NRB announces to promote FY 2021/22 as Electronic Transaction Promotion Year
Nepal Rastra Bank has stated that fiscal year 2021/22 will be designated as an electronic transaction promotion year.
On Friday, Governor of Nepal Rastra Bank Maha Prasad Adhikari outlined the monetary policy, emphasizing the importance of establishing appropriate infrastructure and raising public knowledge about electronic payments.
The NRB has announced intentions to interconnect digital payment instruments in order to keep track of digital transactions and settle digital transactions that occur within the country. In addition, the central bank has announced plans to develop a national payment gateway in order to issue payment cards.
The NRB has announced a reassessment of the limit imposed for digital transaction payment via various methods designed to promote electronic transactions. It has also stated that it intends to cut the tariff levied on digital transactions.
Among other things, the NRB has declared that government organisations will be able to receive funds via electronic payment. It has also announced intentions to pay social security benefits through an electronic transaction mechanism.
The Monetary Policy Committee has outlined a variety of incentives for banks and financial organisations considering mergers. It has also established a limit of Rs 120 million for bank deposits against share deposits.