Mobile wallet cash transfer limit doubled

Published On: September 14, 2021 07:00 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, September 14: Nepal Rastra Bank (NRB) has doubled the limit of transactions carried out through mobile wallet platforms.

Enforcing a unified directive on payment systems on Tuesday, the central bank increased the limit of the amount of transactions from mobile wallet to bank accounts to Rs 1 million per month from Rs 500,000 earlier. Similarly, the transaction limit from bank accounts to mobile wallets has been raised from Rs 25,000 to Rs 50,000 per month.

NRB has also revised the amount that can be held in overnight reserve of the mobile wallets from Rs 25,000 to Rs 50,000. In the new rule, the amount exceeding the given limit will be automatically transferred to the bank account of the individual concerned. Similarly, only 10 transactions a day have been allowed for transferring money to mobile wallets held by a person.    


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