Nepal Rastra Bank raises daily limit for internet, mobile payments

Daily limit for transactions through mobile banking hiked to Rs 100,000, merchant payment through internet to Rs 2 million and fund transfer through internet to Rs 2 million

  503 times read   1 min 5 sec to read
Nepal Rastra Bank raises daily limit for internet, mobile payments

MARCH 3: Nepal Rastra Bank (NRB) has raised the daily limit for payments and fund transfers through mobile and internet channels.

Issuing a circular to the licensed entities to carry out payment related activities on Wednesday, the NRB—the central bank—revised the existing upper limit that it had fixed on transactions carried out through mobile and internet banking.

According to the revised limit, the per day limit for mobile banking transaction has been increased to Rs 200,000 from Rs 100,000.

The new revision will now allow clients with internet banking facility to make merchant payment up to Rs 2 million per day, up from previous limit of Rs 1 million.

Similarly, the central bank has now capped the daily limit for the fund transfer from one account to another account through internet at Rs 2 million. Earlier, such cap was Rs 1 million per day.

However, the upper limit does not affect payments and transfers for a number of transactions as listed by the central bank including fund transfer from one account to another account of the same person in the same bank or financial institution, tax payments, utility bill payments and bill payments of schools and colleges, hospitals, airlines and hotels, among others.

 

No comments yet. Be the first one to comment.