Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB) has directed institutions involved in payment operations to mandatorily convert into public limited companies. The central bank has instructed all entities engaged in the operation, management, and settlement of payment activities to transform into public limited companies by 2085 BS (Nepali calendar year, approximately 2028/2029 AD).
The directive applies to companies providing ATM card services, as well as those involved in mobile banking and payment services, such as PhonePe and Nepal Clearing House, requiring them to become public companies.
Currently, institutions handling payment-related activities operate as private companies. PhonePe manages mobile banking and QR code-based transactions, while Nepal Clearing House provides web-based payment services for both small and large amounts.
PhonePe operates as a sister organization under F1Soft, whereas Nepal Clearing House has investments from the Nepal Rastra Bank and various banks and financial institutions. These companies also facilitate cross-border payments and settlement transactions.
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