Electronic transactions including cash withdrawals from the ATMs of any bank will be subject to the decision of individual institutions starting Thursday
KATHMANDU, July 16: Bank and financial institutions (BFIs) have decided to discontinue the waiver on fees and other charges on electronic transactions including inter-bank ATM cash withdrawal that it had provided to their clients during the lockdown period.
Issuing a notice on Wednesday, umbrella organizations of commercial banks, development banks and finance companies said the complete waiver on fees and charges for electronic transactions including cash withdrawals from the ATMs of any bank will be subject to the decision of individual institutions starting Thursday.
With this decision of the Nepal Bankers Association (NBA), Development Bankers Association Nepal (DBAN) and Nepal Finance Institutions Association, customers may have to pay charges or fees on digital transactions including cash withdrawal from ATMs other than those of the card issuing banks.
Digital transactions, interbank ATM card withdrawal and interbank payment service as well as NCHL’s electronic check clearance and electronic payment transfer (connect IPS) was free for customers since March 20.
BFIs have been providing free-of-cost services as the public were wary of visiting bank branches out of fear of coronavirus infection and lockdown imposed by the government that forced the closure of BFIs.
“As branches of almost all bank and financial institutions have reopened with the easing of lockdown, bank and financial institutions will themselves determine whether or not to collect charges and fees for electronic transactions and interbank ATM withdrawals,” reads the statement.