Nepal Rastra Bank (NRB) has reduced the transaction fee for ATM users who use the card to carry out the interbank servicec and increased the ceiling of money transfer carried out by using the electronic wallet.
Enforcing the Payment System Related Unified Directive 2023, the NRB has asked the banks and financial institutions (BFIs) to charge a maximum of Rs 15 each time when an individual uses an ATM for interbank transaction. In the new provision, the central bank has however scrapped the facility of allowing interbank transactions via ATM use free of cost if the transaction is made up to two times a month.
As of now, the ATM users do not have to pay any service charge if the withdrawal is made from alternative banks up to two times a month. For any transaction beyond the given limit, the ATM users have to pay Rs 20 each time they withdraw money.
Similarly, the central bank has increased the ceiling of money transfer carried out by using the electronic wallet. In the new provision, a service seeker can transfer up to Rs 200,000 a day, up from Rs 50,000 earlier, if they transfer the money from/to the BFIs to/from wallets.
Likewise, the limit of the wallet to wallet transaction has also been increased from Rs 25,000 to Rs 50,000 a day. The threshold for mobile banking and internet-based payment, which also includes QR code, has been increased to Rs 300,000 from Rs 200,000 per day.
The NRB has also permitted receiving remittance amounts in the wallet, provided the payment service providers have officially made an agreement with the remittance company. The central bank has not imposed any upper limit while receiving remittance in electronic wallet.
