Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepal Rastra Bank (NRB) has introduced strict regulations under its latest unified payment system directive, prohibiting banks and financial institutions from issuing multiple debit, credit, or prepaid cards of the same type from a single customer account. The new rule, effective following a circular issued on Wednesday, aims to streamline payment operations across Nepal’s financial sector.
The directive excludes the upcoming Nepal Pay Card by Nepal Clearing House Limited (NCHL), as confirmed by NRB officials. Meanwhile, the central bank has scrapped the mandatory SMS notification requirement post-transaction, easing previous customer communication protocols.
To enhance security, NRB mandates that banks identify VPN usage in mobile and internet banking. Unauthorized VPNs will block login access, ensuring safer digital transactions. Licensed institutions must also conduct regular Disaster Recovery (DR) drills for payment systems and route all transaction settlements through authorized settlement accounts in designated banks.
This move is expected to impact Nepal’s banking sector, payment service providers, and customers relying on multiple cards. Stay updated on Nepal Rastra Bank’s payment policies and their implications for digital banking.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
