January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions.

According to the company, Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangri-la Development Bank, Shine Resunga Development Bank, Lumbini Bikas Bank, ICFC Finance and Manjushree Finance are the recently added BFIs in the system. Prior to this, 25 commercial banks have already been using connectRTGS, NCHL said in a statement.

Customers of the ten BFIs can now initiate high-value and urgent transactions above Rs 200,000 through RGTS. The statement further said that the customers will have to request the banks and financial institutions for RTGS transaction by filling a transfer form available at the bank.

“The connectRTGS has been provided by NCHL to the BFIs at almost zero cost as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by Nepal Rastra Bank and the core banking system of the BFIs,” reads the system.

The system has been provided as an extension of the existing infrastructures of NCHL.