The central bank has also allowed payment service providers to deposit money from abroad to a wallet operated in Nepal by entering an agreement with a licensed remittance company.
As per the new provision, the service providers are allowed to charge a service fee of up to a maximum of Rs 10 per transaction when transferring electronic money (inter-bank fund transfer) through the mobile app or internet banking. Earlier, this fee ranges from Rs 10-30 depending on the amount. The central bank has also reduced the fee for withdrawing cash from an ATM of another bank. Earlier, while withdrawing money from an ATM of another bank, a fee of Rs 20 was charged per transaction. Now, only Rs 15 can be charged for such withdrawal. The central bank has barred remittance companies from doing domestic remittance business. Earlier, they were allowed to remit up to Rs 25000 within Nepal. The central bank, by issuing Integrated Directive on Payment System, stopped remittance companies from doing domestic transactions. According to NRB, earlier, there was no sufficient facility for payment in domestic financing transactions. Therefore, internal remitting was allowed through remittance companies. However, with new products and services being introduced in the payment system, internal remittance is not required now, said the central bank. Nepal Rastra Bank Executive Director Guru Prasad Paudel said remittance companies have been banned from doing domestic business. "Now there is no need for them to involve in domestic payments," he said.
