Central bank issues rules on digital payment system
Nepal Rastra Bank (NRB) has issued a circular to regulate digital payment under card facilities, electronic wallet and mobile banking.
Issuing a circular, the Payment System Department under the central bank, has allowed credit card users to withdraw cash only up to 25 per cent of their credit limit. As per the rules, credit card users, who have utilised the cash withdrawal facility, cannot withdraw cash again until after the payback period of the withdrawal facility, despite making deposits.
The central bank has provisioned that banks and financial institutions (BFIs) be allowed to issue pre-paid card facility of up to Rs 100,000 at one time, and users of pre-paid card may withdraw Rs 500 to Rs 10,000 in one transaction and up to Rs 50,000 per month. Likewise, debit card users can withdraw minimum of Rs 500 to maximum of Rs 25,000 in one-time transaction and up to Rs 100,000 in a day. The same facility will be applied for debit card users even if the issuer and acquirer institutions vary and applicable charges should be made public efficiently.
Similarly, NRB has provisioned payment threshold for mobile payment, under which users can make payment of up to Rs 5,000 in one transaction and daily and monthly payment limit would be fixed at Rs 10,000 and Rs 50,000, respectively.
Under internet banking payment facility, users will be able to make payment of up to Rs 100,000 in a day but no more than Rs 500,000 in a month, as per the proposed rules. However, threshold for transfer of funds to bank accounts through the use of internet banking has been proposed at Rs 100,000 at one time and up to Rs one million in a month.
Agent and sub-agents would be allowed to deposit up to Rs 5,000 in one transaction, up to Rs 15,000 in a day and up to Rs 25,000 in a month in the wallets operated by the electronic payment service providers. And same would be applied in case of payment as well, according to the proposed rules. The rules allow wallet-to-wallet transfer of funds and also through bank accounts to wallets. An amount ranging from Rs 100 to Rs 5,000 would be allowed to be transferred wallet-to-wallet in one transaction and up to Rs 15,000 in a day.
Source: The Himalayan times