Bank-to-wallet per-day transaction ceiling increased to Rs. 300,000

Nepal Rastra Bank (NRB) has increased the limit of digital transactions. The central bank has increased the limits of digital transactions by issuing the integrated directive-2079 regarding the payment system on Monday.

Along with this, the mobile banking, including QR code transaction limit has been increased from Rs. 200,000 to Rs. 300,000. Similarly, the NRB has also increased the limit of internet banking transactions. Now the limit of internet banking transactions is Rs. 2 million.

The NRB, which has emphasised on digital banking recently, has also started increasing the transaction limit and instructing banks and financial institutions to promote digital banking. Supporting the digital campaign of NRB, BFIs are also emphasising on digital technology.

Electronic payment transactions have remained substantial due to the development of payment infrastructure, policy of encouraging electronic payments and gradual adoption of electronic payment instruments, said the NRB.

The use of ATM, connect IPS, mobile banking, wallet, prepaid card and QR code has been increasing for financial transactions. Similarly, the NRB has also determined the maximum limit of transactions through electronic wallets. It is possible to transact up to Rs. 200,000 per day and Rs. 1,000,000 per month from the bank account to the wallet.

Similarly, arrangements have been made to allow transactions of up to Rs. 200,000 per day and Rs. 1,000,000 per month from wallet to other bank accounts and up to Rs. 50,000 per day and Rs. 500,000 per month from one wallet to another wallet.

Over the maximum balance of Rs 50,000 cannot be kept in the wallet overnight. The amount exceeding that limit must be arranged to be deposited in the customer’s respective bank account. No matter how much money is deposited in the electronic wallet, it will not exceed the above mentioned limit. A maximum of 10 times a day can be deposited in the wallet of a natural person.

The payment service provider can make remittances by entering into an agreement with the remittance company so that the money coming from abroad is deposited in the electronic wallet operated in Nepal.

In this way, receiving remittance is not considered to be hindered by the limit set for depositing money in the wallet. The payment service providers in revenue payment transactions through wallets operated affiliated with the government, revenue management information system can charge a fee of Rs. 5 for transaction of Rs. 5,000, Rs. 8 for transaction of up to Rs. 10,000 from Rs. 5,001 and Rs. 10 for transaction above Rs. 10,000.

In addition, a fee of Rs. 10 per transaction will be charged for inter-bank mobile banking and internet banking transactions. Similarly, a minimum fee of Rs. 5 to Rs. 25 has been fixed for doing transactions in the wallet through an agent.

Also, the fee for doing business through Real Time Gross Settlement (RTGS) is Rs. 10 in the morning, Rs. 20 in the afternoon and Rs. 100 in the evening. Payment cards issued by banks and financial institutions may be charged a maximum of Rs. 15 per transaction when used at ATMs of other banks and financial institutions within the country.

The NRB has arranged that if clients are going to use mobile banking or internet banking facilities from abroad, they must inform the bank before going abroad.

According to NRB, when users are added to the internet banking and mobile banking system, arrangements must be made for the customer to compulsorily disclose whether or not to use the service from abroad.

In order to make the payment transaction reliable and safe, arrangements should be made to ensure at least two-factor authentication while logging into the system and doing Electronic Payment Transaction Authentication.

Source : TRN,