NRB revises upper limits of payment settlements through mobile banking and internet banking

Published On: March 4, 2021 07:15 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, March 4: Nepal Rastra Bank (NRB) has doubled the upper limit for cash transactions through digital payment channels including mobile banking and internet banking platforms.

Issuing new directives through a circular to banks and financial institutions (BFIs), payment system operators and payment system providers on Wednesday, the central bank revised the transaction settlement limit through a mobile banking system to up to Rs 200,000 daily from the existing Rs 100,000.

Similarly, the internet banking ceilings for merchant payment and account transfers have also been raised to Rs 2 million a day from Rs 1 million. 

However, the new provision will not be applicable for cash transfers in intra bank fund transfer, revenue account of the government offices, settlement of cash fines, payment to academic institutions and medical services, purchase and sale of stocks and the utility bills payment including those of electricity, telecommunications and drinking water, reads the central bank’s circular. 

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