KATHMANDU, Jan 9: In a bid to expand online fund transfer facilities, Nepal Rastra Bank (NRB) has incorporated 10 development banks and finance companies in the Real Time Gross Settlement (RTGS) system.
As of now, only commercial banks have been associated in the RTGS system since the central bank launched the platform in September 2019. Among the B class financial institutions, Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangrila Development Bank, Shine Resunga Development Bank and Lumbini Bikas Bank have been permitted to settle their transactions through RTGS system, according to the NRB.
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Similarly, a few C class financial institutions including ICFC Finance and Manjushree Finance are also associated in the system. With the system in place, customers of these financial institutions will now be able to make payments without issuing cheques.
Last year, the central bank launched the RTGS system, making it mandatory for the banks to carry out transactions worth above Rs 2 millions. The system helps ensure quick clearance and settlement of high-value cheques via electronic platform.
