KATHMANDU, Dec 17: As a part of its continuing initiative to support the Nepal Rastra Bank (NRB) in its effort to extend the Real Time Gross Settlement (RTGS) system, Nepal Clearing House Ltd. (NCHL) has enabled one development bank and six finance companies to connect to the RTGS system, through which they will now be able to initiate and process RTGS transactions.
According to a statement issued by the company, Saptakoshi Development Bank Ltd, Best Finance Co. Ltd, Gurkhas Finance Ltd, Guheshwori Merchant Banking & Finance Ltd., Goodwill Finance Ltd. Progressive Finance Ltd. and Reliance Finance Ltd are the recently added BFIs in the system.
Revised interest rate corridor system introduced
Prior to this, a total of 27 commercial banks, eight development banks and two finance companies have already been using the RTGS system. Out of the total BFIs using RTGS, a total of 42 BFIs are connected with the system through connect RTGS, which is an additional platform developed and provided by NCHL to its member BFIs.
High value and urgent transactions above 200,000 can now be initiated from these development banks and finance companies on the behalf of their customers or their own institutional transfers. The customers will have to request the BFIs for the RTGS transaction by filling a transfer form available at the bank, according to the statement.
