First Business News Portal in English from Nepal
KATHMANDU: Nepal Rastra Bank (NRB) has increased the limit of monthly withdrawals through ATMs to Rs 400,000.
The Unified Directive of last fiscal year released by the Payment Systems Department of NRB had set the monthly withdrawal limit for ATMs.
Prior to this, the central bank had set only per day withdrawal limit for ATMs. People could withdraw Rs 25,000 per transaction and the daily withdrawal limit was set at Rs 100,000.
Withdrawal from ATMs has been on the rise especially after the COVID-19 pandemic as banks and the central bank itself started urging customers not to visit banks for any transactions and to instead use digital banking and ATM facility.
However, the monthly withdrawal limit for ATMs set by the central bank is certain to discourage the public. Bhuwan Kandel, chief of the Payment Systems Department of NRB, said that the monthly limit has been set as ATMs are often not for large transactions. “In case any large transaction needs to be made, customers can use other means like digital banking and connect IPS, among others,” he said.
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