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4 More BFIs in the RTGS System by the NRB

NRB has added 4 more BFIS in the RTGS system. With their entry, these banks and financial institutions will be able to perform transactions via RTGS system.

The Real-Time Gross Settlement (RTGS) system is developed by Nepal Rastra Bank. Meanwhile, Nepal Clearing House Limited (NCHL) has also provided a system for many financial institutions. The number of institutions taking benefits from this system is increasing lately.

The new companies include one bank and three other finance companies. These are Miteri Development Bank, Nepal Finance, Samriddhi Finance, Tathashri Investment, and Finance. Before the RTGS system had 24 commercial banks, 9 development banks, and 8 financial companies enrolled in it.   

Among the Banks and financial institutions, 46 of them have been using the Connect RTGS system developed by NCHL.

With the RTGS system, the development banks and financial institutions’ customers can make payments of above 2 lakh and instant payments. Meanwhile, they can also use the service for interbank payments.

To use the RTGS system, customers of the member banks shall contact their bank or financial institution and fill up an available form. Also read: NIC Asia Bank 5 Years Offer on Dollar Card and Insurance

As per the data by NRB in mid-April of the current fiscal year 078/79, 65,376 payment transactions were recorded. This resulted in transactions worth Rs.43.4 trillion through the RTGS system.

NCHL’s connectRTGS is an integration component for integrating banks & financial institutions’ (BFI) internal systems with the RTGS system hosted by NRB. It is a gateway to enable the BFIs to initiate and process RTGS transactions.

Which payment mode is your favorite for online transactions? Do let us know in the comments below and state why you think it is better than others.

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