September 15, 2021 | Investopaper
Nepal Rastra Bank has increased the limit of electronic transactions. The central bank issued an integrated directive 2078 on payment system on Tuesday and increased the limit of electronic transactions.
The limit of transactions made through prepaid cards has been increased. Now, one can perform the transaction of up to Rs 200,000 monthly with prepaid card. Likewise, per transaction limit is Rs. 10,000 and the per day limit is Rs 20,000. Earlier, there was no daily and monthly limit. However, per transaction limit was set at Rs 25,000.
NRB has also increased the limit of transactions through wallet. Now you can load up to Rs 50,000 in the wallet from the bank account. Similarly, one can deposit up to Rs. 1 lakh per day and Rs 10 lakh per month. Also, the limit for depositing money from wallet to other bank accounts has also been increased. You can deposit Rs. 50,000 through wallet. A daily limit of Rs 1 lakh and Rs 10 lakh per month has been fixed. There is no limit when transferring money from wallet to wallet carrier’s bank account.
NFC Contactless Cards
The limit for transactions through NFC (Near Field Communication Technology) contactless cards has also been increased. Now, it is possible to perform up to Rs 5,000 per transaction. Earlier, one could perform up to Rs 2,000 per transaction.
NRB has fixed the service fee for electronic transactions made through mobile banking. Now, when doing transactions up to Rs 50,000 through mobile banking, Rs. 10 service fee will be charged. There will be a service charge of Rs. 20 for transaction ranging from Rs 50,000 to Rs. 1 lakh. Likewise, for the transaction above Rs 1 lakh through mobile banking, service fee of Rs 30 will be charged.
The central bank has also opened the way for national level B and C class banks and financial institutions to issue credit cards, debit cards, prepaid cards and electronic payment cards. Earlier, they were not allowed to issue cards other than credit cards.