Nepal Rastra Bank launches Real Time Gross Settlement (RTGS)
September 16, 2019 | Investopaper
Nepal Rastra Bank (NRB) has launched Real Time Gross Settlement (RTGS) in Nepal from September 15, 2019.
With the technical support of UK Aid, RTGS is launched and implemented in Nepal.
Before the implementation of RTGS, the settlement of cheque issued by one bank and deposited in another bank took a few hours to as long as two days.
Until now, RTGS is mandatory for commercial banks. NRB is planning to integrate RTGS with development banks and finance companies within a few months.
Customers can now transfer the funds with the use of RTGS without issuing the cheques. They can fill the form in their respective banks permitting the bank to transfer to recipient.
