just like another digital wallet service. The other digital wallet uses the back account. Instead of a bank account, it uses the balance of our NTC SIMs as the source in the wallet.

Costumer can not only use their balance to make calls or send messages or for data. But now they can even pay for the goods they purchase. This type of service launched for the first time in Nepal.

This mobile money service also enables USSD based payment. Unstructured Supplementary Service Data (USSD) code is a function where we check mobile balance or subscribe data packages, etc in the *…# format from your phone. You can even use this service for offline payment using SMS service.

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NRB

NRB adds Facility to Bank Debtors

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20th Feb 2021, Kathmandu

Nepal Rastra Bank provided additional facilities to the debtors affected by Corona. NRB provided the facility for restructuring and rescheduling of loans. Due to Covid 19, tourism, hotels and other sectors have not been able to return to normalcy. At the request of businessmen, NRB provided a one-time restructuring and rescheduling facility until the next Ashar.

According to the Monetary Policy Review, ‘Banks and Financial Institutions will analyze active class loans in Poush 2076 BS and submit a written action plan to Ashar 2078 BS. Financial institutions will not be allowed to auction and blacklist the collateral of the affected debtor until Ashar 2078.

Similarly, the necessary arrangements will be made to provide access to the special refinancing of hydropower projects with a capacity of less than 10 MW. Under this arrangement, small and micro-hydropower projects will also be encouraged. The monetary policy review states that ‘necessary arrangements will be made to provide access to special refinancing for hydropower projects of less than 10 MW.’

After the monetary policy review, the Corona-affected industrialists will be able to restructure or reschedule their loans by 2078. Previously, NRB had made arrangements for restructuring or rescheduling the work by Push 2018. The loan can now be restructured or rescheduled by paying only 5% of the outstanding amount of interest.

At least 10% of the interest had to be paid earlier. This policy was introduced in view of the problems faced by entrepreneurs who had previously paid 10% interest. Covid-19 has hit businessmen, particularly in the tourism sector.

Central Bank Announces Relief Measures For Businesses Affected By Covid-19

NRB Approves 83 Billion Refinancing, The Highest Flow in the Hotel Area

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3 Feb 2021, Kathmandu

Nepal Rastra Bank announced that a total of Rs 83 billion refinancings had been approved in mid-January. According to the NRB, the hotel sector is the first to obtain refinancing on the basis of customer debt.

The NRB estimated that Rs. 12.46 billion has been refinanced in the hotel sector most affected by the Corona epidemic. According to the provincial data, the highest level of refinancing was in the province of Bagmati.

According to the NRB, refinancing of Rs 3.34 billion was disbursed in Province 1, Rs 1.83 billion in Province 2, Rs 17.32 billion in Bagmati, and Rs 3.48 billion in Gandaki.

Similarly, Rs. 6.39 billion has been disbursed in Lumbini, Rs. 77 million in Karnali and Rs. 524.6 million in Far West.