KATHMANDU, May 3: Nepal Rastra Bank (NRB) has restricted individuals from realizing cash and transfering to bank accounts the money transferred to mobile wallet platforms by using credit cards.
Amending a unified directive, the central bank has prohibited people from withdrawing cash by using credit cards issued by banks. With the provision in place, the credit cards can be used only for electronic payment systems.
“However, an individual can withdraw cash up to 10 percent of the prescribed limit of the credit cards in case of an emergency,” reads the NRB directive. The central bank has made it mandatory for individuals to declare the reasons while carrying out electronic payments.