NRB proposes upper limit for e-transactions

Published On: December 1, 2017 05:30 AM NPT By: Republica | @RepublicaNepal

Monthly limit of Rs 50,000 recommended for mobile payment services.

KATHMANDU, Dec 1: Nepal Rastra Bank (NRB) has proposed to set a limit of transactions done through mobile payment services, mobile financial services, e-wallet, mobile wallet, digital wallet, electronic fund transfer, recharge and top up from payment service providers and remittance payment from electronic medium.

Unveiling a draft of the notice to fix limit of transactions for electronic accounts and payment instruments, the central bank has sought suggestions on the draft from stakeholders.

Among others, the NRB has proposed a cap of Rs 5,000 per transaction and Rs 10,000 per day for mobile payment services or mobile financial services. It has proposed a monthly limit at Rs 50,000 for such transactions.

For Internet banking payment, per transaction limit of Rs 100,000 with a cap of Rs 500,000 per month has been proposed. Similarly, fund transfer limit from one account to another account of bank and financial institutions (BFIs) through Internet banking has been proposed at Rs 100,000 at a time. Monthly ceiling for such transfer has been proposed at Rs 1 million.

Toward the e-wallet/mobile wallet/digital wallet, the central bank has said that a client can deposit the fund on his/her wallet through agent or sub-agent of the payment service provider running the wallet of up to Rs 5,000 at a time in cash while the client would be able to deposit only up to Rs 25,000 per month. Similarly, payment of a maximum of Rs 5,000 can be made through agent and sub-agent at a time while limit of Rs 15,000 per day and Rs 25,000 per month has been proposed.

However, the limit will not affect payment of utility bills or government revenue if allowed by the government.

The draft has also proposed upper limit for wallet to wallet fund transfer or transfer from a bank account to wallet run by payment service provider. If this comes into effect, bank account to wallet transfer or wallet to wallet transfer of Rs 15,000 per day will be allowed. Per transfer could be allowed in a range of Rs 100 to Rs 5,000, according to the draft.

NRB also wants to cap the recharge or top-up through instruments like ATM while making payment to the bill of service or purchase of goods to Rs 5,000 per time while the per day limit of Rs 15,000 has been proposed.