KATHMANDU, June 4: Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has said that the agreement between Nepal and India on cross-border digital payments will facilitate payments between the two countries.
Governor Adhikari said so during a meeting with the Economic Media Association Nepal (EMAN) on Sunday. He said that the agreement between Nepal Clearing House Limited (NCHL) and National Payment Corporation of India (NPCI) to facilitate cross-border digital payments during Prime Minister Pushpa Kamal Dahal's visit to India will ease digital transactions between Nepal and India.
Governor Adhikari said that as there will a cross-border digital payment agreement between similar institutions of Nepal and India, this will solve the payment problem at the Nepal-India border.
He also assured that the cross-border digital payment agreement between Nepal and India will solve the payment problem mainly faced by tourists coming to Nepal from India.
Similarly, Governor Adhikari said that all the students going to India from Nepal, patients going for treatment, tourists and pilgrims will not have to exchange currency notes. Governor Adhikari said that the central bank is doing its homework on managing digital payments between the two countries.
He said that Bharat Pay is popular in India and that it is being prepared to bring Nepal Pay to Nepal as well. With the agreement between Prime Minister Pushpa Kamal Dahal and Indian counterpart Narendra Modi last Thursday for cross-border digital payments, digital payment transactions between the two countries will be officially recognized.
The agreement was signed by Chief Executive Officer of Nepal Clearing House Limited (ASHL) Nilesh Pradhan on behalf of Nepal and Ritesh Shukla on behalf of National Payment Corporation of India (NPCI).
NPCI is an institute established by the Reserve Bank of India, the central bank of India. NCHL is also an organization established at the initiative of NRB.