NRB raising ceiling of digital payment

Kathmandu, Mar 22

Nepal Rastra Bank has increased the ceiling of digital payment.

The Payment System Department of the central bank has increased the amount of fund transfer via mobile and internet banking as well as from mobile wallet.

According to its statement issued on Sunday, amendments were made in the Integrated Direction on Payment System 2020, in practice from January 2 this year to allow the respective institutions to make higher payment through digital system.

The NRB has raised the per-day limit of mobile banking (including the use of QR code) to Rs. 100,000 from the current 50,000. Per-month limit of such payment has been raised to Rs. 1 million from Rs. 200,000.

Likewise, merchant payment ceiling in internet banking is not changed from Rs. 1 million per day and Rs. 3 million per month. Limit of account transfer via internet banking is also kept as it is – Rs. 1 million per day and Rs. 5 million per month.

“However, this provision would not restrict fund transfer from a bank account of an individual to another account in the same bank or financial institution,” read the directives.

Similarly, transaction limit of mobile wallet has also been raised significantly. Now an individual can make Rs. 100,000 payment in a day and Rs. 500,000 in a month. It was Rs. 25,000 per day and Rs. 50,000 per month till now.

Rs. 25,000 can be paid per transaction via mobile wallet.

Mobile wallet transactions include fund transfer from bank account to the wallet, wallet to bank account and one wallet to another wallet.

The ceiling of fund transfer from the agent or sub-agent to wallet is kept as it is – Rs. 25,000 a day and Rs. 100,000 a month.

The central bank has restricted higher than Rs. 25,000 for overnight cash reserve. No charges will be incurred while transferring money from wallet to wallet-holder’s bank account.

Published in The Rising Nepal daily on 23 March 2020.