Nepal Rastra Bank (NRB) has increased the daily limit in digital transactions that are done using mobile applications, QR scans, and internet banking. Issuing an Integrated Directive on the Payment System, the central bank has said that daily transactions up to Rs 300,000 can be done through mobile applications and QR scans. Earlier, the limit was Rs 200,000.
Similarly, the central bank has also increased the limit of transactions through e-wallets. Now, daily Rs 200,000 can be transferred from the bank account to the wallet.
Earlier, the limit was only up to Rs 100,000. As per the new provision, one can transfer Rs 1 million from the bank account to the wallet monthly. However, the daily limit for transferring money from one wallet to another has been fixed at Rs 50,000 from earlier Rs 100,000.
The central bank has also allowed payment service providers to deposit money from abroad to a wallet operated in Nepal by entering an agreement with a licensed remittance company.
As per the new provision, the service providers are allowed to charge a service fee of up to a maximum of Rs 10 per transaction when transferring electronic money (inter-bank fund transfer) through the mobile app or internet banking. Earlier, this fee ranges from Rs 10-30 depending on the amount.
The central bank has also reduced the fee for withdrawing cash from an ATM of another bank. Earlier, while withdrawing money from an ATM of another bank, a fee of Rs 20 was charged per transaction. Now, only Rs 15 can be charged for such withdrawal.
The central bank has barred remittance companies from doing domestic remittance business. Earlier, they were allowed to remit up to Rs 25000 within Nepal. The central bank, by issuing Integrated Directive on Payment System, stopped remittance companies from doing domestic transactions.
According to NRB, earlier, there was no sufficient facility for payment in domestic financing transactions. Therefore, internal remitting was allowed through remittance companies. However, with new products and services being introduced in the payment system, internal remittance is not required now, said the central bank.
Nepal Rastra Bank Executive Director Guru Prasad Paudel said remittance companies have been banned from doing domestic business. “Now there is no need for them to involve in domestic payments,” he said.